Long_Vol on Nostr: I touched on the excerpt below in my most recent podcast, as i have worked in both ...
I touched on the excerpt below in my most recent podcast, as i have worked in both worlds.
https://youtu.be/cr5oeA5W5rU?si=SxHBy1FQfDIm24Pd
Arthur Hayes in his most recent piece "The Cure"
"TradFi acolytes have no real skills. I know this to be true as I reflect upon what skills were required, TLDR, not many, to do my previous job at an investment bank. The reason why so many people want to work in TradFi is because you make a lot of money without having to know anything of substance. Give me any hungry young person with an okay grasp of high school algebra and a good work ethic, and I can train them to do any front office financial services job. That cannot be said about any of these professions, for example, doctors, lawyers, plumbers, electricians, mechanical engineers, etc. It takes time and skill to enter into any of these professions, but on average, they make less money than an associate investment banker, salesperson, or trader. The amount of intelligence wasted in financial services is depressing, but I and others are just humans responding to societal incentives."
The societal incentives are a derivative of the engineered over financialization of the economy. This was set in place by the deregualtion of financial markets in the 1980s led by Alan Greenspan and Regan (his handlers) to help to pave the way for Derivative which were the main fuel needed for the everything bubble
https://youtu.be/cr5oeA5W5rU?si=SxHBy1FQfDIm24Pd
Arthur Hayes in his most recent piece "The Cure"
"TradFi acolytes have no real skills. I know this to be true as I reflect upon what skills were required, TLDR, not many, to do my previous job at an investment bank. The reason why so many people want to work in TradFi is because you make a lot of money without having to know anything of substance. Give me any hungry young person with an okay grasp of high school algebra and a good work ethic, and I can train them to do any front office financial services job. That cannot be said about any of these professions, for example, doctors, lawyers, plumbers, electricians, mechanical engineers, etc. It takes time and skill to enter into any of these professions, but on average, they make less money than an associate investment banker, salesperson, or trader. The amount of intelligence wasted in financial services is depressing, but I and others are just humans responding to societal incentives."
The societal incentives are a derivative of the engineered over financialization of the economy. This was set in place by the deregualtion of financial markets in the 1980s led by Alan Greenspan and Regan (his handlers) to help to pave the way for Derivative which were the main fuel needed for the everything bubble