Paul Ryan, Managing Partner Hayfield Financial – New York
Reading time – 57 seconds . . . NOW IN VIDEO!
Ed. note: Be sure to read the P.S. at the end – it’s not in the video.
What you don’t know about Paul Ryan – no, not that one – the other one – the main guy at Hayfield Financial in New York – is that he is a Wall Street guy who supports Bernie Sanders. And Sanders is the guy who wants to bust up the Wall Street Banks and tax hedge fund managers at the same rates you’re taxed. Seems like a strange pairing. Oddly, Ryan is not the only financial guy backing Bernie.
Ryan was interviewed on NPR’s Here and Now on November 30 and he talked about the complex products and transactions that go on every day in the black box that is Wall Street. Ryan is a smart guy, with a degree in economics from Harvard and a law degree from Fordham University, but he says he can’t make any sense of the crazy stuff that Goldman Sachs and others are doing. In describing his view, he invoked a paraphrasing of Occam’s Razor:
That which is the simplest is the most likely explanation.
He followed that with his criticism of Wall Street:
That which is most complex is probably fraudulent.
I had to check myself before celebrating Ryan’s validation. But after all, credit default swaps are so convoluted and cynical that not even really smart people fully understand them, perhaps not even the sociopath who invented them.
Just before the 2008 meltdown Goldman Sachs was enthusiastically promoting collateralized debt obligations to its clients, selling them at a blistering pace as though they were magic beans going to a gullible Jack (not me). At the same time, Goldman was dumping its own holdings of those worthless things. What was it that Ryan said?
That which is most complex is probably fraudulent.
I’m still looking for the perp walk of the criminals who brought down our economy and cost you and me trillions of dollars. I still want exposed the creeps who twisted political arms to make legal what was illegal, who got permission to imply morality for what is clearly immoral and who believe with supreme, egotistical confidence that their pursuit of greed is all that matters.
Perhaps this Paul Ryan reassures us that there are some in the world of big financial dealings who possess some integrity and good sense. That’s hopeful.
And maybe, just maybe, Bernie Sanders has some good ideas.
Maybe, just maybe, we can get past the stupid, bully-on-a-playground mentality of politics to look at substance and elect someone who will lead the way to restore sanity to American politics and the American economy.
And maybe, just maybe, it’s your job to see that that happens. It’s time to get to work.
P.S. While our politics are surely crazy and not what our founders intended them to be, there are some who offer us reminders to keep us focused. Please have a look at this video of 500 high school kids in Kentucky (be patient, as it may load slowly). Turn up your computer speakers and take it in. Feel the timeless message that Francis Scott Key intended for those boys on the battlements of Fort McHenry in Baltimore Harbor in 1814, as they were withstanding the brutal British naval bombardment.
Those soldiers did that for us. What is our obligation to those who will come after us?
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Ed. note: There is much in America that needs fixing and we are on a path to continually fail to make things better. It is my goal to make a difference – perhaps to be a catalyst for things to get better. That is the reason for these posts. To accomplish the goal requires reaching many thousands of people and a robust dialogue.
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Copyright 2024 by Jack Altschuler
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