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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (94242)1/28/2002 3:13:01 PM
From: Tommaso  Read Replies (1) of 132070
 
Since that is pretty much what happened to my mother's money between 1972, when a bank trust officer put most of it in a "One Decision" stock (Eastman Kodak), and with the decline of the stock and inflation over the next eight years, her account lost a great deal of its value.

Look at the long-term chart:

quote.yahoo.com

How about that? Close to 20(adjusted for splits) in the early 1970s and about 29 right now. Adjusted for inflation, that's about a 75% decline in real value over 30 years. "Buy and hold! I'm in for the long term!" Man, that EK chart is the best anti-bull thing I have ever seen. A blue chip.

I have an ex-brother-in-law who was a college valedictorian, and I could never get him to see that a rise in prices was a loss in the purchasing power of money. He just thought of the price as being something like a measurement that was inherently part of the thing it was attached to. It didn't seem to occur to him that if an eight-foot piece of lumber cost $2.00 one year and $4.00 some years later, that something might have changed about the money. For him, it was a change in the lumber. He was astounded when I told him that yes indeed, there really were more dollars in existence than there used to be.

There are a lot of people who still think we are on a gold standard, to the extent that they really think at all.
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