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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tejek who wrote (262155)7/19/2010 8:54:12 PM
From: PerspectiveRead Replies (3) of 306849
 
I don't think most of the bears here *want* financial disaster. What we want is a return to investing, to the responsible caretaking of capital by the supposed protectors of our national capital. I happen to believe that will require the destruction of a great deal of the status quo. Many of our most powerful and their counterproductive practices must be thoroughly discredited and expunged from Wall Street. The credit addiction only grows worse with each crisis that is papered over in a foolish attempt to subvert the economic cycle. We hope for a moderate case of delerium tremens now as opposed to a fatal variety a few years hence.

Nowhere have I seen it put quite so eloquently as in one of John Hussman's recent letters:

hussmanfunds.com

If our only response to excess consumption is to pull out all the stops trying to "stimulate" consumption every time it falters; if our only response to reckless lending is to defend the bondholders every time their poor allocation of capital threatens to produce a loss for them, then quite simply, we will destroy our economy, our future, and our standard of living. The last thing I want to be is a cheerleader for the bears here. But quite honestly, it's difficult to envision a return to long-term saving, productive investment, and thoughtful allocation of capital until - as happens every two or three decades - the speculative elements of Wall Street are crushed to powder.

Amen.

`BC
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