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"THE SUCKER TRAPS, Part One" by Sherman H. Skolnick 12/29/01
http://disc.server.com/discussion.cgi?id=149495&article=14895
[EMAIL PROTECTED]
http://www.skolnicksreport.com
Some people are just busy with their personal lives. So all they know
about the world is what they ingest from the oil-soaked, spy-riddled
monopoly press. If it is not mentioned there, well, it did not happen.
And common Americans, occupied with their personal circles, often do not
make time to sit and listen to their elders. Some rather ship their
elders into expensive warehouses called nursing homes. [The nursing home
rackets are a story for another time.]
So the wisdom to be learned from past generations and their mistakes
falls into the black hole of the unknown.
Here is a list of what ordinary people should have learned but often
have not. Such as the blunders of the 1920s and 1930s:
SUCKER TRAP NUMBER ONE: "Business cycles have been abolished". Oh yeah?
By whom and when and how? "Prosperity is just around the corner".
Slogans like that were mouthed off by President Herbert Hoover. Not
surprisingly nowadays, some mistake that name for the infamous FBI
Dictator.
A possibility that we are NOT facing a "great prosperity" returned, is
sent off to be studied by a "Presidential Commission". Their report, if
any, if ever, is filed in Never-Never land.
SUCKER TRAP NUMBER TWO: Invest in the "Great American Dream". Yes, if
you are young, and somehow survived a world war just ended, and was not
shot or bombed to pieces, you can rightfully buy stock in American big
business and expect a period of prosperity. Many born into the tail-end
of business cycles, however, refuse to realize their position in time
and place. Endlessly mouthing off "now is my time" may avail you nothing.
Do not expect the newsfakers to set you wise. Well-oiled press whores
are not about to risk their jobs to bring you harsh reality. They write
and speak on-air what they understand the presslords want said.
Contradictions are not specified clearly. The ultra-rich want to even
further enrich themselves by having as many Americans as possible paid
only minimum wage or just above that. "We have to be productive and
competitive". At the same time, they are flooding the nation with
non-citizens who do not protest being paid, under the table, LESS than
minimum wages.
What we call "the liars and whores of the press" have advertisers urging
us to buy fifteen and twenty thousand dollar cars. What? To be paid with
cheap wages?
Some grow up never having read Ferdinand Lundberg's great work, "The
Rich and the Super-Rich" (Lyle Stuart publishers, 1968, still more or
less available hardcover and paperback). Lundberg points out the ultra
rich are often just plain stupid. Certainly with a lot less sense than
the average working person. The very rich are forever beating down the
common people who sooner or later, as Lundberg shows, rise up and smash
their tormentors.
One reason there was no revolution in the Great Depression of the 1930s,
was the great number of newly arrived immigrants. They were quite
satisfied to be in America, even to sleep under bridges when it rains.
Better than elsewhere. Will common Americans, moreso born here not
elsewhere, now act also somewhat subdued in the face of adversity? Of
course, there were labor riots in the 1930s, beaten down by goons from
General Motors and hired thugs of Ford Motor Company. [The unemployment
and food riots in Argentina, December, 2001. Can THAT also happen
here?]
SUCKER TRAP NUMBER THREE: "Interest rates are reasonable. So now is the
time to suck the equity out of your house". That is, pile up on yourself
more mortgages?
The so-called mortgage peddlers have multiplied like a swarm of locusts,
to eat out our substance. Basically, they are urging ordinary Americans
to wreck themselves.
With a recession belatedly officially proclaimed and an apparent new
Great Depression again looming, it is a time not to pull a wagon of
rocks. Too many ordinary Americans find their wagons so heavy, it
requires two horses, both husband and wife working. And everyone over
the age of ten should be working not schooling? Hey, have we all
forgotten the terrible struggles of bygone years to stop mis-using Child
Labor? Have corrupt public officials stopped enforcing Child Labor Laws
put on the statute books after great turmoil and bloodshed?
If you do not comprehend what is here being said, well, spend time at a
unit of McDonald's Hamburgers. The Child Labor rushes around polishing
doorknobs and such. And, often they work after closing hours, not paid
for that, while cleaning up the fake milk-shake equipment. McDonald's
seems to encourage their Child Labor to be illiterate. Cash registers
have pictures, not numbers.
In plain talk, it should be a time of no mortgages, no credit cards, no
vast installment payments. And Child Labor should be wide-awake in
school being educated, not sleepy-eyed, with no time for homework, not
used at cheap wages to enrich fast food giants.
Late night COMMERCIAL television is laughable. There is an ad basically
telling you that even deadbeats will be given credit to a buy a car. A
moment later, your local bankruptcy lawyer (or liar?) is announcing he
is available to save you. Oh yeah? As we have pointed out on our website
and on our NON-COMMERCIAL television programs (public access Cable TV),
the bankruptcy courts too often are a giant fraud, seizing for the
vultures of the local "Bankruptcy Club" what is left of the property and
assets of the sick and the unemployed.
Do the monopoly press ever tell you HOW to protect your hind-quarter?
SUCKER TRAP NUMBER FOUR: "I do not have to worry about my stockbroker.
After all, they are insured by the Government". Really? If your broker
goes under in a crash or scandal, your account in the meantime is
frozen. Your "great long-term investment" may melt to almost nothing
while you are powerless and forbidden to do anything about it.
And, are there adequate reserve funds in the supposed "government" set
up insurance fund? Really? Not everyone thinks so.
If you really understand finance, ask your broker a forbidden question:
"What if the Clearing House itself goes down?" The reply may be, "Stop
asking. That cannot happen". Well, in 1984, when Continental Bank of
Chicago collapsed, a Clearing House came within a hair of going down as
well. [I had the distinction of accurately predicting the downfall of
Continental Bank, a major owner of which was the highly corrupt Chief
Judge of the Federal Appeals Court in Chicago, 7th Circuit. I was a few
months ahead of my time, and some in key places enjoyed a brief period
of calling me a "liar". Later did they eat their words?]
Also, the regulations of insurance for failing and failed brokers are
riddled with traps and loop-holes. Such as, your stock was bought
through ANOTHER firm which is actually holding the shares. Hence, YOUR
broker is not responsible.
More sucker traps identified. Stay
tuned.
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Since 1958, Mr. Skolnick has been a court-reformer and since 1963,
Founder/Chairman, Citizen's Committee to Clean Up the Courts. Since
1991, a regular panelist and since 1995, Moderator/Producer of
"Broadsides", a one hour weekly public access Cable TV Program,
cablecast within Chicago to upwards of 400,000 viewers each Monday
evening, 9 p.m., Channel 21 Cable TV. For a heavy packet of our printed
stories, send $5.00 [U.S. funds] and a stamped, self-addressed BUSINESS
size envelope [#10 envelope, 4-1/8 x 9-1/2] WITH THREE STAMPS ON IT, to
Citizen's Committee to Clean Up the Courts, Sherman H. Skolnick,
Chairman, 9800 So. Oglesby Ave., Chicago IL 60617-4870. Office, 8 a.m.
to midnight most 7 days BUT DO NOT BOMBARD THIS LISTED PHONE WITH "JUST
ROUTINE" CALLS, please: (773) 375-5741. For a recorded phone message
update of our work [NOT an expensive call]: (773) 731-1100. WEB-SITE:
http://www.skolnicksreport.com [NOTE "s" after name in website address].
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