60% in market: Gallup

Steve Grube grube at ix.netcom.com
Tue Nov 2 05:55:13 PST 1999


I've been listening to this stat since it hit the news. It gives

the impression that wealth is being broadly distributed.

And this is where polls and journalists lie, not statistics: it never

says anywhere what percentage this stock mkt participation

is of each groups personal economy. It doesn't divulge that

a large chunk of those stock owners are marginal participants

and won't be making much from their investment: they own too

few shares, they own one or two stocks and don't manage

them well, they don't add to their investment significantly, etc.

My biggest gripe is that media-types can get away with quoting

one statistic and they don't seem to be req'd to fill out the

context for that statistic. I heard Michael Moore say once:

"a statistic is an information fragment without context."

-Steve Grube ============================== Doug Henwood wrote:


> [from Gallup's weekly update]
>
> BUSINESS & THE ECONOMY
>
> Seventy Years After Stock Market Crash, Six of Ten American
> Households Invested in Stock Market
>
> Seventy years ago October 29 the stock market plummeted,
> signaling the onset of the Great Depression, the worst financial crisis this
> country has ever experienced. By the early 1950s, more than twenty years
> after the crash, only 8% of Americans reported having some investments in
> the stock market. But according to a Gallup poll conducted October 21-24,
> 60% of American households are now invested in the stock market, a number
> that has remained stable in Gallup polls conducted over the past two years.
>
> View full release at
> http://www.gallup.com/poll/releases/pr991029b.asp



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