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Michael Marquette’s “View from the Bridge”: Wall Street’s Failed Obsession

by Marquette Turner

in Features, Special Reports, View From The Bridge

It’s hard to escape the constant barrage of economic reporting. Whether watching CNN, BBC or the local news channels the mish-mash of opinions from supposed experts is nauseating. These are the same experts that failed to foresee the crisis – so how expert are they?

The obscene salaries of Wall Street bankers and company bosses have been exposed for the farce and shareholder rip off that they truly are. Companies of all types have been plundered by these thieves for far too long in their obsession for short term gain at the long term expense of the companies they were supposed to be looking after. They all forgot the shareholders.

What we have seen is growth at unsustainable levels and most of the growth has been fuelled by levels of debt that would make most people cry. This debt obsession has now caught up with itself and these supposed experts, the supposed best and brightest are being exposed as short sighted, money grabbing charlatans.


The worst part of the scam that has exposed is not only the abominable cost to shareholders, tax payers and workers but the total lack of government foresight. They were not caught napping, they were caught completely unconscious.

To make matters worse the same  bureaucrats that were in positions of responsibility, like Timothy Geitner are now responsible for correcting the mess, with the added problem that he is a Wall St boy through and through.

Wall Street’s obsession with economic growth has failed, as has the obsession with debt in Australia. In the last nine years mortgage related debt in Australia has risen from $AUD700 Billion to over AUD$3.5 trillion, a massive four times rate of increase.

What this shows is that the problem we are now facing is NOT a confidence issue. If people suddenly feel confident to spend again the problem of massive, unprecedented levels of debt still exists. Restoring spending only temporarily masks what is a fundamental problem. Debt is massive and must be reduced.

This fact is not being conveyed in the US Governments’ obsession to restore what was. The situation was unsustainable and the level of debt carried by households and government is way too high.

To correct this horrendous situation there needs to be recognition that this crisis is not merely one of confidence – it is a FUNDAMENTAL CRISIS requiring complete restructuring of the way companies and households function. To ignore this essential fact is to simply put off an even worse crisis with deeper and more terrifying implications.

Michael Marquette

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