The financial markets have been a mess lately and really hard to explain. One of the traders on Fast Money yesterday used the Kobe Bryant scandal as a great metaphor to help explain the problems we have currently with the bailout plan.
So Wall Street has been messing around with the securitization of mortgages leading to the recent credit turmoil. It's no secret that they have played a large role in bringing about the crisis we are currently in. We, the American public, know that Wall Street cheated on us because economic conditions are eating away at our standard of living. There has to be some way to make things better. Just like Kobe bought his wife a big diamond ring, the government has provided us with the bailout package to correct this mess. But the problem is we still know they cheated on us and maybe this bailout package isn't enough. We need more oversight and regulation to make sure this doesn't happen again. Obviously we can't divorce the government but people at the top need to take some blame and responsibility for their poor decisions.
I tried to find the clip on the Fast Money website but couldn't find it. If anyone has any better luck just update the post!
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