The year was 2008…..the banks were being saved by the government.
So was Tesla.
Today, Tesla is pulling along the whole auto industry into electric cars and autonomous vehicles.
My car drives itself and the banks have figured out why my dog does not need a home loan.
There is more knumbskulliness from the banks we saved….Goldman just launched a Lending Club ($LC) knockoff for millennials last week called Marcus. It’s named after their founder because that should fool millennials that Goldman 2016 is now safe to do business with.
Meanwhile VC’s are pouring money at record pace into fintech. It is feeling like a deep black hole compared to other areas of innovation.
The incumbent banks continue to be lucky. Their last great innovation was the ATM.
Microsoft is at all time highs
Facebook is at all time highs
Google is at all time highs
Paypal is at all time highs
iRobot is at all time highs
Amazon is right at all time highs
Berkshire Hathaway is at all time highs (buying Apple)
Oil which was supposed to crush the economy if it got back above $40 (according to perennially wrong and super duper asshat Dennis Gartman and CNBC) is above $50. It is the best performing asset of the year now up 40 percent.
I say it is not too late for bankers to do a perp walk, if not for their crimes leading up to 2008, why not for their complete lack of innovation relative to the rest of the economy since?
Also published on Medium.