8/23/2010
By William S. Brown

Here is an interesting reader response to Charles' morning market commentary on Americans' desire for instant gratification, what it takes to survive in this world today and the need for a level playing field.

Charles,

Your take on the view of American "wants" in regard to investments is interesting to me.  I am an elderly person and I believe that everything shouldn't be "instant pudding" in our society.  I, too, have worked all my life since I was 7 years old.  You appear to indicate that the average American now wants "instant financial rewards".  That is probably true.  But you have to ask yourself, why, and how did they get to that point. It wasn't like that when I was growing up.  One only has to look at the Wall Street Fat Cats that wheel and deal up their millions every day, to see where that view comes from.  Yes, I'm sure all those Fat Cats would like all us "dumb" Americans to sit back and let them have a run at our money and, while they are making gazillions, the poor American Joe Doaks  is barely getting by on less than 5% returns (and the elderly SS recipients having no COLA now going on 2 to 3 years while the Obama Administration rigs the index).  It is no wonder that Mr. and Mrs. America is taking their money and running.  What with the Fat Cats having the trading advantage, along with "bought" rules and regs from our dear greedy Congressmen, they have fleeced Mr. America very well over the last ten years.  I bet none of those Fat Cats have felt the pinch of this depression we are in one iota, and they don't have a clue as to what the average American is going through financially. And, I would bet my life that not one of them gives a damn.  Of course, they are not by themselves by a long shot.  Mr. Congressman is more clueless than even they are.  Don't believe it?  Then go to D.C. and hang around the capital a day or two and your eyes will be opened.

So, while you say that Mr. America should be patient, I say that until the playing field is leveled to a reasonable degree (it will never be leveled), and Mr. Fat Cats quit ripping off all the gravy, no one is going to just put out their money and wait five years for the Fat Cats to get rich off it. I think that just maybe, Mr. and Mrs. America is finally "waking up" and starting to look at their finances in a total different way than they did in my youth.  Just maybe this younger generation will snap out of it, and realize that to survive in this world today, one has to know the difference between a stock and a bond and they will pay more attention to finance.  

Unknown
Wall Street Strategies