Moving The Blame From Analysts To Corporate Management?
from the the-blame-game-keeps-on-shifting dept
Clearly, there are a lot of different areas people can place the blame for the stock market bubble of the late nineties. There have been discussions about how it was Wall Street's fault, the individual investors' fault, the venture capitalists' fault, the engineers' fault, the newly-minted MBA's fault. Clearly, a lot of the focus these days has gone on blaming the analysts, who recently "settled", while admitting no wrongdoing. Now, it appears they're starting their pushback campaign, and have convinced the AP to write an article claiming that the analysts did what they did because they were being bullied by corporate management. The article argues that we now need a crackdown on how corporate management deals with analysts. This might be true as well. I'm not defending the actions of anyone in this case, but until the various players accept some of the blame themselves (and everyone involved probably deserves some blame), the system isn't going to get any better.
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Moving The Blame From Analysts To Corporate Manage
An underlying assumption that the stock market is an open system, capable of continuous growth or development of complexity can be seen to be mythological. An equal case can be made for its being a closed autonymous system and thus, no surprise, self-consuming.
In share-the-blame methodology, how about the shareholders, addicted to the illusion of a 300%/year increase in their wagers and no effort on their part? The idea that the stock market is the free-lunch equivalent of mercantile energy, a respectable version of a high-stakes poker game, has elements of a different sort of mythology.
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