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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Mark S. who wrote (40031)	11/27/2000 4:22:33 PM
From: Jacob Snyder	Read Replies (1) \| Respond to of 70976

re: Why is it when the public demands product at any price its considered foul? Actually, Cary said it, but I agree 100%. In our society, we try to eliminate conflict of interest. We try to protect people from damaging themselves through ignorance, stupidity, or emotional instability. In every other area of human activity, the conflicts of interest that are rife in the securities industry, are illegal. And they are often illegal in the securities industry also, but very very difficult to prove, because the rules are overwhelmingly written to favor the banks and brokers, and wealthy people in general. The mood of the market, from 1995 through early 2000, displayed the kind of over-the-top euphoria, only seen before in 1924-1929. At no other time in the last century have so many people been so irresponsible with money (their own, and worse, other people's money). It is in society's interest to save people from their own stupidity. We learned this the hard way after the 1929 crash, but it's been long enough, we've forgotten those lessons. Today, only rich idiots get bailed out, like the Long Term Capital Management folks (who are back in business, doing the same things they did in 1998). Poor idiots get lectured on Social Darwinism, and are abandoned.