Would You Ask a Psychic for Stock Tips? More Often, Clients Do

[Gravy]

A sad little story from today's NYT.

...And now with the turmoil engulfing the financial markets, some psychics say they have been experiencing a boom in business linked to deep worries about money.

“It used to be always love, love, love. Now it’s money, money, money,” said Mary T. Browne, who was once described by Forbes magazine as “Wall Street’s psychic adviser,” because she counts people with financial sector jobs, as well as celebrities, among her clients...

Ms. Browne, 50, is careful to distinguish herself from what she calls “storefront gypsies who take advantage of people’s fear.” Often dressed in Chanel, she has been telling fortunes for 28 years, working out of her office in Manhattan’s meatpacking district and her home in Woodbury, Conn., charging $400 per reading.

Psychics: solving people's economic problems for 10,000 years!

Ms. E, who is planning a business venture with another client of Ms. Schaffer-Shaw’s, a Chinese investment banker, asked questions about the Shanghai economy, where the two plan to open a frozen yogurt company. She wanted to know whether the media stock she had bought on the Chinese market would go up after its recent loss, and even what flavors and toppings her company should offer.

What an idiot. She should consult the I Ching instead.

 

[Bob Klase]

That's really just silly. Everyone knows that psychics aren't allowed to use their gift for personal profit, so anyone getting $400 per reading couldn't be a real psychic. And if that's not enough proof- a real psychic wouldn't waste their time giving a $400 reading when they could be spending that time enjoying the millions they made from the stock market doing their own investing.

 

[Vic Vega]

Everyone knows that psychics aren't allowed to use their gift for personal profit, so anyone getting $400 per reading couldn't be a real psychic.

Is that a rule of the Psychic's Union? Are they affiliated with the Teamsters?

 

[dudalb]

A sad little story from today's NYT.
Psychics: solving people's economic problems for 10,000 years!
What an idiot. She should consult the I Ching instead.

Or just flip a freaking coin as to whether to invest or not. You have a 50% chance of being correct.

 

[Disco]

I can't tell you how many of our clients use fortune telling to determine where to invest their money.

Seriously, I can't tell you.

 

[Madalch]

Or just flip a freaking coin as to whether to invest or not. You have a 50% chance of being correct.

But a coin flip is free. If the psychic costs $400, then she MUST be better!

Just like a $500 bottle of wine always tastes better than a $10 bottle. Even if it's the same stuff with a different label.

 

[dudalb]

I could see some real possbilities for huge scams here. What if some peddler of stock of dubious quality makes a deal with a psychic to cut him in on the profits if the psychic pushes the stock?

 

[godless dave]

I could see some real possibilities for huge scams here. What if some peddler of stock of dubious quality makes a deal with a psychic to cut him in on the profits if the psychic pushes the stock?

I thought of that too. In fact ... well, enough said.

 

[SezMe]

I could see some real possbilities for huge scams here. What if some peddler of stock of dubious quality makes a deal with a psychic to cut him in on the profits if the psychic pushes the stock?

Which is similar to the "pump and dump" scheme Randi's been featuring in some of his latest Swifts. I'll bet a clever, unethical psychic could make a bundle.

Yeah, yeah, "unethical psychic" is redundant.

 

[PingOfPong]

Judging by what our supposed financial egg heads on Wall Street have been doing, having a psychic make random stabs in the dark may be better for your portfolio.

 

[rjh01]

I could see some real possbilities for huge scams here. What if some peddler of stock of dubious quality makes a deal with a psychic to cut him in on the profits if the psychic pushes the stock?

Allow me to rephrase that.

I could see some real possbilities for huge scams here. What if some peddler of stock of dubious quality makes a deal with a financial adviser to cut him in on the profits if the financial adviser pushes the stock?

This does happen.