Vector1, you may have seen Jim Cramers comments at thestreet.com
I think both you and he make more sense than the, "sky is falling crowd."
" I don't want to be glib about this. But our economy is bigger, stronger and better than
Asia's. Period. I keep coming back to a 1994 analogy here. Latin America, led by
Mexico, was collapsing. Big trade partner. Important neighbor. Lots of mutual funds
involved. Lots of debt and equity involved.
At the time I attended a dinner at a major firm. All I heard was spillover, spillover and
more spillover. Everyone was trembling from what was going on in Mexico.
I spoke up and said, hey, no Leonid Brezhnev, no Stalin, no Comintern, no Fifth
Column, no Communist Party-backed candidate. I am not worried; there is not some
alternative to capitalism being instigated. There is no anticapitalist insurrection. People
looked at me like I was some sort of a historian from the Tower. They laughed and
dismissed me.
They were wrong. Capitalism came roaring back, better -- and less indebted -- than
ever.
The conventional thinkers will be wrong again. The same thing will happen when the
smoke clears in Asia. It will be better, more like our economy, less inflationary. I
mean, is there anyone more capitalistic than the Chinese?? Their "Communism"
reminds me of Adam Smith's capitalism at its rawest, most Dickensian form -- and I
don't mean that guy on PBS!!!! " |
