Let's run
through the full diagnosis of why it can't.
What follows here are the 10 characteristics
of the self-destructive, addictive personality. As you read each of the ten, and also the
paragraph that follows each one, about what's happening on Wall Street today,
you'll see why the "Street's" collective mental state is so damaged that it's
on track to hit bottom, crash and burn, in a meltdown more damaging than 2008. Yes, the Wall Street crowd will take down the
rest of America. And there's no forseeable
way to prevent it. Here then are the ten
reasons (familiar to patients at the Betty Ford clinic) why that is:
1. Amnesia:
Since the 2008 meltdown, Wall Street's
memory has been erased
Begin with Tim
Geithner diagnosis of Wall Street's addiction: Banks have "no memory of
extreme crisis, no memory of what can happen when a nation allows huge amounts
of risk to build up outside of the safeguards that all economies require." Amnesia makes Wall Street deaf. They can't hear. Remember, bank insiders are short-term
thinkers who naturally discount long-term costs to zero, by passing them on to
taxpayers and future generations.
2. Overly
optimistic: Wall Street casino is blowing another megabubble
Since the
dot-com crash of 2000, when the Dow peaked at 11,722, Wall Street has lost
an inflation-adjusted 20% of your retirement money. And economist Gary Shilling sees no growth
through the next decade ... Nouriel Roubini
warns of a decade of "dark days" ... Pimco's
Bill Gross sees a long "new normal" of lower returns " GMO's Jeremy Grantham
predicts "Seven Lean Years" " Famed market analyst Martin Weiss warns that a
"historic world-changing event is about to crush the U.S. economy and its stock
market." Former Reagan budget analyst David
Stockman says, "I wouldn't touch stocks today with a 100-ft pole." And yet, Wall Street continues to live in a
fantasy land as it ignores all these warnings and all these signs, as it
continues to push mega-IPOs and very risky junk.
3. Immature:
Totally narcissistic, the "King Baby'
syndrome
Yes, Wall
Street's an immature child. Members of
AA call this the "King Baby" syndrome, referring
to people who never really grow up. They
want what they want when they want it. Now. No compromise, like today's politicians. In his book, The Coming Generational Storm, Larry Klotnikoff and Scott Burns
warn of the massive debt we're leaving for our "kids." Eventually
these kids will rebel against the $70 trillion
burden we've passed on to them. Wall
Street's gambling addicts will face a revolution that makes the Arab Spring
look like a picnic.
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