ahhaha,
First, I want to say welcome to the thread. You have provided us with a well formulated perspective that reflects your grasp of market history.
Still, there is a tone in you messages that suggests that the public, and it's institutions, are to blame for whatever ails the market
The public never blames the true culprit: unbridled greed of the wild-eyed public.
While I don't wish to argue that public greed is not a culprit, I do think you have stated an unbalanced view that appears to absolve market professionals from any responsibility for getting us where we are. I for one, and I'm sure there are countless others, can attest to being ripped off by their friendly broker who promises to act in their best interest while secretly pursuing another agenda. Greed is not an exclusively public attribute, and it's not something checked at the door by the MMs, investment bankers, brokerage firms, etc., when they show up for work every day. That may make them no worse than the rest of us, but I do believe that those with privileged status also have a responsibility to not abuse their advantage.
For some of us, it's not just greed that brought us into the fray, and public greed did not all by itself build the institutional constraints that attempt to ensure "fairness" and keep the few privileged participants from getting all the money.
Dan |
