Thursday, July 29, 2010

America runs from stocks

News out of ICI today - Americans continue to dump shares of US equity mutual funds ($11 Billion sold in July - 12th straight month of net selling) like the funds possess some kind of plague. Can you blame them? Our markets are rigged. Our markets are controlled by High Frequency Traders (HFT). There is simply no way to win in the equity markets any more. Between Corporate Executives stealing our wealth through low priced stock options, and HFT shops putting a $21 Billion annual tax on our stock buying and selling, we're all losers. So, why buy stocks?

Who's to blame for this pitiful situation? Hell, I don't know. But I know what the problem is. And I know it's been a problem for years. And I know that Washington DC is about the only place where this mess can get cleaned up. And I know that Washington DC sits on it lazy collective tails and allows Corporate Executives and HFT traders to continue to steal our wealth and make it theirs. So, we sell stocks, and sell again, and again, and again. Wonder if anyone like our lazy Republican Senator Richard Burr will ever wake the hell up and stop the madness? Nope.

North Carolina deserves better than Republican Senator Richard Burr.

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