All I did was listen to the fates; I blew up the United States! – Was Not Was
I received this email from a reader this morning; I've boldfaced some of it:
We all know you are ultra-bearish, but today you said "it is the result of the
Bush/Bernanke/Paulson plan that will, in my opinion, bring the current
embodiment of this country to ruin."So while I'm sure you're planning on making boatloads of money in the
downturn, if the country is going to lie in ruin, what good will it do you? What
do you see coming out of this forthcoming recession/depression? Do you plan to
just throw all your profits in Euro's and skip off to Switzerland? I'm just
trying to figure out what your mindset is if you truly believe that the
forthcoming downturn will cripple the entire country.
Let me say at the outset that although 2008 has been far and away my best trading year ever, I am not immune to the Recession/Depression.
- The vacation property I bought in 2006 has probably lost nearly half its value;
- My residence – which not long ago probably could have fetched nearly $5 million – probably will bottom far, far beneath that peak price (were I a single fellow, I'd have sold it a while ago, but I bought the house long ago cheap and, frankly, we're happy here);
- My incentive options are down about 90% in profits from a year ago
So don't get the idea that I'm just dying for the U.S. to burst into flames. I used to really love what this country was about, but we have strayed so far, and been so foolish, I think we're basically suffering from the sins of those that gorged themselves on completely undeserved riches (look at this morning's front page of the New York Times about the billions in bonuses paid to investment bankers based on profits that were never really there).
I think this is all about the "Kill the Messenger" phenomenon so common in humans. I don't like the fact the U.S. is past its prime; I don't like where the economy is heading; but as a relatively intelligent person, I try to observe what is around me and base my decisions on those observations.
Just to be clear, I do NOT consider this a "jerk email" like I get from time to time; the person writing it genuinely wanted to know my opinion; he was not bashing me. But I thought I should respond to the group, lest some of you think I get excited about the ruination going on around us.
My duty is to the protection and well-being of my family. Not to you. Not to the country. Not even to myself. So I will continue to observe, decide, and act to the best of my ability.
