Editore"s Note
Tilting at Windmills

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October 21, 2004
By: Kevin Drum

BUSH AND WALL STREET....So what does Wall Street think of President Bush?

For financial professionals, the Nov. 2 election presents a quandary: Although the Bush White House has been good for their pocketbooks, some worry that the administration's policies will hurt the economy and markets over the long term and ravage their clients' nest eggs.

Indeed, some Wall Street Democrats accuse their Republican counterparts of focusing on short-term personal gain in backing Bush, while overlooking the risks inherent in the ballooning budget and trade deficits.

"The average Wall Street firm is run by extraordinarily avaricious, greedy people who don't know their own interests," said Seth Glickenhaus, who at age 91 continues to oversee $1 billion at Glickenhaus & Co., a money management company he founded in New York.

I'd say that about covers it. If there's any single trait the best describes most professional money managers and investment bankers, it's an extraordinary ability to assume that the future never comes, bubbles never burst, and the piper never needs to be paid.

So naturally they support George Bush. After all, they're getting theirs while the getting is good, and if Bush runs the economy into the ground well, that's off somewhere in the future, isn't it? Of course, if they really had their clients' best interests at heart, they'd read this and this and this and take a look at this chart and then think again.

Kevin Drum 1:40 AM Permalink | Trackbacks

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