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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: benwood who wrote (137262)12/5/2001 1:49:43 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
Ben...the "zealots" remark was made tongue-in-cheek. Obviously, the lack of reasonable fixed income investments is not a desireable (nor economically prudent) state of affairs, particularly in a country as savings-averse as the US. Of course, in the greater Phoenix area, the elderly are an EXTREMELY potent voting block, and wield their power effectively and often.

I agree that government intervention in the equity and credit markets is undesireable and has had the effect of underpaying people for saving, as well as reinforcing moral hazard. As a result, the elderly and others dependant on fixed income are (frankly) getting screwed. Another manifestation of the ongoing transfer of wealth that the post LTCM economy has been designed for...from savers to speculators, from "investors" to investment banksters and corporate insiders, from middle- and working-classes to upper class, etc. It's wrong, and it will end badly (if not immediately).
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