Saturday, November 01, 2003

In the film: Wall Street, Michael Douglas's character said: "Greed is Good"..., yeah, sure it is for the 1%'ers; but everyone else suffers. We knew that our mutual fund accounts had essentially become static over the past few years. Accounts we had setup in 1996-1997 have a present value almost exactly equal to what we paid in, excluding their diminished post-inflation actual value. All the volatility with no appreciation. We probably would have been better to just leave the money in certificates of deposit. So, it's no surprise to now read about Spitzer's actions against several mutual funds. If all this "take care of the big guys" financial shenanigans continues unabated, we will be sowing the seeds of our own destruction. Without faith and trust in America's financial markets, the Euro could become the defacto international currency, and the corporate crooks who made it happen will watch as our once mighty dollar sucks wind.

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