Yes, Dan is right INDIVIDUAL people like Mark Sanford are at least as stupid as the people on Wall Street, and almost as stupid as mainstream "journalists". But, as to categories of people, Wall Street people (and basically all of our "establishment" financial community) are as tupid as you get (once you remove mainstream "journalists" from the picture). Oh, a case can be made for leftists in general, or ven for the Republican Party, as in the running for "stupidest". But it is painting with too broad a brush when you have groups that large, and you have the problem of how you defines "stupid" (leftists, for example, being smart enough to gaing almost total power, although stupid enough to completely ruin every principle that made this country great--something of which the Republican Party is also capable, only SLOWER). Mannstream "jousrnalists" are a small enough category that their destruction of their profession can be recognized, without painting that broad a brush. Just like Albert Pujols seems determined to retire the MVP trophy (tow home runs last night, as he was again the Cards entire offense), mainstream "journalists" have become so obviously the stupidest people on Earth that they must be excluded. That leaves the people on Wall Street, and in our financial "establishment", as the next contender for the new trophy.
You don't think these people (on Wall Street, and in the big banks, who gave us derivatives on the theory that they were "smart" enough to "handle" them) are that stupid? Just watch CNBC (big sacrifice, where I suffer the agaony just to give you these reports) over any 10 minute period.
For example, there was the ridiculous emphasis yesterday on "technical analysis" (that computer gaming philosophy which now rules Wall Street), and the "heand and shoulders" pattern in the Standard and Poors 5000 "chart" which indicates we are headed for a fall in the market. Well, I have already told you that, without "benefit" of "technical analsysis" (at least of the comuter kind or chart kind), because it has happened EVERY YEAR for at least the last 15 consecutvie years, during the period from mid-July to the beginning of October. Plus, the computer gamers have driver the stock and commodity prices too high based totally on comuter, momentum SPECULATION, with no relationship to economic reality. The questions is not whether the markets "should" have gone up the last quarter. The question is whether they should have gone up nearly as much as they did, and the answer to that is clearly "NO". It is a bubble in both stock market and commodity prices--one of the indications of the Stupidest People on Earth being that BOTH commodity and stock market prices have gone up at the SAME TIME. That means that the "smartt" (lol) people on Wall Street are simultaneoulsy predicting INFLATION and a GREAT ECONOMY. Impossible. 100% impossible--except for the Stupidest People on Earth (and President Obama), who can believe at least two impossible things before breakfast (to paraphrase, I think, "Alice in Wonderland"). I digress (not really).
This "technical analyst" on CNBC came on--to nods of agreement from even Rick Santelli--and talked about this "head and shoulders" technical "apptern" which "guaranteees that the market is about to suffer a big fall (at least for awhile, but everything is now for a "while"--hteere is no longer any such thing as "long term" investing in individual stocks). But this "smart" guy was not saying that everyone would sell, because they can all see this pattern forming. Sports bettors are not this dumb. If they see a pattern, they ANTICIPATE IT. But Wall Street traders are lemmings--the Stupidest People on Earth. they "anticipate" NOTHING. If they were even as smart as sports bettors (notoriously dumb), Wall Street people would destoy this "head and shoulders" patttern BEFORE it fully developed. Why? Well, they can SEE it developing. So why not ANTICIPATE what is happening, and start SELLING based on the pattern beginning to form? The only answer: These are the Stupidest People on Earth.
It gets worse. This "technical analyst", as I say, did not "recommend" that everyone go out and immediately "sell"--although he did not go so far as to suggest buying. Rather, this "analsyt" (who I would not believe if he said the sun would rise in the East tomosrrow) said that he expected the S & P 500 to RISE (how STUPID would that be, if everyone can SEE this "pattern" that guarantees a sell-off) to 930 (only 10-15 points from where it was when the guy said that). Only THEN would the stock market fall.
Isn't this wonderful!!!!!!!!!!!!!!!!!!!!!!!! This guy says he knows EXACTLY what is going to happen. Dirty little secret: IF he does "know" exactly what is going to happen, it is because it is a self-fulfilling prophecy. Yep. I AM sayin gthat these computer gamers are pretty much manipulating the stock market because they are mostly all playing the same game.
As I have said before, you CAN make money being a computer gamer in the stock market. You just have to be NIMBLE enough (and LUCKY). In the same way, you can say that mainstream "journalists" were SUCCESSFUL in electing President Obama. Doesn't matter. These people are still DESTOYING themselves. The only people left in the stock market are going to be computer gamers, playing games with themselves (almost true already). And there are going to be NO "journalists" left, because NO ONE "respects" them--even the leftists who are USING them. Fewere and fewer people are watching, listening or reading, as "journalism" disappears from the Amercian landscapte. I would guess that this last election was the last hurrah of a DYING "industry". If not, it will soon happen. Similarly, this last "rally" this previous quarter may be almost the last hurrah for Wall Street, along with this economic fascism Wall Street has given us. If not, it will soon happen.
These really are the Stupidest People on Earth (with the caveats above as to people possibly stupider, which only proves how stupid the people on Wall Street reallly are).
P.S. WHY did that "technical analyst" say that the market would RISE slightly, before falling? Ah, that is anothrr theing I can enlighten you on. This is a HOLIDAY WEEK. There is another one of those computer games ("trends" that smarter sports bettors would have destroyed by betting on them until the trend was destroyed). That is the "rule" that the market RISTES heading into a holiday (and then usually FALLS after the holiday). I won't go into how STUPID that is, as a long term thing, or how that kind of "trend" could continue if Wall Street people were even rational, instead of the Stupidest People on Earth.
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