Ben Stein under attack!

Me thinks he deserves it.

Two economics/finance minded fellows that I thoroughly enjoy reading are taking Ben Stein to task. Stein recently layed out the notion that the financial markets exist to provide retirees with their nest eggs – Paul Kedrosky corrects, noting the markets are about liquidity, not serving the baby boomers. Barry Ritholtz simply bids farewell to Stein after Mr. Anyone, Anyone? tried blaming traders for recent market dips.

Take it easy on him, gentlemen. All Ben Stein is trying to do is perpetuate the myth that asset prices should (and will) go up forever, as long as everyone follows playground rules. To me it vaguely resembles a Ponzi scheme pitch.

Furthermore, I’m surprised it’s taken people so long to get a clue about this guy and his thinking.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.