Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
@RickiTarr i like to classify it as a ponzi scheme.
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@RickiTarr I have to disagree on this one. I started my 401k in the early nineties. The small private company that I worked for (40 employees) matched up to 6% of the salary that you contributed. That was like a free 6% raise. I invested in low cost index funds and over twenty five years I built quite a nice nest egg for retirement.
you are 1000% correct but... sour grapes is a thing, and people who have sat out the biggest bull market of all time (& potentially the biggest bull market there will ever be) are understandably going to indulge in it rather than admit they were just... wrong & lost out on millions as a result
low cost index funds investing asks only that society / technology continue to improve in ways that add value & thus continue the random walk upward
unfortunately the attack on science will likely put paid to that premise for future generations but there was no "gamble" involved for ours, just math and a relatively stable / well policed investing environment + improving technology
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
the foundation of our modern economy was developing more value (better technology) + a relatively stable and well-policed regulatory environment so that people could invest in their future
the GOP is destroying those things NOW & thus the stock market may indeed be gambling in the future (just as it was in the previous era of tariffs & GOP corruption) but it is not inherently a form of gambling when correctly regulated
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
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you are 1000% correct but... sour grapes is a thing, and people who have sat out the biggest bull market of all time (& potentially the biggest bull market there will ever be) are understandably going to indulge in it rather than admit they were just... wrong & lost out on millions as a result
low cost index funds investing asks only that society / technology continue to improve in ways that add value & thus continue the random walk upward
unfortunately the attack on science will likely put paid to that premise for future generations but there was no "gamble" involved for ours, just math and a relatively stable / well policed investing environment + improving technology
@peachfront agree, I certainly had the advantages of generally good returns, but the big one was no student loan debt. My first generation of immigrant parents came of age during the depression and WW2. They had and taught me a healthy disrespect for banks. Debt was dreaded. Saddling 20 yr olds with years of debt is a horrible way to start life.
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@peachfront agree, I certainly had the advantages of generally good returns, but the big one was no student loan debt. My first generation of immigrant parents came of age during the depression and WW2. They had and taught me a healthy disrespect for banks. Debt was dreaded. Saddling 20 yr olds with years of debt is a horrible way to start life.
fully agree about the debt issue
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
'However, there were many ways of making money in 1928. Never had there been a better time to get rich, and people knew it. 1928, indeed, was the last year in which Americans were buoyant, uninhibited, and utterly happy. It wasn’t that 1928 was too good to last; it was only that it didn’t last.
In the January issue of World’s Work, Will Payne, after reflecting on the wonders of the year just over, went on to explain the difference between a gambler and an investor. A gambler, he pointed out, wins only because someone else loses. Where it is investment all gain. One investor, he explained, buys General Motors at $100, sells it to another at $150, who sells it to a third at $200. Everyone makes money. As Walter Bagehot once observed: “All people are most credulous when they are most happy.”'
The Great Crash 1929, John Kenneth Galbraith
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@RickiTarr I know it's not a pension and there are plenty of shenanigans going on with manipulation and insider trades, but if you're not constantly buying and selling where transaction fees eat away at returns it is still a great place to invest. Not a bro talking just a simple mechanic that worked for a living.
@pitd @RickiTarr Both these things can be true. You used some of your hard earned money to pay bros to gamble, and got more money back.
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
@RickiTarr I do wonder what a stock market without derivatives trading and related "financial interests" would look like.
I don't really have a problem with "Person A invests €X into business B and gains from future profits", but the easily manipulated betting and insider trading just seems obviously dodgy as all heck.
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Never forget that the stock market, the foundation of our modern economy, is just bros that tricked people into paying them to gamble.
@RickiTarr
everybody knows that the dice are loaded
everybody rolls with their fingers crossed
everybody knows the fight is over
everybody knows the good guys losteverybody knows the fight was fixed
the poor stay poor, the rich get rich
️ 
that's how it goes, everybody knows
everybody knows the deal is rotten
old black joe's still picking cotton
for your ribbons and bows
and everybody knowseverybody knows the plague is coming
everybody knows the naked man and woman are just a shining artifact of the past
that there's gonna be a meter on your bed
️
that will disclose
what everybody knows~Leonard Cohen
but I like the Sigrid version. boo! shame on me!
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@RickiTarr
everybody knows that the dice are loaded
everybody rolls with their fingers crossedeverybody knows the fight is over
everybody knows the good guys losteverybody knows the fight was fixed
the poor stay poor, the rich get rich️ that's how it goes, everybody knows
everybody knows the deal is rotten
old black joe's still picking cotton
for your ribbons and bows
and everybody knowseverybody knows the plague is coming
everybody knows the naked man and woman are just a shining artifact of the past
that there's gonna be a meter on your bed
️
that will disclose
what everybody knows~Leonard Cohen
but I like the Sigrid version. boo! shame on me!
@normjess It's okay, I like the Elizabeth and the Catapults version, but the words remain important.
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@normjess It's okay, I like the Elizabeth and the Catapults version, but the words remain important.
@RickiTarr And I like Concrete Blonde's version.
@normjess https://youtu.be/l5Fb4K8pNmg -
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