Responding to Richard,
Yea, that PBS depression series is
really good at making one think. It
is strange to think that by 1940 1/2
of all Americans were living in poverty.
One million men became "hobos", and
just rode trains around the country
in search of work. The impact of
those times was deep in my family. I
still remember the way my grandfather
would look at me when I wasted food.
Yet my grandfather did pretty well in
New York City during the depression due
to his chain of hairstyling salons he
owne. He told me that he would take
a pocket of dimes out to central park
where tens of thousands lived in boxes
and shacks, and hand them out because
in those days, ten cents could buy you
a meal. He lost his ass twice in the
market...once to the 1929 crash, and
the second time due to a fraudulent oil
company.
Sorry about the off topic spin there.
I think the 1990s have been good due
to a number of things, mainly the com-
puter industry bringing in billons, the
Baby Boomers stuffing money into 401(k)
plans, plenty of easy credit available,
no wars, cheap oil, and a well run Fed-
eral Reserve Board (thanks Greenspan!).
However, I, like Greenspan, think the
problems in Asia will beat the market
good. Keep plenty in cash, hold some
put options to protect gains, be frugal,
and watch out for the bear. Thats what
I say!
-John |
