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Friday, August 17, 2007 10:32:57 PM
On your positions in the market I agree with your analysis. I have been saying the US no longer drives the world economies. There was an article today (I believe on Yahoo) stating since 2000 the US economy will not take down the rest of the world when it slows up like it did prior to 2000. We are a declining nation. With all of the debt what do you expect. We had to package it up like quality investments and unload it to the world. A guy just told me it is like a computer virus. It gets into your system and spreads everywhere out of control. As another person put it, the world does not like us for the war and now they have another reason to not like us do to all of the junk investments we have spread throughout the world. I think this subprime deal will diminish Wall Streets influence in the world.
On the dollar you are right on. I know the Feds are between a rock and a hard place. The problem is the big financial guys always knows the Feds will bail them out. It is sad that the home owner and small businesses will go out of business while the big boys still will make their billions. (I believe article in NY Times today pointed it out)
I remember as clear as yesterday about 25 yrs ago GM sent me to a competitive marketing seminar at Wharton business school.
One professor from Harvard stated that the Feds do not care if they wipe out 100k auto jobs or 100k steel jobs but they care about the financial markets. Boy to this day he was right on the mark.
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