Wall Street: The Stupidest People on Earth

Wall Street truly contains the Stupidest People on Earth. Yesterday, for example, based apparently (not really--it is all based no hype, momentum, and computer gaming) on the BANKRUPTCY of General Motors (with NO reason to believe that GM has solved its fundamental problems), went up more than 200 points on the Dow (more on the NASDAQ). And people were stilll BUYING at that level. A rational stock market would have PULLLED BACK from shuch "irrational exuberance".


It is not that the stock market has gone up that is the problem. The problem is HOW MUCH it has gone up. We are now well abobve the overall level we were at even at the end of the RALLY last October (the fictional rally based on "optimism"--hype--about the probabable electon of Obama).


Yep. We are now in fully as much of a BU:BBLE in both stock prcies and oil prices as we were when the Dow was 14,000 and oil prices $147 a barrel. That is because the prospects (PROSPECTS, as well as the current econoomy) are so much WORSE now (even in comparison terms). In other words, teh stock market, and oil prices, are HIGHTER now, in comparison with economic prospects, than they were at the height of the irrational bubbles that crashed in 2008.


These truly are the Stupidest People on Earth. They seay they learn, but they do not learn--EVER. As I have repeatedly said, sports bettors learn much better than these people (adjusting odds BETTER to reality).


Do you realize that the calender is rushing toward late July? Do you realize that the stock market has suffered a MAJOR decline EVERY YEAR fro 15 consecutive years (including, of course, the truly major decline in 2008), some time during the period from mid-July to the beginning of October? Yet, the stock market is making this IRRATIONAL jump right before this dangerous period. Tock market people (the Stupidest People on Earth) even quote the maxim: "Sell in May, and walk away." Then they act like thee is no reason for that saying. Of course, the major declines have not generally happened right after June, but a little later. But they SHOULD be happening in June, or May (sometimes, at least), if stock market people were even nearly as smart as sports bettors at acting upon trends.


Stock market people are NOT as smart as sports bettors. They are the Supidest People on Earth.