Quote:
Originally Posted by Death2Theft
What exactly are you providing to society as a futures trader? Do you provide a service or product? No your just part of the problem.
|
Future contracts are needed because it helps business hedge and manage their risk in order to maintain stable a growth in their companies (for the most part). This decreases unemployment rate so me and you can have a job.
I agree traders make a bit too much money. But do we need them? Absolutely yes. And for the record, being a successful trader is not easy. If you can earn $100 million per yr for the bank, you deserve the $5 mill bonus.
And guys, US Fed does not just hand out money for the hell of it. Look what the collapse of just 2 investment banks did to our economy... And for the record, a portion of the LOANS (not free money) have been repaid by Goldman/MS/JP Morgan to the Fed.
Btw, a big reason why a bailout was absolutely necessary during the credit crisis was because of AIG, an insurance company. Think about if you have a house insurance and when there's an earthquake, your insurance company defaults.