“The emergence of money manager capitalism means that the financing of the capital development of the economy has taken a back seat to the quest for short-run total returns.” – Circa 1992.
Wall Street has forgotten the great financial crisis.
A sense of relief has settled firmly on the legendary asphalt artery between Trinity and the FDR Drive.
Looks like they got away with another one.
Nobody else will, so let me say it (at least mean it): Thank you, Mr. & Mrs. Taxpayer.
Again. Sincerely. Thank you. Now, let’s get on with blowing your wealth out of the water again, just as portfolios have made it back to even. Older, a bit pudgier, more forehead than before.
Oh wait, that’s me.
As the Great Recession gets pulled into the mist, obfuscated by the misleading but comforting math of market return averages and a bull that has rarely stumbled, Wall Street is more defiant than ever to broadcast:
“See? We told you so! The markets always rebound in time!”
Time. That precious commodity you’d pay more than you’re worth, for.
The concept of time holds little relevance to Wall Street. After all, its life expectancy may be considered perpetual. Eight years, seventeen years, whatever time it takes to recover from a poor cycle is irrelevant and may be celebrated. A human life is different. We die. We can’t be so flippant over lost time.
You know all too well about how painful it is to recover from losses.
Understandable why it makes sense that Main Street, or why Americans vividly recall the Great Recession. They’re older and unless in the top 1%, not much richer. They’re also skeptical of the so-called economic recovery as inflation-adjusted median incomes have remained stagnant for close to a decade. Read: The Illusion of Declining Debt-To-Income Ratios.
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