Gambling on Our Own Demise
Wall Street is placing odds on America.
And the odds are stacked against it!
By Robert Morley
November 2, 2010
Imagine investing in the stock market because you think the economy is going to get worse. And not just worse, but a lot worse. Doesn’t make much sense, does it? Who would even suggest such a silly thing?
Only America’s best and brightest.
By best and brightest I mean mutual fund managers, hedge fund gurus and Wall Street executives. In China and Germany, the “best and brightest” become engineers and entrepreneurs. In America, the top graduates want to be bankers with Goldman Sachs or Lehman Brothers—because that’s where the money is.
Tells you a lot about why some countries are prospering and why others are not. Engineers and entrepreneurs build economies. Bankers often act more like parasites or pawnbrokers.
And now the experts on Wall Street think they have found another surefire way to make money. The bookie’s cut is not enough for them. It’s time for a real killing. Unfortunately for the rest of us, it’s a one-sided bet on America’s demise.