Innovation has brought us MERS — an entity that helps facilitate the securitization of mortgages. Supposedly MERS has saved the mortgage securitization industry a billion dollars since inception (at least that is the number mentioned in every story I read about MERS). Never mind the trillions that have gone into bailing out Government Sachs and other criminal financial organizations who trade securitized mortgages and derivatives.

Generally, it seems that financial innovation is just a way for the crooks on Wall Street to show short term ‘profits’ which allows them to collect massive bonuses. The short-term ‘profits’ are later dwarfed by the size of the eventual taxpayer bailout. As near as I can tell, the size of the bailouts are about 1000x bigger than any of the supposed benefits from financial innovation.

My motto: First, let’s shoot all the bankers.

Innovation has brought us MERS — an entity that helps facilitate the securitization of mortgages. Supposedly MERS has saved the mortgage securitization industry a billion dollars since inception (at least that is the number mentioned in every story I read about MERS). Never mind the trillions that have gone into bailing out Government Sachs and other criminal financial organizations who trade securitized mortgages and derivatives.

Generally, it seems that financial innovation is just a way for the crooks on Wall Street to show short term ‘profits’ which allows them to collect massive bonuses. The short-term ‘profits’ are later dwarfed by the size of the eventual taxpayer bailout. As near as I can tell, the size of the bailouts are about 1000x bigger than any of the supposed benefits from financial innovation.

My motto: First, let’s shoot all the bankers.

Innovation has brought us MERS — an entity that helps facilitate the securitization of mortgages. Supposedly MERS has saved the mortgage securitization industry a billion dollars since inception (at least that is the number mentioned in every story I read about MERS). Never mind the trillions that have gone into bailing out Government Sachs and other criminal financial organizations who trade securitized mortgages and derivatives.

Generally, it seems that financial innovation is just a way for the crooks on Wall Street to show short term ‘profits’ which allows them to collect massive bonuses. The short-term ‘profits’ are later dwarfed by the size of the eventual taxpayer bailout. As near as I can tell, the size of the bailouts are about 1000x bigger than any of the supposed benefits from financial innovation.

My motto: First, let’s shoot all the bankers.

Innovation stifling is some that we desperately need in finance. They are innovating America into the pawn shop.

Innovation stifling is some that we desperately need in finance. They are innovating America into the pawn shop.

Innovation has also brought us runaway inflation in the cost of education and the cost of housing. My professors who went to school in the late 70’s would routinely talk about how they were able to pay their own way through school with part-time jobs. That is unthinkable today. No one gets out of school today without a mountain of debt.

And all of the zero-down loans to unqualified borrowers have caused the cost of housing to zoom. This inflation didn’t show up in Bush era because the ‘housing costs’ portion of the CPI was tied to equivalent rent.

So all of the financial innovation has led to massive salaries and bonuses on Wall Street with misery for everyone else.

If you want to fight the criminals on Wall Street, the following blogs routinely point out their shenanigans and suggest things you can do (such as calling/emailing political representatives and letting them know your views):

http://globaleconomicanalysis.blogspot.com/
http://www.nakedcapitalism.com/
http://www.zerohedge.com/
http://blogs.reuters.com/rolfe-winkler/
http://www.calculatedriskblog.com/

Innovation has also brought us runaway inflation in the cost of education and the cost of housing. My professors who went to school in the late 70’s would routinely talk about how they were able to pay their own way through school with part-time jobs. That is unthinkable today. No one gets out of school today without a mountain of debt.

And all of the zero-down loans to unqualified borrowers have caused the cost of housing to zoom. This inflation didn’t show up in Bush era because the ‘housing costs’ portion of the CPI was tied to equivalent rent.

So all of the financial innovation has led to massive salaries and bonuses on Wall Street with misery for everyone else.

If you want to fight the criminals on Wall Street, the following blogs routinely point out their shenanigans and suggest things you can do (such as calling/emailing political representatives and letting them know your views):

http://globaleconomicanalysis.blogspot.com/
http://www.nakedcapitalism.com/
http://www.zerohedge.com/
http://blogs.reuters.com/rolfe-winkler/
http://www.calculatedriskblog.com/