"Better times" cannot sustain stock prices

Jordan Hayes jmhayes at j-o-r-d-a-n.com
Sun May 3 08:47:40 PDT 1998


Hyman Blumenstock wrote:


> The Stock and/or Money markets do nothing but reinforce the
> dichotomy between the Haves and the Have Nots, making the Haves
> less numerous, and the Have Nots more numerous.

Interestingly, the current bull has attempted to change this, though I'm not sure it's in a way that you'd like to see. The Official Sources (NYT/WSJ) love to run stories about Wal-Mart cashiers who have six digits in a retirement fund; the "ownership" aspect of this has got to have an impact. People who have worked their whole lives and used to look forward to the government 'taking care of them' are now watching mutual fund quotes to see how well they are taking care of themselves.

So while you may be right, I think the Have Nots are being led to feel as though they are really Haves. The implication is that it will become increasingly difficult to convince these faux-Haves that they really have something to fear from their captors.

/jordan



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