“The ability of Wall Street traders to see themselves in their success and their management in their failure would later be echoed, when their firms, which disdained the need for government regulations in good times, insisted on being rescued by governement in bad times. Success was individual achievement; failure was a social problem.” – Michael Lewis in his book, “The Big Short: Inside the Doomsday Machine”.
The Big Short: Inside the Doomsday Machine
I am no financial market expert. This book presents GFC2008 in plain English for a layman like me. After reading this book, I really feel for the people who have very little financial market knowledge like myself who had or have been impacted by GFC2008. It is hard or painful to see how the entire financial market could be manipulated and exploited to their own advantage by a small group of highly selfish and greedy human being. They were/are earning multi-million dollars every year while the average households struggle to see their ends met. I feel for those who were given false hope that they could afford a house of their own by being provided a loan that they could never pay back and eventually lost their home. I feel for those who bought unit trust from bankers who themselves could not even understand what kind of investments those unit trusts actually consisted of.
To me, it seems like the financial market is a big lie. Where are the regulations? I hope someone is still looking into the causes of GFC2008. Someone has to be pinpointed and take responsibilities. Some steps have to be taken to prevent this from happening again. Sometimes, pain could be so easily forgotten as long as I am not the one who suffered the pain.
Cloudy Aussie 