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Are stocks a Ponzi scheme? How about bonds?

August 2, 2012 - Harry Eagar
Idly, I wondered about the "Dow 30,000" book I recalled seeing (but never reading) on a day when the Dow struggled, again, to get to 13,000 and when Bill Gross, the current genius, declared that securities are a "Ponzi scheme" and we will never again see the returns of the past century.

I had forgotten that there were also "Dow 36,000" and "Dow 40,000" books, and learned -- what I had not known before -- that James Glassman, author of the "Dow 36,000" book, was a financial adviser to John McCain's presidential campaign and is today founding executive director"> of the George W, Bush Institute at Southern Methodist U.

That explains a lot. Rightwingers will believe any kind of nutty talk about economics.

Apparently, the rightwingers are now promising a "Romney boom" if we will only vote for his nebulous economic policies. As RtO observed many times when the latest crash started, we know how to ruin markets, but nobody really knows how to rebuild them, It's Bush's (and Reagan's) recession. He still owns it.


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