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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Crimson Ghost who wrote (29668)5/9/2005 12:28:45 PM
From: mishedlo  Read Replies (1) of 116555
 
This report is about GM, insofar as GM is representative of a mindset. Managers have treated GM as a career investment vehicle. Workers have treated it as a rich uncle who will always be there with money. Investors have treated GM as if the company were not subject to the reality of long-term increases in medical care costs.

In retrospect, the experts say all of this was visible years ago. But the share price of GM indicates that nobody paid any attention until it was too late.

This is why I am not impressed by economists who assure the public that Social Security/Medicare are not out of control, that there is time to maneuver.

Nobody in charge ever seems to maneuver until the investment vehicle goes into a skid on an icy road in the mountains. Bad news is dismissed as irrelevant. Statistical reality is deferred by investors until they finally start unloading shares. Then there is not much that the people in charge can do to solve the problem.

If highly sophisticated investors are this naïve about where their money is being invested, why should we expect politicians to tell us the truth about the looming insolvency of Social Security/Medicare?

full article by Gary North:
lewrockwell.com
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