正文
The Dirtiest 4-Letter Word in the U.S....
NEW 11/14/2006
...appears to be "W-O-R-K."
Seems as if an astounding percentage of folks are obsessed with the notion of making a bundle of money WITHOUT WORKING FOR IT.
In the late '90s, a staggering percentage of conversations about "making big money" involved raking in a fortune by speculating on tech stocks. The dotcom bubble, in the minds of many Americans, was a surefire way to get rich without working.
Instead, the bubble burst and they lost their shirts.
From mid-2001 to late 2005, the conversations about getting rich quick involved buying and selling real estate. Everyone, it seems, was convinced that they could flip their way to a fortune. Again, in the minds of many, it was a surefire way to become wealthy without working.
Well, the housing bubble is now in the midst of a slow-motion implosion and many will lose their shirts once again.
Oh, and look at how the gaming industry is expanding at a breakneck pace these days. Old casinos are being torn down and replaced with new, bigger gambling dens almost every week. Internet gambling (particularly poker) is the craze du jour. The sports networks are filled with big-money poker tourneys. And, in every casino in the land, goofs who want to get rich quick without working are betting their rent money, their kids' education fund and their mortgage refi dough on the turn of a card.
This notion of "getting rich without working" is just one more characteristic of what the last days of a decaying empire look like.
wsj-letter to Ed.
NEW 11/14/2006
...appears to be "W-O-R-K."
Seems as if an astounding percentage of folks are obsessed with the notion of making a bundle of money WITHOUT WORKING FOR IT.
In the late '90s, a staggering percentage of conversations about "making big money" involved raking in a fortune by speculating on tech stocks. The dotcom bubble, in the minds of many Americans, was a surefire way to get rich without working.
Instead, the bubble burst and they lost their shirts.
From mid-2001 to late 2005, the conversations about getting rich quick involved buying and selling real estate. Everyone, it seems, was convinced that they could flip their way to a fortune. Again, in the minds of many, it was a surefire way to become wealthy without working.
Well, the housing bubble is now in the midst of a slow-motion implosion and many will lose their shirts once again.
Oh, and look at how the gaming industry is expanding at a breakneck pace these days. Old casinos are being torn down and replaced with new, bigger gambling dens almost every week. Internet gambling (particularly poker) is the craze du jour. The sports networks are filled with big-money poker tourneys. And, in every casino in the land, goofs who want to get rich quick without working are betting their rent money, their kids' education fund and their mortgage refi dough on the turn of a card.
This notion of "getting rich without working" is just one more characteristic of what the last days of a decaying empire look like.
wsj-letter to Ed.
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