Friday, October 5, 2018

#278 / Get Rich Quick! (Or Not)

The Wall Street Journal tells us that "crypto-tourists" are fleeing from the bitcoin binge that had earlier consumed them. 

I have two reactions: (#1) Good call! (#2) About time!

What stand-up comedian Lee Camp is telling us is no joke, either: "Wall Street Is the Definition of a Ponzi Scheme (Literally)." 

For the historically-minded, may I recommend (and not for the first time) Charles MacKay's wonderful book, Extraordinary Popular Delusions and The Madness of Crowds. My father gave me a copy of that book about fifty years ago, and I think it has saved me money.

Wouldn't it be great if our tax and other laws elevated the advantages of "earned income," and made speculators who succeed help support the system that made it possible for them to get so rich, so quick?

Just a thought!

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