Rearview Mirror Fun
Please watch this entire clip, and then read the rest of this post. It's starts out kind of boring, but gets livelier.
For those of you not paying attention to the financial news, at least two of the companies recommended by the Pollyanna's have stock prices of zero.
My purpose in posting this video is not to pump up Schiff. At any given time there are thousands of Cassandra's running around screeching their own version of doomsday. A few are always bound to be right.
I sent this to a friend, and he had an insightful comment, which I want to underline. Hindsight is great, and can even provide a few rueful chuckles, as in this case. But what would have been our contemporaneous reaction? Would we have paid attention to Schiff? Would we have been swayed by the dismissive scorn of Schiff's critics?
For those of you not paying attention to the financial news, at least two of the companies recommended by the Pollyanna's have stock prices of zero.
My purpose in posting this video is not to pump up Schiff. At any given time there are thousands of Cassandra's running around screeching their own version of doomsday. A few are always bound to be right.
I sent this to a friend, and he had an insightful comment, which I want to underline. Hindsight is great, and can even provide a few rueful chuckles, as in this case. But what would have been our contemporaneous reaction? Would we have paid attention to Schiff? Would we have been swayed by the dismissive scorn of Schiff's critics?
Labels: Financial Debacle, Herd Mentality
posted by Jeff Burton at
5:00 AM
5 Comments:
I did listen to him beginning last year. I don't have much money but what I do have I managed to save from all of this (so far).
It's not wise to listen to all of the doomsday predictions, but when someone says the world is going to end and then calmly and logically explains why, you should at least give them consideration.
By
Scott Nehring, At
November 24, 2008 6:57 AM
I didn't listen because I don't watch television.
By
Jeff Burton, At
November 24, 2008 7:40 AM
That's probably because it's hard to see from up there on your pedestal.
By
Scott Nehring, At
November 24, 2008 8:10 AM
I've been telling friends that this economy has been inflated with mortgage debt for the past 6 years. After the Tech Bubble there were cheap equity mortgages, and people were taking money from inflated home values to make up the difference with stagnating incomes.
I've seen half my value shed in my 401K. Knowing that the bubble will collapse is far far different than knowing _when_ it will collapse.
By
thudhead, At
November 24, 2008 9:51 PM
Fox News, huh? That's definitely the best place to go for your hard-hitting, totally factual stories.
Or maybe not.
By
Anonymous, At
December 3, 2008 11:12 AM
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