If you want the epitome of what is wrong today with investment banking, market analysis and the socioeconomic gap all wrapped up in one sentence this is it, the headline in a Bloomberg article about secondhand Rolex watch prices. I had to doublecheck it wasn’t April Fools Day.
We are talking Morgan Stanley here, not the 47th Street Pawn Shop.
Given that people are going to struggle to heat their homes this winter (it’s already “heat-or-eat” time in Europe), this “report” is up there on the asinine social deafness scale along with Marie Antoinette’s cake. And we all know how that ended.