In April this year I wrote:
sometime soon a FTSE 100 index at 6000 is going to appear as mad a reflection of economic reality as banks offering 125% mortgages.
I was right.
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5 Comments
Richard,
TR-UK also stated that financial markets had no bearing on reality and/or the real economic lives of the individual.
Quite right too
The banks are in a mess: but actually not the mess that the financial markets are suggesting in their panic
And incidentally, as far as I can see all serious commentators agree that there is a difference between Wall St and Main St. Why are you so out of step?
Richard
Richard,
Not sure what “experts” TR-UK is relying on, all one reads/hears is how the the crisis on Wall Street is joined at the hip to Main Street.
Businesses unable to meet payrolls due to lack of credit, individuals unable to get automobile loans, pension plans/401k’s shrinking, savings in jeopardy, etc.
Or has TR-UK “research” discovered a new difference theory between the two?
Georges
Look - the loonies have now pulled down the pack of cards behind them, that’s true
But unless you live on another planet there is no one who thinks what happens on stock markets reflects day to day reality in the High St - for a start, the High St seems remarkably oblivious to this all today, and but for the actions of the loonies would remain so
Stock markets can cause chaos: they can’t create wealth. They can steal it.
And it remains true: Wall St and Main St have nothing to do with each other: it’s just the loonies on Wall St don’t know how to contain their stupidity. That’s why we need re-regulation
Richard
None of this “madness/disconnectedness” will end until the Gov’t take back control of the country’s money - this is a massive missed opportunity for bringing back debt free money. Until they do politicians and the country are still subservient to bankers - hence the terms of the so called bail out. Just another money go round at the taxpayers expense. Time for the banks to be satisfied with a profit on every debit/credit transaction carried out at almost every shop or cash machine world-wide. Would that not be enough for any sane business/ businessman? Of course not we are talking bankers
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