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Re: Another Oil Bug story
Mega: Is there a reason you didn't just hang this on the last Oil Bug thread you started earlier this week?Originally posted by Mega View Post
http://www.itulip.com/forums/showthread.php?t=9218 -
Re: Another Oil Bug story
pretty much what i tell all my friends...Originally posted by Mega View PostComment
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Re: Another Oil Bug story
I think Paul Volker nailed it correctly: "Nothing of any value, except for the automated teller, has come out of the financial sector of the economy in the past twenty or thirty years." Wall Street produces nothing for the world's economy.
Why Washington, especially the Securities and Exchange Commission, allows Wall Street to now function as a Las Vegas-style gambling casino with a myriad of bets floating around in abstraction--- with little or no connexion to the real world of commodities, finance, or anything else--- is beyond logic. What good does Wall Street do for the world, except to extract commissions on bets, much as Las Vegas extracts a house edge on all bets in play?
At least gaming in Las Vegas has helped develop a tourist industry in Nevada, a state that would be bankrupt and barren without gaming. But does America and the world need Wall Street which is now a gaming operation based upon numbers, luck, commissions, and nothing more?Comment
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