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Re: Wall Street

Jul 06, 2002 05:52 PM
by ramadoss


On the Sunday before the stockmaket fell in 1986, the famous Economist, J K Galbraith was on a talk show. When asked about the what is going on in the economy, he told an interesting story even though I do not think he had any inkling of the impending stock market fall.

He stated that shuffling papers do not create wealth and then spoke of an incident. He took a cab from JFK to Manhattan and he asked the cab driver how his business was going. He said that he used to have a lot of business from the stock brokers in the Wall Street and his business currently was tough as the stock brokers are now driving the cabs!

mkr

At 12:23 PM 7/6/02 -0700, Steve Stubbs wrote:
I don't begrudge anyone making an infinite amount of
money so long as it is not removed from my wallet at
gunpoint. One thing most people do not know about the
stock market is that no money is created. It merely
changes hands. So if there are going to be
institutions making money (i.e., removing money from
the market to pay salaris, etc.) and a very few
individuals making money, there must necessarily be a
lot of ignorant people out there losing an equal and
opposite amount. If they put their money in of their
own free will and then watch it disappear, no
problem-o from here. If W has it taken from us
without our consent and then sends it to New York
where it is then made to disappear, then I do have a
problem with that.

Of course, the solution to the problem is to move to
lower Manhattan and join the Wall Street gang.


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