<<9. Citizens should not depend on financial assets or fallible “expert” advice for their retirement. Economic life should be definancialised. We should learn not to use markets as storehouses of value: they do not harbour the certainties that normal citizens require. Citizens should experience anxiety about their own businesses (which they control), not their investments (which they do not control).>>
This one i have been preaching for years in my rants against a society that has surendered its future retirement on what has ALWAYS been a casino.
The only people that can afford to play the stock market MUST understand the stockmarket.And they are few, and always will be the few.
The whole IRA/401k was a boondoggle for WS and Mutual Funds based on a greed industry predicticated on relentless wealth accumulated through commission, in other words one MUST "feed the kitty" to gamble with your future.
In 1980 about 5% of the population's fate was based on the stock market, and the vast majority of the money was what we call OLD MONEY, the coupon clippers "aristocrats".
And then big huckstering started and by the year 2000 55% of U.S. household were invested in the market.
This percentage of people shattered all previous history for any place having its citizens risk their fate on a casino, and what was worse 90% had no idea what they were doing and just allowed themselves to believe longterm buy and hold, never sell WILL and one wil be in great shape come retirement.
i repeat there are ALWAYS i small minority of ordinary citizens that do get rich, but invariably they have some inner intuition and also know how to recognize solid advice.
Classic case is the owner of the Carolina Panthers, who when playing for L.A. Rams the owner advised the players to put all their extra money into McDonalds.
He listened, saw the logic and bought and bought and bought McDonald stock and ended up with at least 100million dollars.
Those are the RARE cases.And they will always be rare cases.
By getting 55% of householders entangled in the stock market we created a myth of the goose that always lays golden eggs.
This was done with intense systematic propaganda, loaded with tons of misinformation, the motive, to create a Massive Industry for making money off of the publics gullibility.(including a mass of BS accounting loopholes, and the ridiculous and WS scam desire to base market P/E on one year ahead future earnings---for those that are young, that WAS not how in was done until the SCAM machine got rolling.)
They are now relentless using this scam NOW with WS consensus
On these threads you do get people that can handle their 401k and IRAs, because the learn about getting savvy, but that is the MINORITY of whole market is presently at 14-1 P/E BASED on what earnings will be 12months from now.
(They have NO fricking idea what they will be, this just the carrot on the stick for the rabbits to chase)
Over a roughly 20 year period , via smoke and mirrors and the bulging mass of the BOOMERS , the by far largest investing number and consumer crazed generation in world history emerged and found themselves in what appeared to be the most affluent world for the most people in the history of any nation(with the possible exception of that Japan was close to such an affuence leading up to their collapse starting in 1989---and is Still going on, 20years LATER.)
And all that was before the derivative ponzi scheme that exploded exponentially upwards over the past 8 years.
George Soros said in 2003 , (nor in exact words)'We are now witnessing the greatest robbery of U.S. public in history, never has america has such a system constructed to funnel the vast amount of the wealth of the country to the few.'
People are now WHISTLING LOUDLY inside a graveyard that is NOT going to go away and will again be back in 1999.
Why? Because Taleb's #3 isn't going to happen without a public revolt of what still is basically domesticated people that will have to be kicked brutally in the face one more time before they really BLOW---but o my, what then? Will it not be too late for a democratic and peaceful process of cleansing? <<3. People who were driving a school bus blindfolded (and crashed it) should never be given a new bus. The economics establishment (universities, regulators, central bankers, government officials, various organisations staffed with economists) lost its legitimacy with the failure of the system. It is irresponsible and foolish to put our trust in the ability of such experts to get us out of this mess. Instead, find the smart people whose hands are clean.>>
Trig says think positive, sorry Trig, i refuse to self lobotomize myself, thus i can NOT think positive and consider myself a rational and free thinking man.Max |
