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Monday, November 17, 2008

Merril Lynch? Anyone? Merril Lynch?

"My boyfriend's brother's cousin's sister saw Merril Lynch overextend themselves on junk bonds made up of packaged bad mortgages a few months ago on Wall Street."

Hilarious! Peter Schiff, the President of Euro Pacific Capital, Inc., is a talking head on a number of business channels. This video is made up of a series of his cable appearances where he consistently does his best Chicken Little while the smarmy Wall Street mouth pieces laugh him off the screen. The first four minutes are not great, but wait, wait, until the six minute mark when, on FoxNews no less, none other than Ben Stein himself advises us last year to buy Merril Lynch stock. And then the the blonde with the fish lips says to buy Goldman Sachs (HA!). The capper comes in a minute when Charles tells us to buy Washington Mutual (HA! HA!).

I remember when people would say someone worked at Merril Lynch with such reverence, like the bank was run by MacArthur genius grant winners. I would look at them cross-eyed, because I knew that person growing up, and knew they were throwing around a plumber's savings about on Bosnian internet firms while firing off forwards from Brokers are gamblers, even if we give them an illusion of non-Las Vegas legitimacy. The only differences between the Golden Girl feeding her Social Security quarters into a slot in Joliet and the 25-year old handling your savings at an investment bank is that at least the Golden Girl knows she can't game the system and doesn't get paid out for losing.

Do not let these hacks get government money. After this recession, do not let these hacks control our pension funds and savings. Wall Street has been the high-class arena for hucksters and modern-day carpetbaggers for too long. Before you take financial advice from anyone, ANYONE, in the future, make sure you know where they make their money. And never buy stock from someone on TV.

Not even if he stole a John Hughes film.

Sidelight-Schiff was an economic adviser to Ron Paul, so to all my PaulHead readers, cheers! Who looks crazy now?

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