From MarketWatch:
“…the brains of Wall Street gurus and brains of Main Street investors are in a symbiotic relationship, a “dance of death.” Wall Street gurus know the investor’s brain is gullible, easy to manipulate, will ignore facts, historical data, rational judgment, anything to to stay optimistic, even when a crash is imminent, obvious, even in progress. It’s in our DNA, our brains, it’s our nature. Yes, American investors are born optimists. So are Wall Street gurus. Years ago we did a little research study. Turns out that 93% of time Wall Street is bullish. And today, from what we see in the field of behavioral economics, it’s also true that the brains of America’s 95 million investors are also 93% optimistic. Get it? Americans are inherently optimistic, blind optimists. We dismiss facts, block reality, deny history, crashes, meltdowns. Wall Street gurus do it. Main Street’s 95 million investors buy the spin. We secretly want to be deceived. Even in real bad times, deep inside we trust in a better future, want the good news, optimism, happy talk, bull markets. We desperately want to forget the harsh reality of the past. So we deny stuff. Wall Street knows this too. So they profile you. Yes, they know you’re a sucker for happy talk. Warning: This symbiotic relationship is doomed to repeat, forever. And the bubbles will get bigger, we’ll have another, bigger meltdown, even another Great Depression. So expect Wall Street (and their Washington buddies) to just keep feeding sound bites to the media to manipulate the brains of Main Street’s investors. It’s in their DNA. It’s in your brains to trust.
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