culture, politics, commentary, criticism

Thursday, February 06, 2003
The feeling isn't mutual. For the first time in 14 years, US investors removed more money from stock mutual funds than they put in, according to this report from
The Economist:
While the regulators and the industry squabble over the planned reforms, analysts are more worried about whether Americans’ faith in shares [stocks] has been shattered for good. An unlucky few have seen their investments completely wiped out in the past couple of years. Almost all investors are nursing losses. But shares always do well over the long term, right? Not necessarily. Analysts at Merrill Lynch, an investment bank, have worked out that the break-even point for someone investing sensibly on a monthly basis since 1990, when America’s interest in mutual funds exploded, would be around 776 on the Standard & Poors composite index, a level to which it has come perilously close. In other words, the average investor is near to losing his capital. Fund managers are learning a bitter lesson. Just as they benefited from a virtuous cycle of inflows and stockmarket rallies on the way up, they are vulnerable to a vicious cycle on the way down.

No matter where you look in the American economy these days, there's a sinking feeling. This is the price we pay for Enronesque corporate criminality and an ill-conceived (and wildly expensive) Bush family grudge match with Iraq that sidesteps the real threats to this country — North Korea, Pakistan, Saudi Arabia, Yemen, home-grown anthrax-mailing terrorists, and so on.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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