Instead of tearing the homes down, city officials are selling them for $1, as part of the "Urban Homestead Program."
Investment giant John Bogle says over his 60 plus years in finance, the industry has gone from investing to speculating, and the change is hurting our economy, and our society. It’s also bad for investors, especially ordinary Americans.
Bogle crunched the numbers for Here and Now’s Robin Young to show that active buying and selling of stocks leads to high costs and fees that over a lifetime eat up two thirds of what people earn from their investments. Bogle says the old advice, “buy and hold for life” is still best because the numbers show it works.
Bogle pioneered the index fund, an investment fund which buys a wide range of stocks and holds them for the long haul. The idea was ridiculed by the investment industry which called it, “Bogle’s Folly,” and called Bogle, a life-long Republican, a “communist.” But Vanguard became one of the worlds largest investment companies and re-shaped the mutual fund industry.
Now with his latest book, “The Clash of the Cultures: Investment vs. Speculation,” Bogle is also arguing for new laws to regulate finance, curb speculation, and enforce a real code of professional ethics for all financial managers.