Saturday, April 21, 2012

You know I can never be satisfied with what someone else does

Okay so a bit of tongue in cheek comment here. I was reading about one of the mega million winners and what they planned to do with the money. They basically had done the right thing and went and got help etc before claiming the money. They talked about how they were going to invest it instead of spending it. All in good order and I wish them the best. I also wish I had won. So it got me to thinking and since I am so anti wall street I couldn't help but wonder, what were they investing in. It seems since they got professional advice they probably are going to invest in many of the traditional avenues, probably a mixture of stocks, bonds, mutual funds, maybe some exotic investments for diversification etc. And who knows, I sure don't, but those are my thoughts. This is a retired couple so I think they feel comfortable with this traditional mix. And really not a bad thing overall. Especially if this was fifty years ago. What kills me is this wealth is now sucked into the black hole of wall street. At a time when wall street is only interested in self it would have been nice if they had done something different (and they may have I don't know). Maybe worked with professionals to create a community development company or bank to help out new businesses, I am drawing a blank, there is another type of company that does seed work for start ups, anyway something along these lines, maybe not with all of the money, but with a good portion. Illinois is suffering greatly from the recession and this would have been a nice way to help out the area. Yes they would need professionals who could really analyze potential to make sure they invested wisely, but in local businesses and industries to create wealth outside of wall street. It just boils down to one of my pet peeves that we need to develop more independent wealth outside of wall street to improve our economy. The strength of democracy is maintained by wealth spread out not concentrated to a few. So again I don't know how they invested, but I fear wall street will just use this money to seed their own fantasies and not go to what could truly benefit the country as a whole or at least their locale. And yes they probably do need to invest some in traditional avenues for their own long term potential, maybe not all. Anyway wishful thinking on a beautiful cool sunny spring morning here in Texas.

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