Also written by this author, "The Next 100 Years for Lehman Brothers." David Elias, who had the misfortune of writing this book back in 1999, couldn't have foreseen the plague of dropping stock points we're now facing, could he? My favorite quote is from this review of the book on Amazon:
To a growing number of analysts, it's not a question of if the Dow Jones Industrial Average will blast into the financial stratosphere, but how high it will go.Whoops.
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Well, it might reach 4000, maybe that's what he meant.
Ah, 1999. When the only thing we had to fear was every PC in the universe resetting itself.
Y2K, how we long for that crisis.
Does that mean the current crisis is ALSO not as bad as the media hype would have us believe?
Please.....lie to me.....
Let's party like it's 1982. Gonna get some VH and some GoGos out. Maybe check out Fast Times at Ridgemont high or something. That recession was a boon for artistic achievement (sp).
401Ks and other stock investments should come with the following disclaimer:
"Warning: Ponzi Scheme! YOU ARE SPENDING REAL MONEY FOR IMAGINARY MONEY! Your ability to make real money requires other people to buy your imaginary money!"
KBK, our "real" money is just as imaginary as anything else. One could say that since buying a stock means you own a small percentage of the company, that our "real" money is a whole lot MORE imaginary than any stock.
Fiat money is currency that cannot be redeemed for a commodity with intrinsic economic value. Fiat money only has value by government fiat, or decree. Thus, fiat money holds its worth only as long as users believe they will be able to exchange it for goods or services.
Even should the government decide to not longer honor its Fiat money, I can still sell my bit of the company I own for Bottle-Caps or Gold or Silver... Whatever is passing for money. The paper in your pocket is worth a politician's promise. I swear if you use a magnifying glass you can see the words "Parker-Brothers" written on it real small.
And SO... It's not the end of the world. This is a bump in the road. Unfortunately, we might have to go like an alcoholic and hit rock bottom before we understand that we need to change our behavior. For this to truly be the end of the world, we would have to have another nation rise and take our place. There is still as much "real" stuff being grown, made, etc... If no one else consumes it, then we will. The end will be when China can not only outbid us for the gasoline, but can exert the political pressure to be the first in line to buy.
America rose out of Europe's downturn after WWI and WWII, so lets just avoid getting embroiled in a costly war that is sapping our... Aww... Crap.
Right E.
It also gave rise to hair bands (poison, bon jovi, warrant) and Bobby McFerrin.
If we get another 1984 and Pheobe Cates out of this, it'll totally be worth it.
That looks like someone tried to do a book mashup Dawn of War 40000 with wallstreet :)
DOW 40000 (strategy tabletop and pc game)
Lost,
you're absolutely right, but I couldn't get such an in depth analysis in a quippy 1 liner.
Its all imaginary people.