Why is it so hard to be a part-time bank teller (or to get any job)?

[Kuciwalker]

I'm not an expert, nor have I extensively studied this (feel free to add "I noticed") so I pulled this definition off of wikipedia that pretty much sums up my opinion of it: "Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point-of-view." I'll admit that it is not as clean as yours in a mathematical sense.

That's just a different way of phrasing precisely what KH said. "Efficient" in this case pretty much just means "not Pareto optimal".

[Zoetstofzoetje]

what's this rant about morality in finance? you just need to be harder, better, faster stronger...

[dannubis]

1) Why do you think this has anything to do with me or my job?
2) What you "pointed out" is simply that there is uncertainty in the world. Congratulations!
3) With the world's uncertainty, with limited knowledge, and with limited time for others to spend on thinking about them, PEOPLE ARE GENERALLY THE BEST JUDGES OF THE VALUE OF GOODS AND SERVICES TO THEM
4) WTF are you blathering on about with "studies" and "clients". I'm not a ****ing consultant, you nincompoop.

1) You took the moral road in your post
2)
3) Well, thanks for confirming what I said
4) Yes, i know, you have to have a minimum of social skills to be a consultant.

[kittenOFchaos]

what's this rant about morality in finance? you just need to be harder, better, faster stronger...

Really? If you've got loads of money to play with, it shouldn't be that hard to make more money. In fact, there really isn't much to it beyond surviving business lunches. Faster, stronger? Really? You guys aren't athletes.

Hell, anyone could see that BP for instance would come through their trouble in the Gulf of Mexico. When BP shares plummeted, buy cheap, wait abit and you're making a fortune. Anyone can see that shifting production to countries where workers are paid sod all and you can pollute as much as you want will make more money. Anyone can see that in a world of limited resources which are ever increasingly in demand, that buying up precious metals is bound to see a return on your investment. But despite all this, you muppets still needed a collossal bailout.

[Zoetstofzoetje]

You guys aren't athletes ... Anyone can see ..... But despite all this, you muppets still needed a collossal bailout.

What planet are you from? Work in finance is the most competitive sport there is. Out of all the thousands of traders that I've seen over the last decade, only two were overweight. More of a general indicator of fitness than a result of button mashing, but still indicative. And while 'entrenched' business interests might have an informational/legal/etc advantage, barriers are broken down on a daily basis. Big money moves slow, and can't compete with small and nimble on all fronts.

Besides, who is 'we/you' in the bailout statement? Finance is an interconnected industry of varying agents and interests. And... "everyone can see"? If it's so easy, why aren't you doing it? It's quite obvious that my refrigerator knows more about finance than you do.

Hell, it's a sunny day. I'll stop rebutting here for a moment. Let me get a nice Dominican out of the climate chamber.

[kittenOFchaos]

Besides, who is 'we/you' in the bailout statement? Finance is an interconnected industry of varying agents and interests. And... "everyone can see"? If it's so easy, why aren't you doing it? It's quite obvious that my refrigerator knows more about finance than you do.

Why aren't I doing it?

I don't have the funds to speculate with, nor the qualifications that would allow me to access someone elses money. Given the level of rewards in Finance, they can demand the best qualifications and can seek the most talented graduates and will do so except the usual nepotism that naturally exists. Also the financial sector isn't one that strongly featured in my upbringing, beyond that firms such as Goldman Sachs sponsored many of the debating competitions I was in during my time at University. Also, the University I was in, particularly my college feeds into the financial sector in London, so I met many people that have ended up in the financial sector - definitely not the strongest, fastest and fittest, but certainly better connected and with family backgrounds in finance. My family background is medicine.

My point was that if you've got money, it isn't difficult to make money and the hyperbole that the industry surrounds itself in is laughable - stronger, faster, fitter.

As for the bailout statement - you're with Goldman Sachs? You guys definitely know what bailout money is. Enjoy your Dominican.

[dannubis]

KH is GS.

And I guess statements like this makes his blood pressure go up.

[Zoetstofzoetje]

I'm not with GS.

[MRT144]

What planet are you from? Work in finance is the most competitive sport there is. Out of all the thousands of traders that I've seen over the last decade, only two were overweight. More of a general indicator of fitness than a result of button mashing, but still indicative. And while 'entrenched' business interests might have an informational/legal/etc advantage, barriers are broken down on a daily basis. Big money moves slow, and can't compete with small and nimble on all fronts.

Besides, who is 'we/you' in the bailout statement? Finance is an interconnected industry of varying agents and interests. And... "everyone can see"? If it's so easy, why aren't you doing it? It's quite obvious that my refrigerator knows more about finance than you do.

Hell, it's a sunny day. I'll stop rebutting here for a moment. Let me get a nice Dominican out of the climate chamber.

Maybe if you ever left your backwater moneypit of a country and went to Wall St. you'd see more overweight traders.

[Solomwi]

He may not be happier if he stopped taking crack. Sober life isn't some kind of magical, wonderful experience. Who knows how awesome being a crack addict is for the person who experiences it...

True, and not something I meant to contradict. I've slept since that post, so I won't bother trying to explain the point I was trying to make, since I don't remember very well what it was.

[Zoetstofzoetje]

Why aren't I doing it?

I don't have the funds to speculate with, nor the qualifications that would allow me to access someone elses money. Given the level of rewards in Finance, they can demand the best qualifications and can seek the most talented graduates and will do so except the usual nepotism that naturally exists.

As you say, it's not always the fastest, hardest, strongest. There's quite a few button-mashing monkeys out there that will go to hell and back for 3k per month. The reason that they are out there is, nobody knows who will be an outstanding performer, so lots of people get a chance to become one. Including you, if you would apply somewhere. Barriers to entry have dropped to ridiculous levels. The industry has been commoditized. But those who get through are athletes, they are not lethargic persons sitting on big wallets.

[Al B. Sure!]

Is 'athlete' a metaphor or are you really implying bankers are in shape? I assumed metaphor til you mentioned the supposed paucity of actually physically fat bankers

[Zoetstofzoetje]

Maybe if you ever left your backwater moneypit of a country and went to Wall St. you'd see more overweight traders.

I've been to the pits and posts quite a few times, never saw a single one.

[Fake Boris]

QFT KoC.

MBAs who find themselves "smart" because they figured out they would be making more if they shifted production to China. No **** Sherlock!!!

[MRT144]

I've been to the pits and posts quite a few times, never saw a single one.

When will you stop lying.