The Inside Assyria Discussion Forum #5

=> Where Is Paine Webber?

Where Is Paine Webber?

Posted by pancho (Guest) - Saturday, December 8 2007, 20:52:29 (CET)
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Where’s Paine Webber?

After the last stock fiasco…the “Bubble” of dotcommers who produced nothing except another version of a ponzi scam, stock brokers have been keeping a low profile…many changed names and partners forming new combinations the next batch of suckers will trust again. It isn’t that you can’t earn money with stocks..it’s just that you can’t do it as fast as they promise…except in wars.

But these things aren’t new…there’s a sucker born every minute, now; every second. Reading about just such another financial disaster in Britain in which thousands lost their savings I had to laugh at the description provided by Will Durant. He’s speaking of the South Sea Company created to milk investors in the 18th century.

“Public money was so eager for speculation that eighty-six minor issues were floated. Stock was sold in companies formed to transmute metals into silver, to erect hospitals for bastard children, to extract oil from radishes, to create perpetual motion, to import jackasses from Spain. One promoter announced ‘a company for carrying on an undertaking of great advantage but nobody is to know what it is’ until later; he received a thousand subscribers of 2 pounds each by midday, and disappeared in the afternoon.”

I don’t know why I so liked the imported “jackasses from Spain” stock…maybe it made me wonder where we get ours from.

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