Relevant to GenX/GenY. FYI.
Carolyn
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Yes, from the top of wall street on down, the rule was borrow and spend, and if you run short, just borrow some more And investment meant shuffling paper or "buying" a piece of property and taking out the equity every couple of years.
Imagine if we had rules requiring saving and investment in productive enterprises - you know, where people produce real goods and real services that other people willingly pay for with cash they earned through their own labor.
Investors end up being bag holders in this Wall Street game of smoke and mirrors. I have actively traded the market since 1991. I left the profession for which I was trained in 1997 to daytrade for a living. I hold a position over night less than once a month. I was in the market today for a total of 12 minutes. I was short. I made more than the median daily household income in that time. I have not been long since the second week in January. America has been SOLD out by it corporate and political leaders. I would rather make my living betting on America’s brighter future, but that is not the reality of the market place, and that market place is now a global one. I have no INVESTMENTS, the money I do not use as capital for trading is in very vanilla goverment treasuries. My life is good but only because I did NOT trust GOVERNMENT or BUSINESS to deliver on any contracts entered into or promises made.
basically, the old rule was to be a good worker,work hard, never call in sick, keep putting money away and raise your children right and then settle back and enjoy all your efforts because society really appreciates the hard working, tax paying, children raising good guy..NOT!