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> “I have nothing against investment bankers. They could all retire and nothing much would change. [Truckers] all quit, everything comes to a halt,” President J

> “I have nothing against investment bankers. They could all retire and nothing much would change. [Truckers] all quit, everything comes to a halt,” President Joe Biden said this week at a White House event... I don't agree with the president on much, but I share this sentiment.

throwawayboise 5y ago
It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs.
- YokoZar 5y ago
  > It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs. By this logic, con artists are necessary.
  - quxbar 5y ago
    As are landlords.
    - Ekaros 5y ago
      I actually argue that landlords are relatively useful. Having to look for realtor to sell and buy property each time you move even for short term would be lot worse. And how could those without enough savings like students go anywhere?
  - lostapathy 5y ago
    Of a short time horizon, he's absolutely right though. If investment bankers all went on strike for a month, civilization would carry on. If all truck drivers went on strike for a month, it'd be a catastrophe.
- willis936 5y ago
  Parasites are considered living organisms.
  - tonyedgecombe 5y ago
    Unlike investment bankers.
- morpheos137 5y ago
  The invisible hand does not deal with parasitism efficiently. Investment bankers may be necessary but the return they get from their work says less about the value of their services than it says about the demand for their services by entities that are willing to pay.
- awb 5y ago
  No one needs luxury goods, yet jobs exist to make them. Jobs exist because there is demand, not necessarily a necessity.
  - randomdata 5y ago
    Humans have shown that they are capable of surviving in isolation, so there is no job – here to mean work done for someone else – that is a necessity as you have used it. In this context, necessity and demand are equivalent.
    - goldenkey 5y ago
      You both have just arrived at the rub: Capitalism has fooled the common man into thinking that desire is necessity.
      - randomdata 5y ago
        That's not the case. Rather, the definition of "necessity" changes in this particular context. It turns out that words can have more than one meaning.
- sydthrowaway 5y ago
  Investment analysis is a real job, but 90% of IB is wheeling and dealing, often kickstarted by your parents getting you a plum job.
- bagacrap 5y ago
  counter point: real estate agents
LudwigNagasena 5y ago
He could say the same about himself. If he doesn’t want investment bankers, maybe he needs to help overhaul the laws to simplify capital raising, M&A, etc.

throwawayboise 5y ago

It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs.

YokoZar 5y ago
> It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs. By this logic, con artists are necessary.
- quxbar 5y ago
  As are landlords.
  - Ekaros 5y ago
    I actually argue that landlords are relatively useful. Having to look for realtor to sell and buy property each time you move even for short term would be lot worse. And how could those without enough savings like students go anywhere?
- lostapathy 5y ago
  Of a short time horizon, he's absolutely right though. If investment bankers all went on strike for a month, civilization would carry on. If all truck drivers went on strike for a month, it'd be a catastrophe.
willis936 5y ago
Parasites are considered living organisms.
- tonyedgecombe 5y ago
  Unlike investment bankers.
morpheos137 5y ago
The invisible hand does not deal with parasitism efficiently. Investment bankers may be necessary but the return they get from their work says less about the value of their services than it says about the demand for their services by entities that are willing to pay.
awb 5y ago
No one needs luxury goods, yet jobs exist to make them. Jobs exist because there is demand, not necessarily a necessity.
- randomdata 5y ago
  Humans have shown that they are capable of surviving in isolation, so there is no job – here to mean work done for someone else – that is a necessity as you have used it. In this context, necessity and demand are equivalent.
  - goldenkey 5y ago
    You both have just arrived at the rub: Capitalism has fooled the common man into thinking that desire is necessity.
    - randomdata 5y ago
      That's not the case. Rather, the definition of "necessity" changes in this particular context. It turns out that words can have more than one meaning.
sydthrowaway 5y ago
Investment analysis is a real job, but 90% of IB is wheeling and dealing, often kickstarted by your parents getting you a plum job.
bagacrap 5y ago
counter point: real estate agents

LudwigNagasena 5y ago

He could say the same about himself. If he doesn’t want investment bankers, maybe he needs to help overhaul the laws to simplify capital raising, M&A, etc.