Who actually benefits from Wall Street’s “Winning Ways?”
Posted by piblogger on September 21, 2010 · Comments Off on Who actually benefits from Wall Street’s “Winning Ways?”
“Wall Street’s winning ways continue, with the Dow, the S&P 500 and the Nasdaq coming off their highest closes since May 13.”
Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Wow, thank you Peter Schacknow for this delightful news which benefits exactly who . . .
Certainly not the majority of the people who took the proverbial financial bath through the numerous scandals and bad advice from professional advisors who are either ill-informed or more interested in their firms’ ability to make money versus their clients.
In April we did two shows regarding the woes on Wall Street, which ironically have plagued the bastion of capitalism (and yes I am a capitalist), in terms of the historically poor returns the markets have delivered to average investors – which is the majority of us.
The first segment was a brief 15 minute interview with one of the top financial writers in the country, Scott Burns. During the succinct and informative interview “Special Advanced Interview with Asset Builders’ Scott Burns,” Burns provided the kind of in depth perspectives that only a seasoned veteran of the financial wars can provide.
This interview was then followed-up by a 60 minute segment “The Failings of Institutional Advisers and How You Can Grab The Bull by the Horns!,” in which I welcomed The Young Turks Cenk Uygur and five time bestselling author Larry Winget to delve deeper into the issues with Wall Street and, what we need to do to both assume and maintain control of our financial well-being as it relates to investing in the markets.
You can also check out this video excerpt in which Uygur talks about Alan Greenspan’s reversal of his longstanding position that there was no such thing as “fraud in the markets.”
In the end of course, and with the exception of technological immediacy relative to access to information and corresponding data, little has changed on Wall Street since the days of the old Buttonwood Tree.