A Quote by Jesse Lauriston Livermore
There is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.
Quote Topics
Quote Author
Related Quotes
If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market.
Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics, the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature.
Look at what's happening between Main Street and Wall Street. The stock market index is up 136 percent from the bottom. Middle class jobs lost during the correction: six million. Middle class jobs recovered: one million. So therefore we're up 16 percent on the jobs that were lost. These are only born-again jobs. We don't really have any new jobs, and there's a massive speculative frenzy going on in Wall Street that is disconnected from the real economy.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
Ive been on Wall Street once in my life in 1980 as a tourist. I went to see the stock exchange when I was 18 years old. Im not a Wall Street lawyer, Im a Stanwix Street lawyer. Stanwix Street is a street in downtown Pittsburgh.
I've never been on Wall Street. And I care about Wall Street for one reason and one reason only because what happens on Wall Street matters to Main Street.
Establishing a 0.03 percent Wall Street speculation fee, similar to what we had from 1914-1966, would dampen the dangerous level of speculation and gambling on Wall Street, encourage the financial sector to invest in the productive economy and reduce the deficit by more than $350 billion over 10 years.
The stock market is but a mirror which provides an image of the underlying or fundamental economic situation. Cause and effect run from the economy to the stock market, never the reverse. In 1929 the economy was headed for trouble. Eventually that trouble was violently reflected in Wall Street.
This message (that attempting to beat the market is futile) can never be sold on Wall Street because it is in effect telling stock analysts to drop dead.
I think the stock market is a very dangerous place to be at the present time. In fact, the stock market today is almost identical to where it was in October 2007 and then there was a $7 trillion crash and before that in March 2000.
Wall Street shouldn't be deregulated. I think Wall Street and Main Street need to play by the same set of rules. The middle-class can't carry the burden any longer, that is what happened in the last decade. They had to bail out Wall Street.
One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all.
The only time this happened to me before was in Jil Sander in Berlin where they said, "We have nothing that will fit you." I said, "Yes, you do." And I found something great. This happens to me in Paris again and again and again. They don't carry anything over size 40 which is nothing, because I wear a size 42 or 44 but that's hard to find in Paris among the designer clothes. All stores are like that.
I know many members of our community steer clear of Wall Street because of the perception that the stock market is risky, but I am convinced the biggest risk of all is not taking one.
A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.
Nothing important on Wall Street can be counted on to occur exactly in the same way as it happened before.
Related Authors
Jeff Yass Quotes
American
Trader
Jerome Kerviel Quotes
French
Trader
Linda Bradford Raschke Quotes
American
Trader
