Obamateurism of the Day

btw, who’s still in the mkt? No one wants the dollar.

The only thing we have to fear is our own black hole debt, not fear itself. Obama skewered whatever chance TARP was supposed to have to stabilize the dollar. Given the oncoming raging storm the dead dollar brings, I understand it’s time to transfer paper investments into affordable tangible substance rather than equivalently staying behind in New Orleans oblivious to official warning given the impending Katrina “perfect storm” scenario.

maverick muse on August 19, 2009 at 9:04 AM

I am NO FAN of this administration’s mgmt of the dollar. And I’ve been worried about the prospects for future hyperinflation myself. But lately I’ve come to believe that we may re-visit March lows, or worse, and feel that for the time being, the dollar will again be seen as the safe haven currency, and that commodities and other assets (real estate included) will fall lower. If/when they do, if one has some cash, there may be an opp. to buy something at an even cheaper price than today. IMHO.

JiangxiDad on August 19, 2009 at 9:18 AM

10:12 am. so far my stock mkt prediction was crap. Just bein real…

JiangxiDad on August 19, 2009 at 10:12 AM

After the ’29 crash things seemed to stabilize. By the middle of 1930 all of the economists of the day predicted that the worst had been avoided and growth was just around the corner. The stock market had recovered to early 1929 figures and it appeared that we had stared into the abyss – but had “saved ourselves”. Among them:

“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.”
– Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929

“I am convinced that through these measures we have reestablished confidence.”
– Herbert Hoover, December 1929

“[1930 will be] a splendid employment year.”
– U.S. Dept. of Labor, New Year’s Forecast, December 1929

“For the immediate future, at least, the outlook (stocks) is bright.”
– Irving Fisher, Ph.D. in Economics, in early 1930

“…there are indications that the severest phase of the recession is over…”
– Harvard Economic Society (HES) Jan 18, 1930

“There is nothing in the situation to be disturbed about.”
– Secretary of the Treasury Andrew Mellon, Feb 1930

“The spring of 1930 marks the end of a period of grave concern…American business is steadily coming back to a normal level of prosperity.”
– Julius Barnes, head of Hoover’s National Business Survey Conference, Mar 16, 1930

“… the outlook continues favorable…”
– HES Mar 29, 1930

“… the outlook is favorable…”
– HES Apr 19, 1930

“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.”
– Herbert Hoover, President of the United States, May 1, 1930

“…by May or June the spring recovery forecast in our letters of last December and November should clearly be apparent…”
– HES May 17, 1930

“Gentleman, you have come sixty days too late. The depression is over.”
– Herbert Hoover, responding to a delegation requesting a public works program to help speed the recovery, June 1930

“… irregular and conflicting movements of business should soon give way to a sustained recovery…”
– HES June 28, 1930

“… the present depression has about spent its force…”
– HES, Aug 30, 1930

Notice anything similar to the pronouncements of Krugman, Cramer, Kneale, President Obama, Geithner, Bernanke and dozens more?

JiangxiDad on August 19, 2009 at 10:20 AM

TXUS on August 19, 2009 at 10:30 AM

I found this book on investing during a depression to be a pretty good read, and had some interesting advice and observations.

JiangxiDad on August 19, 2009 at 11:22 AM