“We never will have any prosperity that is free from speculation till we pass a law that every time a broker or person sells something, he has got to have it sitting there in a bucket, or a bag, or a jug, or a cage, or a rat trap, or something, depending on what it is he is selling. We are continually buying something that we never get from a man that never had it.” Sept. 24, 1930 Will Rogers
Speculation seems to be where all the instant wealth is obtained in this country. It used to be that the cost of gas at your local service station was dependent on what the local owner paid for for it but now whenever a worldwide event happens gas prices seem to rise almost immediately. If there is some sort of uprising in the Middle East, and isn’t there always one, then gas jumps twenty to thirty cents a gallon. There are just too many people in this country who try to make an extra buck or two by guessing the future instead of doing any real work.
Hedge funds are where many get rich now. It is all about buying and selling things that they don’t really have. Even the average guy with a few bucks in his pocket is lured into buying “futures”. Everyone is trying to make an easy buck off of something they don’t really have.
It is pretty widely acknowledged that speculation was one of the primary causes of the Great Depression during Will’s day. It seems that we are in that mode again and have been for quite a while. I know there are now regulations in place to reduce the possibility of a total crash but that still doesn’t calm my nerves much. I just hope what constraints we do have don’t get too watered down my the wing nuts in Washington any more than they already are. It’s bad enough that the average guy has trouble finding a decent paying real job in the country today, they don’t need their noses shoved into the dirt by all the speculators out there .
But I’m just a simple guy so what do I know….