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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Maurice Winn who wrote (6021)	7/19/2001 11:05:20 AM
From: jim black	Read Replies (1) of 74559

Maurice! Maurice! How pretty must things appear from your magnificent island. I must agree with Jay in his reference to debt and funding for retirement in US as being a major problem. This week's issue of Time Mag has some enlightening numbers for you to put a positive spin on, particularly since the ever-optimistic American investor continues to see him/herself in a Panglossian "best of all possible worlds." The average baby boomer spends less than an hour a month planning for retirement. 49% of affluent baby boomers desire retirement at 55 but only 21% expect to be able to do so, based on their current financial status. 72% of boomers want to retire at 60 but only 49% expect to be able. Yet despite these figures the nation continues to have a negative savings rate, refinancing their homes to go more into debt, living beyond their means. Metropolitan Life estimates younger boomers have amassed personal debt equal to 95%! of their incomes. These same boomers have to pay their mortgages, hopefully pay for their childrens' education and ...where in hell or on earth are they going to come up with money to do that, my friend. I continue to be in the camp that contends we are up to our asses in alligators. I love your optimism. I will also love seeing Jurassic Park III at the local cinema tonight Wonderful fantasy. Both, I fear, the film and your optimism. I wish your making it so would make it so, Maurice. And, to boot, the market appears up today. Haven't checked Franco-Nevada this am but note Fidelity made a sizeable further commitment yesterday...in gold...? Go figure...Fidelity buying a gold royalty company. I can't figure why they would do that. best regards from North State. Jim Black

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