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Source link: http://archive.mises.org/2691/managerial-society-101/

Managerial Society 101

November 4, 2004 by

An unbelievable quote from an inflationist/Bubblemaniac/Greenspanite/Wall Street Talking Head…..says James Cramer:

Imagine a country, a fundamentally prosperous country, where a network of brilliant people decides daily how resources get moved around. These people – not a cabal, but a decently spread-out group – determine the nation’s savings, its spending, its capital budgets. They make rational decisions based on what the world will look like far in the future. They work with the tacit approval of government and industry. Though the sometimes brutal decisions they make may not always represent the best possible allocation of the country’s resources, they come pretty close. And, when they make a mistake, they are replaced by abler, more aggressive people. What is this wonderous kingdom? …It’s the United States in the nineties. And the wizards who rule so benevolently are identified by the somewhat banal title “mutual fund manager.”

From Maggie Mahar’s brilliant “Bull: A History of the Boom, 1982-1999.”

{ 2 comments }

Rod P November 5, 2004 at 11:36 am

I wonder… if we experience a crash and depression, will these same benevolent wizards take the blame?

Vanmind November 5, 2004 at 1:22 pm

When the crash arrives, these brilliant economic managers will consider it a sign that not enough people have been heeding their advice. Then they will step in to offer their brand of “salvation.”

“Mutual Fund” to them means “We’d like all you millions of people out there to reach the mutual conclusion that we are geniuses who deserve a substantial fund of our own with which to play the markets.”

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