Who is Steven Perlstein? I asked myself this question after reading this column calling for the collapse of Wall Street because well...it would be amusing. That about sums up this childish rant from a guy who as far as I can tell has no business credentials, and it shows. I'm sure one of the requirements of a food writer is the ability to boil water and maybe scramble an egg, but experience in the smarmy world of business apparently is a detriment to the anointed at the Washington Post.
Perlstein throws around terms like "credit swaps", "CDO" etc. as if he knows what they are and then complains about their very existence. Indeed, too little regulation is the problem says Perlstein. Regulations that no doubt would be administered by government hacks blessed with scary business talents similar to his own. The fact that Perlstein wouldn't know a balance sheet from a bed sheet doesn't stop him from criticising the compensation of Wall Street managers, as he would replace the voluntary judgement of the private sector risking its own money with that of a state that suffers no consequences for the politically motivated decisions it forces on others. Their pay is "excessive" folks! Why? Because Richard Pearlstein says so!
Perlstein is also concerned that smart students are going to Wall Street rather than enter more socially acceptable professions like teaching, science and "public service". The fact that those activities are funded by the very people he would like to fail is obviously lost on him. He does allow however that his infantile wish will have some "collateral damage". The first place this ignoramus will notice that is in the stock of his employer and his 401K .
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