cisler on Mon, 29 May 2000 01:24:52 +0200 (CEST)

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Re: <nettime> Gamblers in the casino capitalism

The one phrase that stuck with me in Felix' posting was "jump on the
bandwagon and not be left behind." 

I live in Silicon Valley, and the feeling of being left behind goes along
with people comparing their situation, income, house,car, kids school
performance, job to neighbors or co-workers. Because of the high prices
and high salaries for many, people who would be very well off in many
other industrial societies think they are not. A person in a house worth
$750,000 is surrounded by mansions going for $3,000,000, and that person
feels inferior.  That is what is really problematic. I'll be talking about
this at the conference next week. 

Martin, the older investor in the message, claimng to have lost
everything, probably has social security (or will soon) and if he files
for bankruptcy to cover the debts incurred from buying on margin, he can
still protect his house equity.  In short, he may be depressed, may have
had his dreams shattered, but he's way better off than a lot of people in
the U.S. and most of the world (in financial terms). 

My son is in high school. His economics class had each student pick a
simulated portfolio of stocks for an initial total outlay of $100,000 US.
His was usually the worst performing of any student--even before the fall.
He takes a perverse pride in this. After all, it's not real money, is it? 

Steve Cisler

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