Good point. I suppose this might be the extract phase of the bubble. Businesses have been known to do this as they start with market destroying cheap prices, then once the market is wrecked and eveyone else wont come in, they jack up the prices until consumers jump, then they jack up business prices until businesses jump and then they die (pretty much cory doctorrows main narrative). It sounds like the stock market is doing the same (which makes sense if you think back to the penny stock era when workers could invest in cheap stoch, which turned out to be a scam).
From my perspective stocks are a huge scam. But as an aspiring dialectical materialist I’m happy to be shown a better idea.
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
Good point. I suppose this might be the extract phase of the bubble. Businesses have been known to do this as they start with market destroying cheap prices, then once the market is wrecked and eveyone else wont come in, they jack up the prices until consumers jump, then they jack up business prices until businesses jump and then they die (pretty much cory doctorrows main narrative). It sounds like the stock market is doing the same (which makes sense if you think back to the penny stock era when workers could invest in cheap stoch, which turned out to be a scam).
From my perspective stocks are a huge scam. But as an aspiring dialectical materialist I’m happy to be shown a better idea.
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
slightly related, but the big flag that the stock market is just a casino is that using the best strategy to “win” (insider trading) is illegal
Illegal but only sparingly enforced.