Re: Say's Law: Supply Creates it's Own Demand"
PB,
One of the most ardent polemicists spouting the nonsense of Say's Law in the recent past is the infamous George Gilder., the Terror of the Telecosm. While he was fattening up his subscribers with boosterisms like Say's Law, he collected stock options from his CEO buddies who had options to trade for influence. The result, predictable to me and others, was a wiping out of the faithful, though stupid subscribers. Many lost their entire net worths while following the advice of a charlatan.
Re: They ain't such bad guys and want to help human folk too [imho -g-]
See above....... <ng> "They" want to help themselves and aren't ethically inclined to actually discuss the huge catastrophe of over-supply that will rock the telecom industry for another 4 years. The destruction of value isn't over, not by a long shot. Society has probably had over $1 Trillion in market value destroyed, illusory as this is. But there was a real cost in the destruction of retail investor portfolios as wealth was transferred to duplicitous insiders like Gary Winnick, Joe Nacchio, Phil Anschutz, Bernie Ebbers, and a host of other CEOs who made billions collectively on the advice of the likes of snake-oil salesmen like Gilder.
And did I mention that at least half a billion dollars was destroyed in the bond market? A place far more sober than the equity casino, but also damaged greatly by the delusional view that "Supply Creates It's Own Demand".
Yeah, Say's Law........
Like your pappy says, read some history. It's replete with episodes where promoters tauted the Say's Law of railroads, steel, radio, electronics, dot.cons, telecom.
And did I mention tulips? |
