Tom, I think the operative word here is "desensitization". Desensitization is why, for example, we blame ourselves for our car being broken into because we parked it on the street instead of in a garage, or we kick ourselves for losing our pocket books because we left them unattended while going to the bathroom. At some point we as a society have to remind ourselves that things weren't always this way and if want things to get better instead of worse we can't become desensitized and hence complacent. Jonathan Lebed may well be a bicycle thief in a world of carjackers but he's still a thief.
I know the word "thief" might bother some people, but if it had been the mob and not Lebed who had manipulated the price of a thinly traded stock, spammed lies about it all over message boards, and used numerous aliases to give the impression of broad independent public support for a wildly inflated price target, we'd have had no problem affixing that label on them. OK, yes, I know Lebed was only 15 years old when he did what he did and, yes, I know he took his cues from adults, but before anyone gets bent out of shape let's not forget that the big bad SEC didn't throw the kid into reform school or seize his computer or any other family assets. All they did was call a spade a spade and ask the kid to give back only the money they could prove in court he obtained illegally. When you think about it, the kid made out really well.
Recall that Lebed started posting in '98, back when most people who frequented investment chat boards were still new to the medium and ripe for the picking. It was people like him who now prompt people to assert "anyone who believes what they read on message boards deserves what they get." While this sadly may be more true than not, again, it doesn't have to be this way. We can't let ourselves be desensitized to others like Lebed. We have to be self-policing... when we encounter someone like a Lebed we have to expose them. I know I'm preaching to the choir on this thread, but unless others follow suit the huge decline in message board postings will continue as more and more people become disillusioned. Now if only we can figure out how while doing so to avoid those pesky SLAPP suits... :)
- Jeff |
