that's exactly right.
multiple "average joes" have made killings in real estate up untill recently. no one ever talks about them
surf
Broke-- The New American Dream
- Thread starter marketsurfer
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that's exactly right.
multiple "average joes" have made killings in real estate up untill recently. no one ever talks about them
surf
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The film casts blame on government, media, Wall Street...and yes little ole average Joe.
Surf
we need only to look at how many here do not have a clue about trading and then how do we expect that the average Joe has a clue where the economy is heading? He only "listens" to the experts that say that now is the best time to buy because you can make a killing in the real estate.
It is just the same: the 3 year old does not know the risks of the activities he is engaged in, same same as the average Joe dabbling in investing does not know the risks either....
So what is so hard about the analogy?
ps
a three year old also has a "I want (or 'me too') "
Maria
I state by what I said, your film, while it seems very interesting & definitely worth watching, is spreading dis-info.
You have not put in the research to see what exactly is happening and why. The Average Joe have little to do with it, even if they were an integral part of the process. Since you disagree, let me point your attention to the fact that the bailout & financial crisis are focused on the DERIVATIVES not the actual mortgages.
Blaming the media serves little purpose as well, they just jump along for the ride, they had nothing to do with the derivatives.
One would have thought that LTCM would have taught them to develop better oversight of this market.
Hi Maria,
Risk cuts both ways. It allows fortunes to be made, and fortunes to be destroyed. Many dumb investors have made killings, and many wicked smart investors have been wiped out.
there is NO UPSIDE to giving a 3 year old a loaded pistol, hence the analogy is not correct.
By the way, experts don't know the future either.
best wishes,
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The media "frames" what many average Joe's see and learn. They have blame in this mess too.
Lets start with the three year old: he does not know there is no upside so the analogy is correct.
Same as the average Joe: he does not know there is no upside, the "profits" are only on paper, if he sells the house he can only buy one back, not multiple. So he has not made any gain.
In fact he is only the biggest sucker around because the salary has not kept up with the increased price of real estate. Suddenly avg Joe has to invest a lot longer to buy a house which means he has effectively become just a whole lot poorer.
Then with the experts: If they do not know then they should more prudent then and "live within the means" and not profess that they do know. They are nothing but bullshit artists.
There is some expression: "what goes round comes round" and I think this is apt for the US economy. The US economy has not had any EVA (economic value added) to their manufacturing / production process for a very long time now.
The only thing that has kept the economy afloat has been "clever juggling" with money plus the dollar/ gun diplomacy.
Perhaps now the realisation is starting to sink in that the US dollar is worth about as much as the Deutsch Mark was in the 1930's. We have been saying this for years.
Maria
If average joes didnt have greed, would have the derivative marketplace gotten out of control, as there would have been much less product to securitize?? just a thought.....
surf
what is an average joe, anyway? money doesn't discriminate
surf
what is an average joe, anyway? money doesn't discriminate
I look forward to seeing the movie.
Poker with a dealer and six players has far more limited probabilities than a million isolated traders, each trading at different instances and thus trading with uniquely independent probabilities, since they change with every tick. In poker, only what is likely to come from X numbers of card decks can be considered. Not even system trading can match tick-for-tick/second-for-second, given the delays inherent in global communications. The probabilities are beyond any trader or computer knowing with so many greedy and fearful traders pushing buttons in their own way and own time. Even limiting the scale of those probabilities, by shrinking the pool to two traders in a room, doesn't sufficiently limit the probabilities to compare to poker. The scaling prohibits apples-to-apples comparison.
I don't see the comparison, even after reviewing the above.
Poker with a dealer and six players has far more limited probabilities than a million isolated traders, each trading at different instances and thus trading with uniquely independent probabilities, since they change with every tick. In poker, only what is likely to come from X numbers of card decks can be considered. Not even system trading can match tick-for-tick/second-for-second, given the delays inherent in global communications. The probabilities are beyond any trader or computer knowing with so many greedy and fearful traders pushing buttons in their own way and own time. Even limiting the scale of those probabilities, by shrinking the pool to two traders in a room, doesn't sufficiently limit the probabilities to compare to poker. The scaling prohibits apples-to-apples comparison.
I don't see the comparison, even after reviewing the above.