Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Think about it, if there was no wall street, no investment banks would industry end? It has always been my view that the whole financial services industry is like a parasite and not needed. If a company turns a profit, they could simply re-invest in future growth. Stock could be sold directly to individuals, which would prevent the rapid market swings. Eliminating taxes on businesses with incomes below a certain level would allow more new innovation. I am against centralized economic planning and the economic bubbles it brings. If sound money or even an alternative currency could be used I believe that economic distress could be a thing of the past. Investing in companies I know sure seems a lot better than playing the market game, where the middlemen get rich off of my risk.
Most intelligent post I've ever see on here !
Briits, who like us, saw the way to eternal prosperity was thru selling each other
pieces of paper,are in a similar tizzy.
The ijnorant Germans who persisted in the folly of thinking actually making things was not totally passe and limted their financial sector to 5% of GDP are in a ho-hum mode.
More than one way to win a war.
It has always been my view that the whole financial services industry is like a parasite and not needed.
Amen and three Hail Mary's to that!
Many of my friends and neighbors insist they are dealing with "financial advisors" when speaking of their stock brokers. I then ask, how can someone be your financial advisor if they make a commission on what they sell you?
They don't get it. I may as well be talking to the deaf.
Many of my friends and neighbors insist they are dealing with "financial advisors" when speaking of their stock brokers. I then ask, how can someone be your financial advisor if they make a commission on what they sell you?
They don't get it. I may as well be talking to the deaf.
My favorite line is "if there so good with money why do they need your
little fee?" Deaf & Dumb
I work with financial advisors, and trust me, many people do need financial advisors' advice! We have quite a few clients who would have blown themselves up with day trading and other nightmare scenarios. In addition, the F.A.s I work with are very ethical, and they really do have their clients' best interests at heart. When one of our smaller clients called wanting to buy into a "hot stock", she was told it wasn't investing, that it was gambling.
As far as being paid commission, would you prefer to pay hourly for the advice, like you pay an attorney? Some of our clients are on managed programs, which means they pay a flat fee every quarter, and that fee is based on the value of their account averaged over the previous quarter.
The ijnorant Germans who persisted in the folly of thinking actually making things was not totally passe and limted their financial sector to 5% of GDP are in a ho-hum mode.
Germans also aren't hung up on the idea that homeownership is a God-given right or the government's job to encourage. They're a nation of renters, by and large. Plenty of economic mediocrity in their system. Although I'm a laissez faire capitalist at heart, a quasi-socialist system that doesn't have pretensions otherwise is preferable to the dillusions we have now.
Germans also aren't hung up on the idea that homeownership is a God-given right or the government's job to encourage. They're a nation of renters, by and large. Plenty of economic mediocrity in their system. Although I'm a laissez faire capitalist at heart, a quasi-socialist system that doesn't have pretensions otherwise is preferable to the dillusions we have now.
i hate capitalism personally. I think it is a barbaric system.
i hate capitalism personally. I think it is a barbaric system.
At the end of the day, isn't it all about survival of the fittest? Capitalism is natural law in a society free of coercion. Is there really any way any other system can more fairly deal with scarcity?
And to the OP
No, Wall Street isn't needed. Pushing paper around and acting as the middle man between companies and individuals is a dead weight on our economy.
Germans also aren't hung up on the idea that homeownership is a God-given right or the government's job to encourage. They're a nation of renters, by and large. Plenty of economic mediocrity in their system. Although I'm a laissez faire capitalist at heart, a quasi-socialist system that doesn't have pretensions otherwise is preferable to the dillusions we have now.
Having lived in Berlin I can tell you the average senior citizen is far better off there AND they know it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
