Selling things people want
The Wall Street Perspective:
To put it bluntly, many on Wall Street still see the events leading up to the financial crisis as a case of banks having legitimately sold something - whether it be mortgages or securities backed by those loans - that someone wanted to buy.
Thomas Atteberry, a partner and portfolio manager with Los Angeles-based First Pacific Advisors, a $16 billion money management firm, says his success "wasn't a gift" and he had to work hard to get where he is. Atteberry says he understands the frustration many feel about income inequality. But he said the problem isn't with those who are successful, but rather our "tax codes and regulations."
There are many products and services in addition to spiking ARM mortgages, naked credit default swaps and BBB tranches of collateralized debt obligations that people want to buy. Also in demand are:
- Professional hitmen
- Professional sex services including underage prostitution
- Animal crush videos
- High grade heroin
- Weapons grade plutonium
- Fire insurance on our rude neighbor's home
- Currency counterfeiting machines
Why does Big Government insist on restricting the flow of goods and services people want to buy with pesky tax codes and regulations? It's so unfair to the successful pimps, drug kingpins, arms dealers, mafia dons and human traffickers who have worked hard to get where they are.