wombat_socho (wombat_socho) wrote,

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Who do you take us for, Motley Fools?

Cobb hs an interesting essay up today about the Ownership Society W is pushing for, and I think it would be fair to say he's skeptical - he doesn't think most people are smart/skilled/energetic enough to hack it as small businessman/entrepreneurs (probably true) and further, that there isn't that much in the way of relaible long-term wealth generators out there for most people to move into the investor class.

But let's not pretend that many more millions of Americans who want to play rich can manage their own investment portfolios out among the expert investor class. Who do you take us for, Motley Fools?

(Comma inserted by yr. humble Editor.) I think he's misread the intentions of W and his fellow Square Dealers, if I may resurrect the motto of Teddy Roosevelt's Republicans. I doubt rather strongly whether W (or anyone else not on serious drugs) thinks that most Americans can get into the Buffett/Gates class, much less the still-richer group of institutional investors. What I do think is that enough people can amass enough in the way of assets (stocks, bonds, house, farm, business, whatever) that by the time they retire they'll be comfortably in the middle class and likely to stay there until they die. That's a realistic expectation, if the government will just get the hell out of the way and let people put away some money for themselves instead of sucking it all up into Social Security and Medicare, which aren't going to be there for us anyway, at the rate things are going.
Tags: culture & politics
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