Wall Street’s gambler brain lacks moral conscience
SAN LUIS OBISPO, Calif. (MarketWatch) — Wall Street has no moral conscience. No public values. Zero. Will never change. Why? Wall Street insiders have one goal: get personally rich.
How? Wall Street gets rich by stealing money from America’s 95 million investors. Yes, they steal, skim, scam, siphon off your money, using the neurosciences that a decade ago promised to level the playing field for investors. But today it’s worse.
Too harsh? No. Vanguard’s Jack Bogle has been comparing Wall Street to Vegas for decades. He sees gambling casinos with a million “croupiers” manipulating Wall Street’s gaming tables 24/7, skimming a third of your returns off the top.
You can’t win. They get richer pocketing millions by betting against average Americans who work all day. Yes, the games are fixed. They have zero morals. The house always wins. Always.
And we should go easy on Wall Street? No, they are crooks, stealing your life savings, skimming, siphoning, scamming you. In his classic on neuroeconomics and brain science, “Thinking, Fast and Slow,” Nobel economist Daniel Kahneman uses similar gambling imagery: “50 years of research” proves the stock-picking skills of fund managers are “more like rolling dice than like playing poker.” Most underperform. The few winners rarely repeat.
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