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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: AC Flyer who wrote (17368)3/26/2002 1:30:47 PM
From: benwood  Read Replies (3) of 74559
 
I love this statement. I suspect it is the rationale for those who'd otherwise feel guilt:

"The wealth redistribution that has taken place over the last few years is from the dumb to the smart."

Those stupid people! Too bad the smart people think of using that transferred wealth to create enabling legislation, policy, etc., to accelerate the transfer. Dumb people just don't think of giving their representatives millions of dollars. That makes Enron exec's smarter! Fraudulent and misleading income statements and corporation-led cheerleading via the media only dupe the stupid, so it's OK! Smart people know to sell their massive insider stock options while publicly telling people to buy their stock -- even their own employees, while at the same time pressuring the accounting to make sure the stock goes up for the smart people.

I have little doubt that conditions were ripe for a bubble; what Greenspan did is throw gasoline on it like no one before him had done in US history. It will take a lot of time for the clearcut part of the forest to be visible to most. But I'm told daily by the government & corporations whose insiders want to sell off their options that the clump of trees around me are, in fact, very healthy.
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