Litigation

Where Did the Aughts Go?

By Angel Reyes

The past decade has been a chimera. Wall Street argued, when it served its interests, that we were in the age of prosperity. Truth is we were in the age of hubris and exaggeration. The more the pundits exaggerated, the more Wall Street made. In the end, the losers were all small investors. As usual.

If you make less than $1MM a year, keep reading. If you make more, kudos to you. You can sit back and laugh at this posting.

Recall, the pundits cried..."The markets will be the common man's buddy...". Ha, ha. 401K accounts are down 40% or more, executive retirement accounts are up 8% +. Why is that? I'll let my readers ponder. Ok. You've pondered. It's because execs get GUARANTEED returns!!! Do you, loyal company woman?

Wall Street assured the "public" that it was on their side. What Wall Street really wanted was for Americans to not understand that Wall Street was not exactly squaring with them!

What happened next? Americans began to "believe" that the regulators, thanks to President Bush, were sabotaging their lives. What was really happening in their lives is that the regulators were ignoring their lives!

So, should any of us question the INCREDIBLE class differences that are now so obvious in this country?

Question: Should we continue to believe that Wall Street has our best interests at heart? Or should all Americans wake up and smell the coffee that Wall Street looks after Wall Street and Main Street should look after Main Street? I should hope so.

Full post as published by Angel Reyes Blog on December 29, 2009 (boomark / email).