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Can You Trust the Market?

Monday, January 10, 2011, 10:14 PM
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This is the title of a recent editorial in the New York Times. It asks an extremely important question, one the gets right to the heart of our economic future.

For 'the system' to operate well, the game must go on, and a big part of that game requires individual investors, either directly or indirectly via their pensions, to continue to contribute their hard-earned savings into the stock market casino.

For a very long time, stocks have been viewed by many as the path to building wealth. Recently it has become clear to many that stocks are little more than a way for well-connected Wall Street and corporate insiders to enrich themselves at everybody else's expense. Stocks are a confidence game and all but a privileged few are the suckers, is how one prominent line of thinking goes.

The New York Times editorial addresses a very important topic, and even gets close to the core issues, but misses the mark by failing to go far enough and connect all the dots.

 

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