20 Nov VAT: Trump’s concession speech
I recently viewed a video captioned “Donald Trump’s Concession Speech.” The video was a scene from The Wolf of Wall Street movie wherein Leonardo DiCaprio, the CEO of a brokerage firm, defiantly declares to his white salespeople and traders “I’m not leaving” after he was charged with securities fraud.
Perhaps cute to those who view Trump as a defiant crook heading a misogynist racist male cabal. But the video clip is more telling than cute.
Brokerage firms have two arms, sales/trading and research. Sales/trading is what the business is about; buying and selling stocks to make money. Research supports sales/trading with investment ideas. Research analysts analyze companies’ past performance and prospects, write reports and recommend stocks to buy and sell. Research analysts are highly educated, articulate, well-reasoned and cogent in their analyses. However, while never in doubt about their recommendations, they are often wrong. Moreover, there is a friction between traders/salespeople and analysts. Simply, analysts think traders/salespeople are lowbrows and traders/salespeople feel analysts “don’t get it;” that is, analysts don’t know how to make money in the markets.
However, traders/salespeople and analysts realize that each plays a necessary role in a firm’s success. The open question is who is to lead the firm. Analysts think that as they are the more educated and intelligent, they should lead a firm and have traders/salespeople work for them. Traders/salespeople view themselves as working for the customers which are the essence of the business. As to who should be in charge, traders/salespeople believe in the Golden Rule: those who make the gold rule.
The presidential election was likewise divided. Many who were anti-Trump (Democratic Party progressives) are like brokerage firm analysts, highly educated and articulate. They described Trump supporters as stupid, immature, greedy, deplorable, misogynists, Fascists, Nazis, etc.; simply, “bad people.” Trump supporters said of those who were anti-Trump: “They don’t get it,” they don’t know how a successful economy and liberal society functions.
Ultimately, the analysts would throw Trump and other bad boys in prison or otherwise limit their laissez-faire approach to life. But then how will the analysts afford to buy milk and who will make the milk?
Returning to the video, it’s actually very funny. It answers a question long befuddling the geniuses leading the Democratic Party: “Why do the people, the working class, who stand to most benefit economically from Democratic Party programs don’t vote for us?” Simply, the working class might not know much but they know when the Party leaders are laughing at them, thinking they are stupid, and they don’t like it.