Betty, Nice poetry. Will poetry sell well in market depression caused by stock market down-turns? -g-
Seriously, re. Biggs vs Dell. You (was it someone else) asked, "How many jobs did B. Biggs create?"
I have no direct answer to that.
Brokerage/investment banking biz accounts for only about 6% of the GDP. In my opinion it is the least productive segment of the economy. However, this least productive segment gets the most cutting-edge technology first. Per some report I read, about 15% of the high-tech spending comes from these "leaches." If Asia, which accounts for only 6-8% of the domestic economy directly (more for high-tech), can cause such a ripple, imagine the repurcussions of a severe bear market on your beloved techstocks - i.e. Dell, cisco. OH, for your information I believe Morgan Stanley buys Dell computers too. In otherwords, they did some help in creating jobs in Austin.
On another note, the most money is made by the professionals in the brokerage/inv. banking/money managing biz. However, recently the corporate elite blessed with stock options have outscored the fat cats on Wall Street. That's why I trust the touts like Michael Dell, Wall Street gurus and mutualfund spokespersons, the least. They have far too much vested interest in safeguarding their wealth and livelihood.
One more time - while I have no special praise for Barton Biggs other than appreciating his early wake-up call, I repeat - Michael Dell is a tout. Since his touting has direct impact on his wealth, I would call him a paid tout. -g-
-Mohan |
