November 20, 2008

Speculators are not "Investors"

I'm probably not alone in my view of the following statement by Neil Mellor, an analyst at Bank of New York Mellon.

Alongside the dismal outlook painted by leaders in the U.S. automotive industry, growing fears surrounding the drastic rate of disinflation across the globe and renewed fears for the U.S. banking sector, this has sent investors scrambling for cover once more.

If the "instruments" traded on Wall Street have no connection to a tangible economy, then what are they "investing" in? They aren't "investors," they are "speculators" in the worst sense of the term.

Let the speculative "instruments" die so that our society can rediscover an economics founded on fundamentals that benefit real people, not just the cuff-linked and spangled elite. There will be pain in the short run, but that sacrifice will build our character as a nation.


Associated Press, Recession fears send world markets down, PAN PYLAS, November 20, 2008.


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