Most people i know will be nodding along with this article, hollerin out like YEAH and YOUKNOWWHATIMSAYIN or whatever you yell out when you catch someone’s vibe.
Of particular interest is Part 3, where Spiegel goes into the Economic Crisis and lays it down pretty clear and concise, giving us a look at the risks of shunning History:
As long ago as 1936, John Maynard Keynes recognized the risk that “speculation may win the upper hand” in the markets. Its influence in New York, the British economist wrote, was “enormous,” and the situation would become serious “when the capital development of a country becomes the by-product of the activities of a casino.”
It goes through the Bush Administration’s many many … ahem .. miscalculations and gives a projection of a future without America the Bully. They speak of the Fall.
But for me this is the fall of my young talented son; the setback that will make him a man. I will be there for him and help him shake it off. And if vultures come to pick at him in his weakest moment, I’ll be there with an Army of Me.
Are foreign investors vultures? I would appreciate any comments on this:
The wealthy state-owned funds of China, Singapore, Dubai and Kuwait control assets of almost $4 trillion (€2.76 trillion), and they are now in a position to buy their way onto Wall Street in a big way.
But they have remained reserved until now, partly as a result of poor experiences in the past. The China Investment Corp., for example, invested in the initial public offering of the Blackstone Group, a private equity firm, and invested $5 billion (€3.45 billion) in Morgan Stanley. In both cases, it lost a lot of money.
But time is on the side of the Chinese. American stocks are becoming cheaper and cheaper. And the longer the crisis lasts, the weaker American objections to buyers from the Far East will become. In fact, it is quite possible that they will soon be celebrated as saviors.