Set forth below is the text of a comment that I recently posted to another blog entry at this site:
I was curious as to why you never post a link to the actual death threat tat you claim was made. All I have seen is your link to your own comments. Can you enlighten us?
I don’t do it because it would be stupid to do it, Anonymous.
The Campaign of Terror has been going on for 12 years. There are THOUSANDS of cases of brutal abusiveness. I posted about the errors in the Old School safe-withdrawal-rate studies on the morning of May 13, 2002. The studies have not been corrected TO THIS DAY. This sort of thing was obviously going on for years before I came on the scene. Shiller published the research showing that there is precisely zero chance that a Buy-and-Hold strategy can ever work for even a single long-term investor in 1981.
Why is it that I was the first person to discover the errors in the Old School studies? It wasn’t because I am some super-genius. IT HAPPENED THAT WAY BECAUSE THE BUY-AND-HOLD MAFIA DOES NOT WANT MILLIONS OF MIDDLE-CLASS PEOPLE LEARNING THE REALITIES OF STOCK INVESTING. It happened that way because of the massive corruption in this field. I mean, come on.
It’s a waste of my time to prove the corruption. Anyone who wants to assure himself that the investing advice field is 100 percent corrupt just needs to look around for about 10 seconds to gather all the evidence he needs to prove the case beyond any reasonable doubt whatsoever. The question that we struggle with is not — Is the investing advice field 100 percent corrupt or not? The question we struggle with is — Why do so many of us NOT CARE that our retirement accounts are being destroyed by this corruption?
I remember the first article that I had published at the Daily Caller site. I thought that it was going to be a breakthrough. One, the site is bigger than most of the sites I have posted at. So the potential of my article going viral was much higher. Two, it is not an investing site. So I didn’t have to worry that the people who own the site want to make a buck giving Get Rich Quick investing advice or want to get links from the Big Shots in the investing field or whatever. So I thought that publication of that article was going to be a turning point.
I wrote about the errors in the Old School SWR studies. I don’t think I directly said that there was a cover-up but I hinted at it by pointing out how long it had been since I had put up my post pointing out the errors. And I hinted at the political implications since this was a political site. Those errors were in the process of causing MILLIONS of failed retirements. That’s a huge social problem, one of the biggest we have faced as a nation. And this wasn’t a case where it was other unfortunate people who were being hurt. The retirements of the people reading the article were the retirements being destroyed. Looking at this objectively, there should have been a HUGE reaction to that article.
There was no reaction. No going viral. No comments even. Nothing.
That’s why I rarely write Guest Blog Entries today. So long as people refused to run my Guest Blog Entries (this was usually the case in the days before the first price crash) I kept fighting to get them posted because I felt that getting them posted was the answer. After the crash, I got lots of Guest Blog Entries posted. But that didn’t change things. It was a step in the right direction. The truth about stock investing now appeared on people’s computer screens. The corruption was now exposed in an objective sense. But no one took action to fix the corruption! So what the heck good did it do?
We saw this at FinCon13. I gave a presentation presenting an airtight case for why we are in an economic crisis today. You couldn’t have a more exciting topic for a financial blogger’s convention. But what was the reaction? A number of people in the audience told Jaime Tardy that I seemed “bitter.” These people are not interested in doing anything to fix the corruption or to tell their readers how to invest more effectively. They LIKE Get Rich Quick. They won’t acknowledge it if you ask them but that’s the reality. They view anyone who does battle with Get Rich Quick as “bitter” because they LOVE Get Rich Quick.
Evidence is of great importance in intellectual battles. We have evidence of the corruption coming out of our ears and it is not helping us. That’s because this is not an intellectual battle. This is an EMOTIONAL battle. We cannot persuade people to give up their love affair with Buy-and-Hold by presenting them with evidence. Evidence speaks to the intellect. There is no intellectual case for Buy-and-Hold. The case for Buy-and-Hold is EMOTIONAL. We need to change people’s hearts.
Bernie Madoff did not get people to sign up for his fund by pointing a gun to their heads. He enticed them by appealing to the Get Rich Quick urge within them. It’s the same trick that Bogle uses to entice people into Buy-and-Hold, except Bogle practices it on a scale 5,000 times bigger. The Wall Street Con Men are destroying the lives of millions of people. But they don’t have to use force to do it.
And the full reality is that they don’t even need to use all that much secrecy to do it. The peer-reviewed research showing that there is zero chance that Buy-and-Hold could ever work for even a single long-term investor was published in 1981. And Shiller wrote about those findings in a best-selling book that is available in most public libraries. The corruption is taking place out in the open. But the millions of us who have been taken in by Get Rich Quick strategies look the other way each time we see it appear before us.
The investing advice field is 100 percent corrupt today, Anonymous. The evidence is everywhere. I don’t need to lift a finger to prove the case because the evidence is all around us.
The corruption is WITHIN us. Humans LOVE them some Get Rich Quick. The Wall Street Con Men exploit us because we WANT to be exploited. They couldn’t pull off what they have pulled off without our cooperation. The Wall Street Con Men don’t push Get Rich Quick so hard because they think it is a hot idea. They push it because they want to be popular and they want to make a buck and THEIR CUSTOMERS DEMAND IT.
After the next crash, I don’t think the customers will be demanding it anymore, Anonymous. At that point, everyone will see the massive corruption in this field everywhere they turn. Even you.
I naturally wish you the best of luck in all your future endeavors.