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JakeS:
Like depositors in a financial institution, common shareholders don't - indeed can't - have the necessary information to evaluate the internal operation of the firm.

and that's the wrinkle that makes me wonder if you could have an ethical stock market.

blind faith on 'systems guys', well, look where it's taking us!

what if the stocks and shares gam(bl)e were only sustainable in a growing economy, and i mean a really growing economy, not the distorted mirror version we have now?

what would the world lose without wall street, if they can't be trusted?

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sun May 23rd, 2010 at 10:40:34 AM EST
[ Parent ]
and that's the wrinkle that makes me wonder if you could have an ethical stock market.

In the absolute sense, I don't think it is.

The stock market is basically a con, on every level. On the micro level, it's a con because it's being flagrantly gamed by the big players. On the macro level, it's a con because it tries to make participants believe that their assets are more liquid than they really are.

I don't believe that you can make the micro-level con go away, and the macro-level con is the sum total of the economic justification for having a stock market in the first place.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun May 23rd, 2010 at 10:58:16 AM EST
[ Parent ]

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