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|Subject: MSNBC's "stock market is gambling" art||Date: 9/29/1998 6:12 PM|
|Author: atrigaux||Number: 5730 of 78166|
"Playing the market really isn't that much different than playing the lottery. They're both a gamble, only the investment and stakes are higher."
So opines Jill Nelson (MSNBC writer), preaching her brand of ill-conceived horse-sense in today's article "Working-class Wall Street - For small investors, a sucker's game."
Ms. Nelson laments how we silly Americans have abandoned plowing money into 1.5%-yielding savings accounts, and instead taken to the insanity of our throwing hard-earned wages into the stock market (read: out the window). Further:
"Reassurances from millionaire financial gurus and pundits abound. If they have a mantra for the rest of us, it's “Hang in there!” What few seem interested in discussing are the underlying reasons why such a significant number of working people, eschewing traditional savings accounts with their small but reliable interest rates, have chosen to gamble on the stock market."
Ms. Nelson is, it seems, unacquainted with Foolery. Ms. Nelson is, it seems, is unaware of the stock market's track record of double digit returns over the past several decades. Ms. Nelson is, it seems, unaware of the phenomenon known as inflation.
Ms. Nelson, it seems, is wedded to the anachronism of 'work hard, save some, and you should be able to count on economic security.' Why? Because you just should, and thing