One of the issues Obama addressed today..
"Obama pointed to Wall Street money manager Bernard Madoff, under investigation in an alleged $50 billion fraud, and said the scandal underscored the need for tougher regulators. The scandal "has reminded us yet again of how badly reform is needed," he said.
The president-elect said his new team will help put in place new rules that will help "crack down on the culture of greed and scheming."
"There needs to be a shift in ethics on Wall Street," he said".
As if that wasn't the understatement of the century!
I only hope this is not merely Political hot air once again.
I don't know, I don't think we can ever go back.
Here is a example: Look at all of the commercials on (for example) CNBC enticing people into becoming daytraders, trading in commodities, currencies and who knows what else. They continually rope in people who belong in CD's or Muni's. But, what the Hell, the brokers make plenty.
I remember those days. When I first started in the Market that's how I invested. I was one of those jerks who fell in love with a company. I learned as much as possible about the company and its management.
I used to defend the company against Traders, Shorts, or anyone who dared to bash my stock. Unfortunately, a few years later managements became greedy and could care less about their shareholders. Some were cooking their books, others were leading their shareholders on with misleading statements and BS hype. I had to learn my lesson the hard way, and it cost me a lot of money. Class action suits were rampant. I think that was about the time the Market started turning into a mess of corruption.
You tell me lionel, what do you think can be done about it in the 21st century? Could it ever go back to what the Market was meant to be, instead of a crap shoot?
What really makes me "cry" is that when I was your age it was possible for INVESTORS to be in the market with a reasonable chance of making moderate year after year long term profits.
I guess thats gone the way of "It's not your father's Oldsmobile".
I wonder how much more sh*t will hit the fan before Obama takes office?
I got a good laugh out of the so called swanky gift, Porsche driving lessons??? I wonder what they'll think up next...;)
"I'd like to hear what the "new rules" are before getting too excited."
Yeah, I would too. But anything they decide to do has to be an improvement over the crooked mess we have now.
I want to see more MM investigations. They have been getting away with murder for far to long.