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View Diary: Ordinary people losing trust in the economic system - and doing something about it (191 comments)

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  •  "American Investors: Predictably Stupid Losers..." (16+ / 0-)

    This 2010 commentary in Marketwatch notes how Wall St. views the average investor:  

    ...Wall Street's soulless, immoral, greedy bankers really believe that the vast majority of America's 95 million investors are not only "predictably irrational" but "stupid," as J.P. Morgan Chase's chief investment officer put it in Forbes a while back.

    Worse, Main Street investors are losers for continuing to trust Wall Street after they lost 20% of our retirement money the last decade. Now, worst of all, Wall Street's traders have profiled Main Street investors in their algorithms: Yes, investors are "predictably stupid losers," what Vegas croupiers call a mark, a dumb gambler that can be easily conned out of his money...

    But, it seems that we're apparently not quite as stupid or irrational as Wall St. thought.  

    They don't care who gets hurt, as long as Wall St. profits:  Wall St.'s Latest Sucker: Your Hometown."

    They constantly break the law--and basically get away with it: For the past two decades, Latin American drug traffickers have gone to U.S. banks to cleanse their dirty cash...

    Should we really trust these guys:  Are average investors Getting Bilked by Wall St. Supercomputers? And things don't look likely to improve, at least in the short term:  2013: Investors Should Expect More Pain from Wall Street, not Less

    ...Indeed, both Wall Street and Washington created plenty of shameful episodes in 2012, with the worst being the May initial public offering of Facebook...

    ...this was supposed to be the little guy’s chance of a lifetime to catch a hold of a technology stock that supposedly had boundless opportunities for growth...

    ...Instead of Wall Street helping create wealth for the small investor, the Street dumped an over-hyped security in the little guy’s lap...

    ...JPMorgan admitted in May that it had a London Whale problem that cost its shareholders $2 billion in losses...

    2012 could have been a terrific year if Wall Street and its preeminent institutions had behaved honestly and decently with the public...

    Instead, Wall St. has earned our distrust, and they aren't doing anything to prove they are willing to change.

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