Monday, May 17, 2010

I'm sorry, I have to..

So Rach sent me an article on an interview with Shia at Cannes 2010, and I am obligated to post this portion both
because of Generation Y empathy and parental other words, I'm part of the population with no job or
money and my parents are the ones who appreciate youthful knowledge on the stock market.

Believe me, I wish I knew more.

When asked about the financial crisis, kid gave this response:

"You can make the marketplace more transparent. If people had known who was paying for the mortgages instead of
having to rely on Moody's triple-A (bull) rating -- transparency would have helped. The triple A rating thing is
ridiculous. That's like Oliver [Stone] paying you for a review. The people who were bundling this toxic crap were paying
Moody's for the review of their crap. That's ridiculous. You can't have bank holding companies acting as hedge funds.
You can't have them taking a million-dollar pension plan for Joe Schmo the bus driver and treat it with the same risk
appetite that you treat George Soros' pocket money. It's fundamentally ridiculous. And it hasn't gotten better very
recently, actually. They went from bundling mortgages that were crap to bundling life insurance policies and betting on
people's deaths. And you can't blame it all on the Street.... People's mentality needs to change. If the Greece contagion
thing takes off and it goes from Spain to Ireland to Portugal things are going to change drastically for the world. Soup
kitchens, it won't be that type of change. You won't get a depression that way. But it'll be very difficult. I think, my
generation, it's hard to have hope when you got a $700-trillion derivatives debt to pay and a bubble about to explode
and $500 trillion worth of GDP. You took all the money in the world and put it in a pot, you're $200 trillion short. It's
scary, man. You know the average person born today owes $8,000? The average person getting out of college owes
$75,000 with no job. I mean it's scary. My generation, it's a scary situation."

Born into $8,000 in that, my friends, is a scary situation.
It just surprised me that someone who makes millions of dollars can actually level with the rest of his comrades and
realize that $75,000 in debt after graduation REALLY IS absolutely ridiculous.

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