Filed under: Hype, Spin
11 reasons ‘investor literacy’ is a big hoax
by Paul B. Farrell
April 15, 2008
Commentary: Wall Street prefers clueless, irrational investors
What’s really happening? Here’s the short version: In the past five years Wall Street’s out-of-control greed (with the backing of Greenspan’s cheap-money Fed, an “anything-goes, free-market” White House and a banking industry that loves piling up debt in order to charge excessive fees) created a massive housing-credit bubble to rapidly replace their earlier busted dot-com bubble.
Then last summer the new bubble failed, exploding in our faces, nearly destroying the global monetary system. Result? These two bubbles triggered a diversionary, knee-jerk reaction: A wave of so-called “investor education” programs across the U.S. and world.
That’s the joke, the hoax, the insult. Get it? Wall Street’s greed nearly destroys the world’s economy twice in less than a decade. Solution? Bail out Wall Street, then blame it on the little guy, the Main Street investor, for not being “educated enough!” That’s a hoax. (more…)