I'm not very young, and I don't believe I'm a punk. I also know more shit than you think I do. I have read just about every book out there on Market crashes, recessions/depressions, and financial panics. I'm sure I haven't read all of them but, I will sooner or later. I also watched the movie link you posted below quite sometime ago. And yes, it was very scary. Another neat thing I've done that maybe even someone as educated as yourself might want to do if you haven't already, is go to the library and read microfiche newspaper headlines from this country's past financial crises. Guess what? They are the same headlines that we are reading now...the only thing different is the dates. And by the way, they ALL said 'this one is different'.
I certainly don't have an Ivy League education. However, I'm educated enough to know that history always repeats itself.
I'm educated enough to know that after every large market crash there has always been cries for nationalization, finger pointing and perp walks...never happens.
I'm educated enough to know that Wall Street and our financial system will always find the 'next big way' to make money.
I'm educated enough to know that the inherent trait of the American People's love of money and all things material will always rise above any roadblock that may attempt to keep that trait and desire subdued.
I'm educated enough to know that our financial markets statistically and historically turn back up well before the economy ever does.
I'm educated enough to know that our government always has and always will move slower than our markets and that the markets will correct themselves well before the government can pull itself together to do anything meaningful or for that matter, harmful.
I'm educated enough to know that great wealth has always been made in times just like these by folks who looked past the headlines and the fear and invested in the American Markets when folks like you were running for the door. Think about the wealth that was made by the ones who stepped in and bought the stocks trading at no bid in 1907 and 1929..or the ones that stepped into the market in 1987. Educate yourself and you would know that we are standing in the exact same spot in history right now.
My point is, that we all know this is bad...acutally, it's really bad and it probably will get worse before it gets better. The advent of the information age has amplified this financial crisis beyond all reasonable scope. However, it is foolish to believe that it won't get better and it is foolish to ignore history. Educate yourself and you would know that.
I'll tell you what though...Just to make it fair, get back to me in 5 or 6 years and we'll see who made the most money...Me and my investments in the financial markets and for that matter, Citigroup. Or you, your fear, and gold bars. You can hide under your bed if you want but, I'm going to bet on the side of history. It hasn't been wrong yet.
-Dave-
