Daily Kos: The Class War Is Over (and you lost)

The Class War Is Over (and you lost)
by Devilstower
Tue Oct 18, 2005 at 12:31:34 AM CDT

Is it any surprise to you that CEO pay has grown faster than that of workers? Are you shocked that money managers are making more off the stock market than average investors? As you troubled to hear that most mutual fund managers are not really very good?

How about this: would you be shocked to know that you've been played for a fool, that the entire modern stock market is little more than a con game designed to part you from your cash faster than a slot machine in Vegas, and that the "ownership society" was a complete illusion set up to give the vast bulk of your savings over to the people who were supposed to be taking care of it?

Who would make such communist, anti-market statements? How about John Bogle, the man who founded Vanguard Investments and a lifelong conservative Republican.

* Devilstower's diary :: ::

Bogle has been known as a "hyper-capitalist." He helped to invent the entire mutual funds industry, and introduced the first market index funds. For years, Bogle was a staple of the investment circuit, and a favorite speaker on all things financial. These days, Wall Street just wants him to shut up.

Mr. Bogle has long been known as someone offended by the huge sums money managers were collecting for not only failing to do any good for their clients, but for doing literal harm. In his latest book, The Battle for the Soul of Capitalism he returns to this theme and illustrates with brutal clarity how Americans have been conned into handing over much of their wealth for an illusion.

Daily Kos: The Class War Is Over (and you lost)


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