American investors: Predictably stupid losers

[Donnachaidh]

http://www.marketwatch.com/story/american-investors-predictably-stupid-losers-2010-06-01


Commentary: Obama backs status quo, helping Wall Street skim hundreds of billions

ARROYO GRANDE, Calif. (MarketWatch) -- Yes, I am mad as hell again. 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.

Why so blunt? Listen: Recently I explained why the Wall Street banks must kill financial reform, to preserve their multibillion dollar bonus pool. One reader commented: "I worked at the Bear Sterns ... every word written here is true. Fact is, bankers regard themselves as wolves and the public as prey, and speak about it openly, among themselves." Then he added a sucker punch: "What is extraordinary to me is how willingly the sheep submit to this."

Yes, folks, Wall Street is certain that America's 95 million investors are clueless sheep headed for the slaughterhouse.


MORE at the link above --

[RandomThoughts]

1. It is also from a mind set of the perception of what winning is. n/t

[SpiralHawk]

2. "You American proles can suck eggs and die. Smirk." - Wall Street (R)

[Fumesucker]

3. Smirk is no longer on the throne..

It's Obama now enabling Wall Street's ripoff of the "little people".

[izquierdista]

4. But it's also true

That the wolf is an endangered species and there's never a shortage of lamb chops. Maybe that Sarah was onto something and we should send her up and down Wall Street with her rifle and helicopter.