Flimsy Sanity: Anatomy of a Sucker

Flimsy Sanity

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. - Friedrich Nietzsche

Thursday, October 02, 2008

Anatomy of a Sucker

Yes, as through this world I've wandered I've seen lots of funny men; Some will rob you with a six-gun, And some with a fountain pen” - Woody Guthrie

Like clockwork, economic collapse occurs about the time that the people who lived through the last one die off. Day traders have replaced the Savings and Loan junk bond sellers that was just a preview of today's attraction but as Joseph Kennedy said in the late 20's, he knew it was time to get out when his shoeshine boy was giving him stock tips. As in all the other delusions, the true value of things gets inflated - perception becomes reality until the point where the illusion cannot be propped up. People are so stupid, there was even a tulip bulb bubble.

The book Extraordinary Popular Delusions and the Madness of Crowds is required reading in business classes but business students usually take the message that money can be made if one gets in early and gets out in time, rather than that humans are greedy nuts and have always been so and it is not nice to take advantage of their gullibility.

"Money for no work" is the cause of nearly all the crime in the world (call it greed if you prefer) and it is the hook used for bait in every con job. (The first known usage of the term "confidence man" or con was in 1849; it was used by the press during the trial of William Thompson. Thompson chatted with strangers until he asked if they had the confidence to lend him their watches, whereupon he would walk off with the watch. - Wikipedia). This whole mess was fraud and people want the bailout to save their 401K's and Money Markets. FAT CHANCE SUCKERS. Time to start saving and making do (like your grandma) and live in the world of reality until we can start the cycle again and time to quit listening to how we just need to remain confident in the free market.

PS: A cop who offers a pothead a joint gets in trouble for "entrapment". You can not believe how aggressive the loan companies were to get poor risks signed up. The guy who was going to buy my house had gone through a bankruptcy already and just worked part time as a jail guard at a city jail and they wanted to give him $70,000. They didn't care if he could pay, they just wanted a name on a piece of paper that they could resell to sucker investors looking for the next new thing. I think the meanest thing you can say to a victim is "you brought it on yourself" so if it helps, instead I will say, "I think it is unfair." I think it is most unfair to the people who kept their money in savings accounts and will have it devalued because everyone else wanted money for nothing.


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