Chicago-bang-bang, indeed. On the "Ascent of Money" it was more or less made clear that socialists and communists were ruining the world economy so blood-thirsty fascist dictators (like Pinot-Chet)
[here he is looking like a true democrat, man of the people]
were required to save the whole world, ........for the rich, that is. So, the talking-head I will call 'Prof boy' is not a poli sci lecturer. It's a weakness. His blood runs green; greenback, that is. Growth is good. Greed is good. The welfare state is a disaster.
Okay, so let's say for a moment that Prof boy's not a mouthpiece for the Man and try to see what his ideas have done for mankind, the other 99% of mankind that has to fight for the last 5% of the planet's wealth, lest we destroy the whole place. Prof says that public pension funds are too broadly based and so if people enjoy good health, like in Japan, the nation will go broke. His solution is private investment of 'pension savings', in the stock market. [Note: he said this with a straight face, although I was watching it through my own pained squinting eyes]
People in the black markets or without steady work will have no safety net, but that's better for the 85% of the nation of Chile which is not in poverty. Success! What's fifteen percent to you and me? It's not flesh and blood, after all; it's a number.
Fly in Ointment, Kimo-sabe. The lazy rich, seeing all this filthy lucre lying around tend to want to illegally pocket it any way they can. If you rob a bank with a mask, it's 20 years, if you rob it with a white shirt and tie, it's 5. Get the math?
There has been no shortage of financial debacles since the bubble mentality took hold in the West. In the 80s, Bush41's son used Reagan's savings-and-loan law to rob his own bank, as did many other lazy rich. In 1987, US stock market crash emptied many people's 401k stock portfolios. Pop goes the pension. Employees at Enron who had all their pension savings in Enron stock are robbed by Ken Lay. Fast forward to 2007: derivative activities ($567 trill.) sink the REAL economy. Who cares about the 401k when you're sleeping in an abandoned 406?
Stocks are the ghost image of a company. They mean nothing in and of themselves if a company is bust. Derivatives are the ghost of a stock or an orange or whatever. Never has the gambling metaphor been more clear. Thanks, Prof boy. Bring on the next money-trader's messiah.
Okay, so let's say for a moment that Prof boy's not a mouthpiece for the Man and try to see what his ideas have done for mankind, the other 99% of mankind that has to fight for the last 5% of the planet's wealth, lest we destroy the whole place. Prof says that public pension funds are too broadly based and so if people enjoy good health, like in Japan, the nation will go broke. His solution is private investment of 'pension savings', in the stock market. [Note: he said this with a straight face, although I was watching it through my own pained squinting eyes]
People in the black markets or without steady work will have no safety net, but that's better for the 85% of the nation of Chile which is not in poverty. Success! What's fifteen percent to you and me? It's not flesh and blood, after all; it's a number.
Fly in Ointment, Kimo-sabe. The lazy rich, seeing all this filthy lucre lying around tend to want to illegally pocket it any way they can. If you rob a bank with a mask, it's 20 years, if you rob it with a white shirt and tie, it's 5. Get the math?
There has been no shortage of financial debacles since the bubble mentality took hold in the West. In the 80s, Bush41's son used Reagan's savings-and-loan law to rob his own bank, as did many other lazy rich. In 1987, US stock market crash emptied many people's 401k stock portfolios. Pop goes the pension. Employees at Enron who had all their pension savings in Enron stock are robbed by Ken Lay. Fast forward to 2007: derivative activities ($567 trill.) sink the REAL economy. Who cares about the 401k when you're sleeping in an abandoned 406?
Stocks are the ghost image of a company. They mean nothing in and of themselves if a company is bust. Derivatives are the ghost of a stock or an orange or whatever. Never has the gambling metaphor been more clear. Thanks, Prof boy. Bring on the next money-trader's messiah.
[interp. of photo. It's your kids lives you're gambling away]
Update: (more on this later) It is a truism, one that even Warren Buffet will allow, that if everyone is into the stock market, then it will soon be in trouble. The cause of the trouble will be the inflation of values such that they do not reflect reality. So, eventually they will come crashing down. Has anyone heard of price/dividend calculation? Lookitup.
The conclusion?: Gambling of this sort should be heavily controlled and taxed more to LESSEN speculation. Stocks only have value to a company if it is looking to place more stock on the market. As a result, rich people will have to go and do something, like build (and employ people), manufacture (and employ) and not sit at their computer moving shares around.
