I marvel at the onslaught of news that indicates how woeful our economy as well as that of the rest of the world. It is amazing how many are writing about their ignorance about what is happening. While attributing blame here and there, the actual mechanics of the various elements of failure tend to be a step beyond their immediate horizon. Today, for instance, I find out that many of the bigger banks never attended to the basic accounting of the actual mortgage backing the securities, resulting in some foreclosures to be stymied since there was no ability to identify the basic underlying note! And then, writers are now being honest about their ignorance about what to do regarding any investments. What is the best or even better strategy? Who knows? When is the bear market to bottom out? When will the GDP start to rise? Who knows?
It is depressing and should we live long enough, we will be able to tell stories about this historical event. If we don't live long enough, our children will relate some stories. No longer do we have to talk about the "Great Depression". We now have our own.
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