Thursday, October 09, 2008

A right to prosperity

Come on people. O'Reilly thinks the market is rigged because he made money in the stock market over the last 5 years and all that gain was wiped out in two weeks. Why does O'Reilly think that prosperity and an ever increasing stock market is a right?

As one of his quests suggested, 30% of the top stocks in the 80s no longer exist. Further, this is a bear market. That is what happens when stock prices begin to reflect the future that is more bleak than today. Why shouldn't auto maker stocks go down when sales fall through the floor.

I am a big fan of the infinite universe of rights, but getting richer is not one of them. There is no right to prosperity. And the sooner people like Bill O'Reilly and the American consumer realize that ever rising asset prices is not the inherent future the sooner some kind of recovery can be contemplated.

I am getting tired of people demanding markets and economies act according to their wants and desires. Like the 3 year old demanding their afternoon fix of candy and holding their breath when it is not forthcoming, Americans (and most of the rest of the planet) need to grow up.

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