I’ve posted Entry #84 to my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called We Need to Acknowledge the True Cause of the Economic Crisis.
Juicy Excerpt: The fellow did not want to report on the ideas. He was kind enough to tell me why. My argument that it was The Stock-Selling Industry’s decision to continue spending hundreds of millions of dollars promoting Buy-and-Hold for three decades after the academic research showed that there is zero chance that it can work for any long-term investor doesn’t implicate the government in any way.
It doesn’t. What this fellow said is true. Buy-and-Hold wasn’t promoted by the government. It was promoted by economists and academics and financial planners and journalists. The damage was done by the private sector. Bad government policies had little to do with it. Does it follow that conservatives shouldn’t care about how the crisis came about or about how to fix it?
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