Main St. versus Wall St.
John Bogle, founder of Vanguard Funds in 1974, offers a very blunt assessment of Wall Street.
His research found the financial system costs $600 billion per year. This money goes to institutions, mutual fund managers, hedge fund managers, stock brokers, investment bankers (what we call loosely Wall Street), rather than individual investors. Mr Bogle’s frank conclusion is that…
“Wall Street has become a casino with the only winners being the croupiers — the traders, the brokers, the investment bankers, and the money managers who facilitate the trades [bets]. Wall Street creates a whole lot of ‘innovation’ products that are designed to enrich the marketers and not the buyers, and that’s what the industry is all about. There is too much cost in this industry and not nearly enough value; too much speculation and too much complexity.”
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