Now that paper fortunes have been lost and retirement savings have fallen through the floor, the country seems to be in a mood to stone false prophets.
There were the CEOs, to start with, who promised big annual returns but only if they were paid in stock options. And the cable TV talking heads who told investors what to buy. Several authors predicted Dow 30,000, Dow 40,000 and Why the Real Estate Boom Will Not Bust.
You know whom I haven’t seen on television lately? Carleton Sheets, who promised that you could get rich buying real estate with no money down. For that matter, there aren’t so many late-night infomercials about the “Internet treasure chest” or “winning in the cash-flow business.” These get-rich-quick schemes always had a testimonial from a pastor, as if to reassure us that getting rich quick really was all right.