Jack:
For what it's worth, I don't think anyone expected this fantasyland of outrageously inflated prices to be maintained forever. The tech stock multiples were simply not warranted, but as long as the boomers were willing to invest and the brokers could make their money on the churn, no one was willing to stand up and tell it like it is. And the "churn" in techs/OTC, as we all know, is a scam in and of itself, but that's a topic for another rant.
Well, now reality has set in, with the impetus coming from other problems in the global economy, but nonetheless, it forced a long overdue correction. This market boom was, in many ways, a Ponzi scheme on the grandest scale. Which is a bummer if you're the ones holding the bag when it is time to close up shop. And that's what we're seeing now.
Let's face it: Tech stocks and other speculative investments have become modern day lotteries and blackjack tables. With the only difference being that sometimes you get to peek at the next card coming <g>, but let the SEC try and enforce insider trading laws nowadays - it is a complete joke.
One-level-removed insiders and golfing-buddy analysts are trading each and every day on what would clearly be considered illegal insider info, but again, the constant rain of gold from above has caused everyone to turn a blind eye.
Hey, sometimes you win, and sometimes you lose. Who knows, maybe people will actually have to *earn* some money from now on! <g>
Many of us lost a ton, but hey, that's life. If you can't risk it, don't bet it. Simple as that.
Rant off. Gotta go check the water supply and make sure the contractors aren't short-cutting the lead lining in the emergency shelter...<vbg>.
See ya round.
- Rick |
