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Jochen Weber's avatar

I largely agree with your argument as presented, Peter, with the (small?) exception that the market on which capital is being sought has long had governments "interfere", creating artificially steady influx (in form of retirement accounts being limited to certain classes of assets). In my mind not dissimilar to the higher education system "benefitting" (growing artificially) due to cultural messaging around "everybody needs a college degree," IRA brokers and associated parts of the finance economy have grown as everyone needs a "portfolio management team." So, I can see how a lot of "main street" people have had some valid reason to grow suspicious of the actual value produced by the "capital market"... (just as higher education value of several tens of thousands of dollars per year stands in question).

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