This questions is directed to all of the people that are short WFC right now and going into earnings.
1) I am short WFC because:
A. I am retarded
B. I am really stupid
C. Both A and B
Thanks in advance.
some of them are just venting at the economy, and the banks in general which are a convenient 'whipping boy.'
some short b/c it takes less capital, ie 'jack.'
some just want to be contrary.
And one more point, keeping the banks weak does not hurt society. What hurts society is the abdication of sovereignty in not breaking up these too-big-to-fail banks because they are controlled by hedge funds and international bankers.
It is actually patriotic to walk away from credit card debt: http://hubpages.com/hub/Be-Patriotic-Stop-International-Bankers-From-Raping-America
This bank, or at least Wachovia, hurt society. They hurt society far more than someone who doesn't pay credit cards. In fact, the first stimulus checks failed because people saved and paid off debt when the government wanted them to spend. Just deleverage yourselves and help the government out. That is what I am doing.
And reality is the ultimate judge. Every person I've ever seen be in debt either took on too much risk or failed to work. Usually, the disease is lack of work. So many people make a spiritual mistake way back at square zero. They tell themselves they are too good to work, too good for a McDonald's job, too good to be a courier, or perform construction, or clean their own house, or grow their own food, or lift something, carry something, perform menial labor. Since they don't contribute, things of value fail to be maintained or made, or be taken care of. Society suffers from the loss of production and loss of investment, but it shows up most in the debt that these people carry.
As you might guess, someone who hurts society by failing to be responsible does not have my sympathy.
Here's the real bottom line - anybody who does what you advocate is going to get a beating, in the courts and in the wallet. And, I might add, deservedly so. Stupidity is not yet a legal defense!
Here is the bottom line. The government has become the two thugs. Just because the government allows these banks to get away with legal loan sharking does not mean that there is not a higher law that these greedy banks will one day answer to.