And are as inept at that as they have been in analyzing Collateralized Debt Obligations. A post from Doug Henwood’s LBO Talk:
[lbo-talk] bankers quoting Marx!
A friend who works at a hedge fund forwarded me this “quote of the day” from a friend of his who works at a bank.
Amazing how some people have great long range forecasts that are on
the ball !!
“Owners of capital will stimulate working class to buy more and more
expensive goods, houses and technology, pushing them to take more and
more expensive credits, until their debt becomes unbearable. The
debt will lead to bankruptcy of banks, which will have to be
nationalized, and State will have to take the road which will
lead to communism.”
— Karl Marx, 1867
I don’t think Marx actually said this, but still…