Do not Speculate in the stock market

I don't really understand what blog is but I am trying to see how far it may help to express one's view or comments. I have been investing in stocks and bonds, etc., for a considerable period of time but I must say the market has gone rather crazy these days. To me, prices may go up or down for no particular reasons, though there's a lot of voices mentioning the subprime fear, cutting or raising interest rate, the so-called carry trade... A friend has asked me to write something on stocks and participate in forming a website for investors. Well, I am still considering this but I wonder whether we should be talking about speculators instead. I can't remember where I got the news that everyone in Mainland China is dealing in stocks including students. May be that is true but I have seen students in Hong Kong pulling all their petty cash to apply for IPOs. Is such behavior healthy? Does that mean that there is no better way to make money? I have public endorsements of the view that we need not worry about our economy because we can prosper by speculating in our stock market. We need not be concerned with problems like inflation or unemployment because you are getting rich by speculation and you should pay higher prices, etc. I don't agree and my first objection is that many people do not have the chance or resources to invest or speculate. Lots of people in our society is living on or below the poverty line and it is immoral to say inflation is not a problem. My second objection is that what will happen to our world if we are living on speculation?
I am sure many will throw stones at me because I am against this decadent speculative culture. But we must learn from history. Such culture is the main reason for the financial collapse in 1997-98! I must stop now but before going, remember the golden rule of investing is that you must NOT lose any money!