Wednesday, December 29, 2010

Wall Street's Ten Biggest Lies for 2010

   I just couldn't resist sharing this article by Les Leopold.

   Here are the ten main points:

1."Honest, we didn't do it!"

2."The overall costs will be incredibly small in comparison to almost any experience we can look at in the United States or around the world."

3. "It's a war. It's like when Hitler invaded Poland in 1939."

4. "The hard truth is that getting this deficit under control is going to require some broad sacrifice, and that sacrifice must be shared by employees of the federal government."

5. "25 hedge fund managers are worth 658,000 teachers."

6. "To bolster the economy we need .... an improvement in the relationship between business and government (the current antagonism, even if not the primary explanation for slow hiring and sluggish investment, does seem to be affecting hiring and other business behavior)."

7. "Lengthened availability of jobless benefits has raised the unemployment rate by 1.5 percentage points."

8. "Private employers, led by our revitalized financial sector, will create the jobs we need -- that is, if the government would just stay out of the way."

9. "Tim Geithner extolled 'the benefits of financial innovation' to the American economy." (Wall Street Journal, August 4, 2010)

10. "I'm shocked, shocked to find that gambling is going on in here."

   CLICK HERE to read the whole article.

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