Leftist I am not. What I am is someone who likes people to get what they earn and deserve. I suppose that's why I'll never do more than average in the markets, because when a company is cooking their books, I can't buy it no matter what the greed and fear factor is of the market participants. I also can't stand it when leaders seem to tell 1/2 truths or abuse their power. I ragged on Clinton and his lack of morals for years, but it obviously did no good. The majority of the country stood by and condoned his behavior simply because they were making money in the stock market. I only point out now what I perceive to be abuses of power in the current government. I certainly find no fault in everything being done, but I can't sit silent when I see some inconsistencies. That's why the prostitutes like Kudlow and Cramer irritate me so. They are bought and paid for by Wallstreet, and anything they say can't be trusted. Wolanchuk comes off as an arrogant ass (pardon me). He dismisses history that does not agree with his viewpoint. I have not heard a logical explanation yet as to why the bull market that began in 1982 is either not over yet, or why for the first time in history, the bear that ended it ran its course in only 3 years. Or why PE ratios do not matter anymore. Or why the pro-forma accounting is not pure BS invented simply to keep stocks rising.
I suppose if taking money no matter where or how one gets it does not bother you, then the answers of Wolanchuk and Kudlow and Cramer are enough. I suppose if you completely trust your particular political party, then it is pointless to watch what they say and do and determine if you believe it or not. I suppose if you only care about your own lifestyle, then there is no point in watching what happens around the world. You obviously have not read me enough to know what I believe if you categorize me as a Leftist. That's about as close as me calling Wolanchuk a Mother Teresa wannabe.
I guess it is true that the market runs only on greed and fear. With the current political agenda, it seems fighting fear is very important. This leaves only greed to rule (as it seems America has developed under Clinton's watch so well), so who knows, perhaps Wally boy is right. Maybe the markets go up forever. Maybe no one cares that the dollar is made of paper and backed by nothing. Maybe the current government is really only concerned about the poor people of the world, and they are secretly giving away all their personal fortunes to those in need. Maybe no one is really out of work. Maybe there is no PPT and Oswald was really the only guy. Maybe Amazon.com is a great business plan. Maybe Hitler did not claim to be on God's side and carrying out "the Lord's work". Maybe America's corporations are not selling out American workers and taking advantage of poor foreign workers. Maybe the airline industry debt is really not that bad. Maybe corporate pensions are not under funded. Maybe government budgets are just fine. Maybe PE ratios really mean nothing anymore. Maybe the war on terror will not result in American freedoms being slowly dissolved (http://www.nytimes.com/2003/05/02/international/worldspecial/02TERR.html?ex=1052452800&en=682d535fc0d83931&ei=5062&partner=GOOGLE). Maybe I'm delusional, and the love of money is really not a bad thing.
May you get all you deserve in this new economy and new world order. I, for one, still believe that a house built on sand cannot stand forever, and this current stock market and the US debt has been built on . . . you know.
I remain,
SOROS |
