I spend a lot of time watching Bloomberg TV and everyday the discussion centers around individual companies and the economy as a whole. It is the job of both the hosts and the guests to be upbeat. I’m not saying that optimism is a terrible thing, but stock market coverage consistently ignores the plight of the average American. You may hear the message that people across the country are hurting on the nightly news, but it is very rarely seen on the financial channels.
You must remember that the stock market is a completely amoral mechanism. It’s only job is to move money from one place to another. It cares not for the winners and losers. It cares not for the creation and destruction that results from those movements. As a former stockbroker I can tell you that it is very easy for someone to forget that there are people behind those dollars that get moved around every day.
There probably is no solution to this problem. Wall St is largely left to police itself and pessimism doesn’t produce high ratings. But there is something you can do for yourself. Know the companies you invest in, know what they do, who runs them and if they do any philanthropic work. Of course, you want to make a profit so invest in companies with solid prospects. But at the same time you can go a little deeper and find companies that do good work within their communities or whose job it is to improve the lives of middle class families.
Contact me if you want to talk further.