DISCLAIMER: I am not a financial analyst, consultant, banker, stock trader, economist, or any other type of expert when it comes to money.
I don’t have much money, so I don’t pretend to know all the ins and outs of the American economy, but I think I know what one of our biggest problems is: the stock market.
I think we should abolish the stock market.
Speculating on, buying, selling, and trading stocks, commodities, futures, and whatever else is legalized gambling.
I have nothing against gambling, so long as it is done responsibly, meaning that the gambler bets only what they can afford to lose and doesn’t borrow or steal to place or pay their bets.
The problem is, Wall Street is like a Las Vegas that’s legitimized by our political system.
The Federal Reserve Bank is just a bullying casino boss that gets it’s way, pressuring the United States government and therefore it’s people, into doing whatever best profits them.
The average stock holding citizen, that perhaps does a little light trading on the side, is not so much the problem. I’m not blaming our economic crisis on working people who are making a few investments in the stock marker on the side, although I think it’s most prudent if someone is going to do so that they put most of their money into other investments that aren’t so much like a roulette wheel.
The problem is the big players, like financial analyst firms and lending firms and banks that play little games with the money that their investors have in their companies. I suppose this is the way it has always been done, as the return on investments made by the institutions allows them to pay the interest on their customers’ investments in them. What seems to be one of the roots of our present predicament is that, as always seems to happen, people who do know a lot about money and how to move it around, explain away discrepancies, try to get to fancy, and basically play games with money, dribbling it in and out between their legs and behinds their backs like the Harlem Globetrotters do with basketballs, all in an effort to maximize short term gains for those involved, at the expense of the stability of the economy, and it ends up affecting everybody, except maybe for those who are actually playing, since they are usually wise enough to know that the magical bubble they are blowing so big is eventually, inevitably going to pop, and therefore they hide away a few million or billion into foreign bank accounts for the rainy day they are helping to ensure in the future.
I think the stock market is the most obvious example of how wealthy people gamble not only with their own money, but with the money and jobs of the everyday worker, who is too busy toiling away in obscurity to realize that their life savings or their retirement or their home mortgage or their kids’ college tuitions is about to be lost at the craps table by some guy in a remote tower in a distant city.
Speculating and trading stocks, commodities, futures, and whatever other things they have on Wall Street nowadays is just a bunch of rich guys playing a giant card game trying to trick each other into giving up the good cards and whomever ends up with the best hand walks away the winner while the rest of us leave the table broke.
We don’t need stocks. Companies don’t need to be publicly held or traded. The only people who benefit from such nonsense in a major way is the people who usually end up screwing everything up with their greed and cheating and lies.
If everybody just kept working and making and buying things, we’d be alright without stocks.
Things would be worth as much tomorrow as they are today and as they were yesterday.
Maybe it’s not as glamorous or exciting, but it’d be a hell of a lot more stable.