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News Link • Economy - Economics USA

Risky Investments in a Market Full of Conmen

• dailyreckoning.com
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04/27/12 Baltimore, Maryland – Dow up more than 100 points yesterday. Gold up $18.

Google…Apple…what more do you need to know?

“Blah, blah, blah…don’t you feel you’re wasting your time?”

Our friend was being sympathetic. She gave us a look of pity, tightly controlling her face muscles; as if it might slide into contempt at any moment. After spending so much time with rocks, dirt, cement…cattle, grapes…doing such real things, we admitted that writing about economics and finance seemed a little light. As if there is nothing real there.

“I mean, you were building things…changing the landscape…and improving people’s lives. Putting water in their houses…digging reservoirs…setting up solar power systems.”

Yes, it was true. There is the world of real things…real work and real results. And there is a whole phony world of economists…commentators…speculators…blowhards and show-offs…hustlers and conmen…fools and knaves. Wall Street…and its victims.

But while the real world is more satisfying…the phony world makes us laugh.

It shouldn’t come as a surprise that the insiders are taking advantage of the “crisis” they caused. But the scale of the rip-off…and the audacity and subtlety of it…are breathtaking.

Yes, it is fun to watch a good flimflam artist at work. And those managing the US financial system are among the best.


Read more: Risky Investments in a Market Full of Conmen http://dailyreckoning.com/risky-investments-in-a-market-full-of-conmen/#ixzz1tYu6oXX4
 

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