>>Technological innovation leads to higher productivity, which leads to wealth creation.<<
Been there, done that! I would argue that we just went through one of the biggest technological innovations in history with the internet - productivity skyrocketed. As usual, the investing public greatly over-reacted, thinking 'things are different' this time. In my opinion , we are on the downside of that 's-curve' and for the reasons I mentioned earlier, I can not see being long term bullish.
There is a good book out there called 'Generations'. The boomer generation is said to be arrogant, self-centered, self-absorbed, self-righteous and intolerant. History tends to go through cycles of 4 generations it is argued. Each generation is about 20 years. 1929 + 80 = year 2009. The same year that Dent and others through demographic studies sees us going into our own next depression of our making. True to form, the boomer has indulged himself in the fruits of the work of the preceding three generations with little regard for 'giving back'.
Just my opinion.
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