I agree Wall Street is rigged!! I am a former Securities broker with a Mutual Fund focus. When I started in the early 80s these were sensable investments. Now they are the driver of financial services fraud. How you ask? Simple when you invest in mutual funds (no matter how IRA,401k,strait up purchase) you own stock. You have no direct vote regarding the pay and or boards of directors of the stock companies. They also tend to have the same directors as the mutual funds. They pay themselves outrageous incomes. They have also perverted the mutual fund choices buy creating so many funds that have hidden fees it would also make more sense to just direct invest. Brokers no longer offer advice. What is the purpose of a broker then? They have shed any responability for the choices recomended. The whole mkes no longer makes any sense. Any one who really believes that Wall Street is bringing someething to the American economy is
Don't Drink the Market Kool-Aid
Goldman "we have friends in high places" Sachs put out a BUY recommendation on the financials Tuesday and Wall Street took off...again.
The Dow closed up 131.50.
We've seen this pattern all year--buy the financials ("up" days); sell the financials ("down" days); buy the financials; sell the financials. The same action OVER AND OVER again!
Isn't that the definition of insanity?
Or maybe the market rise was due to Australia raising its interest rates. Global confidence re-ignited and commodity prices soared...especially gold (here's what record gold prices mean for you and what to expect ahead). Must be a sign that the world-wide economy is on the mend and it's safe to go back in the water right?
OR could it simply be that be the Australian rates went up because commodity prices have gotten stronger and that Australia has a commodity-based economy? DUH!
Wall Street is a rigged market.
So, unless you're willing to trade the stocks on a daily basis, the stock market is NOT the place right now for you and your retirement accounts.
Please don't drink the Kool-Aid! Don't fall for the money lies you're being fed by the so-called money "experts." Follow our 10 rules for investing success and avoid the pitfalls that will cost so many investors dearly.
Read More In: Invest Wisely
Ken and Daria Dolan have hosted their own national radio program for 22 years, anchored their own television shows on CNN, authored six books on money matters, served as money contributors on CBS This Morning and have now launched a comprehensive web site and free e-letter at Dolans.com.
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View unverified member's comment - posted by MikeB