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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: stomper who wrote (10900)	12/13/2008 9:27:21 PM
From: Little Joe	6 Recommendations Read Replies (1) \| Respond to of 33421

Two factors that are often overlooked are education and the press. Education wise, I don't think most college professors who teach business and economics can explain what is happening. The press, including the financial press, are equally clueless. Many so called intelligent people read the newspaper and follow the popular pundits and form their opinions by accepting what they read and hear. They consider themselves thoughtful and educated. For the most part they are just absorbing the conventional wisdom. In late July I had a chance to talk with my congressman, who happens to be a democrat, and tried to discuss our economic problems. He was clueless. He had no idea of what I was saying. He had no clue of the role of debt in the creation of money. No idea how the fed worked, or for that matter what the FED was. In short I am far more literate in economic matters the he is and I am far from knowledgeable. The fact is we are ruled by ignorant and uneducated people who have to rely on the expert opinions of others who are making the real decisions. Little joe

To: stomper who wrote (10900)	12/13/2008 10:12:43 PM
From: John Pitera	Read Replies (1) \| Respond to of 33421

yup... maybe we will both be obliterated tomorrow. A very smart guy I used to work with at the large and surving JPM, said that only 3% of the population of any country really had much of a clue what was going on in the world. (A subset of that, then actually create forward initiatives.) ---- there are Said to be 300 families that own the Class A shares in the Federal Reserve Banking System. You can pick up any college book and or go to the actual website and it tells you that the FED is owned by the Member banks.... Who owns those banks? A lot of it is said to be still European ancestoried money.---- let alone the reasoning or danger behind Fed machinations. I really just don't think it enters the average persons thought process. It's just way over their head..... that's why the brain surgeons do brain surgery and the rocket scientists are, in fact, the same said surgeons and scientists. Thus my overall maxim that Central Banking is best left to the Central Bankers..... we are luck to live in a country where we can say this type of stuff and not end up against a firing square like Fyodor Dostoevsky... or at least we've been able to do it for the past couple of generations. JP