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Politics : Ask Michael Burke
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To: benwood who wrote (71223)12/1/1999 7:15:00 PM
From: Freedom Fighter  Read Replies (1) of 132070
 
Ben,

This is one the big reasons for my constant anti Wall St and financial media rhetoric.

Assumimg I'm right about this market being a big bubble, then it isn't going to be pretty when it ends.

Based upon my observations of middle class co-workers and friends, a lot of them aren't going to be middle class when this is over.

They are extremely leveraged to real estate assets whose value is partly tied to Wall St. and banking profitability, they are 100% invested (or close), some are selling puts or on margin, and I would go as far as to say when "it" hits the fan some of them are going to be unemployed.

Wall St and the financial media have evolved from industries whose job it was to raise capital and market investment information into industries whose job it is to sell stocks to the public at any price, promote equity ownership, pressure corporations into maximizing stock prices instead of business value, and transfer wealth from outside investors to high level managements, venture capital firms etc...

I think there's very high probability that there's going to be an enormous backlash against Wall St. and corporate America when this thing blows. It wouldn't surprise me in the least if some less stable souls get violent.

Wayne
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