Tuesday, October 27, 2009
I think part of the problem in our world is that there is too much money chasing too little worthwhile stuff. The people with money now use it to play games – to see how much more money they can make. Many, particularly on Wall Street, no longer invest money in productive enterprises that supply us with shelter, food, transportation – the things most of us need to live. Instead, out of boredom maybe, they have invented increasingly obscure and complex derivative financial instruments that border on gambling games – to amuse and enrich themselves. They have way more money than they know what to do with, but they are hooked on making more and more – and good old fashioned investments like steel mills, transportation, agriculture is just not exciting or lucrative enough.