ok everybody. inspired by mccutcheon's stories of hard times in the country club, i promised some opinions, some information on what rich people are doing -- how they are reacting to the war and what they think about gwb.
here i go.
(but first, perhaps i should tell you that i am responsible for investing and administrating a not big sum for family and friends for the past few years. therefore i subscribe to all kinds of financial newsletters. i find that the more expensive they get, the less jingoistic they are.)
in the next few days, i will try to provide some examples that support my thesis: that the smart money is very, very pessimistic and is giving up on bush and on the u.s.
for today, here is only a typical off-the cuff remark.
source: realmoney.com
author: tero kuittinnen (i admit, he is a foreigner; i'll try to get u.s. voices in the future)
"England had been the most tenacious bourse in Europe, but it's pretty much falling apart today. Rumsfeld has apparently finished burning bridges with continental Europe and alienating Turkey -- he has now switched to destroying Tony Blair. Last night Rummie slapped down Blair's personal sacrifices and indicated England isn't actually needed for fighting in Iraq. The Footsie is dropping more than 3% as the domestic turmoil in England spikes up. The fall of Blair's government has now entered the English betting parlours -- it has finally become a real possibility this week. Of course, there is no serious discussion in the American media about the havoc Rumsfeld creates. The global disarray is firmly attributed to foreign evil weasels. US journalists are busy asking questions like “How does your faith sustain you, Sir?� as Rumsfeld sabotages his last major ally. America has sealed itself inside a media bubble that shuts out everything but messages of how dangerous and faithless the rest of the world is. It's a grim stage for global business as we move inexorably closer to full-scale trade wars. And that in turn will close the circle that started after Depression -- we moved from protectionism to free markets and now we'll swing back."
the smart money
the smart money
Helene Meisler and and Bill Fleckenstein are my favourites. Bill and I feel the same way about the market, Greenspan and the economy. Pessimism is the only option avaialble to us right now. Keep 'em coming Martino.