http://online.wsj.com/public/article_print/SB121521029377229405.html Pretty scary stuff assuming this guy knows what he speaks of.
"Buffett once told me there are three 'I's in every cycle. The 'innovator,' that's the first 'I.' After the innovator comes the 'imitator.' And after the imitator in the cycle comes the idiot. Which makes way for an innovator again." "So when Mr. Forstmann says we're at the end of an era, it's another way of saying that he's afraid that the idiots have made their entrance." Yeah, Bush & Co. along with his imbecile supporters. ET is full of these imbeciles, that's why the quality of the site has gone to hell.
It is so tedious when you see these puffed up predictions for even worse disaster than the recent financial meltdown which wasn't seen coming by journalists, analysts and assorted gurus, in the first place. This article also quotes a 1988 prediction, thats 20 years ago, which is meaningless. You have to flag up a coming storm just when its set to blow. It might then have the immediacy to be a relevant and useful warning.
This article is just stating the obvious. A lot of us have been saying this for about 8 years. We have been waiting and praying for the majority of this country (USA) to wake up, so we can end this nightmare. I only hope we are capable and willing to change course before it is too late.
What was their first clue? the fact that mortgages are selling for 5 to 20 cents on the dollar?? "Credit Crisis To Worsen Dramatically, Taking Down Wall Street" DUH LOL
So long as you have cleared all debt and are sitting on a war chest of cash ready to help out when the bottom comes, then the most important person has listened ... namely you regards f9