I thought this was a great piece on why we should be careful about who we take advice from. Bubbles have a way of making people think things have changed permanently. What we learn down the road is things stay the same but we keep making the same mistakes.
This is why you shouldn't listen to the hype on CNBC! Listen to your own common sense.
3 comments:
I have a preliminary list of music for my possible future YouTube piece on The Great Unwind of 08-09.
But seriously, I bet if the US gets out of this deleveraging with only 'a Japan-like half-decade' market depression, the Street & CNBC-types will be crowing that at least it wasn't as bad as the 30s depression...."And Now It's Morning In America!"
Jeff, what will it take for American workers to reach a tipping point & really change their behavior (or put up with less bizarre 'adjustments' such as this from Cali)?
The Merced Sun Star. “Zack Guettinger’s alarm sounds at 3:45 a.m., bringing with it a cruel reminder that he must drag himself out of bed for another three-hour drive to his job in San Ramon.”
“On a typical day, he drives 200 miles there and back. It’s not a short drive, but as he explained, it’s what must be done.”
“Guettinger, along with other Merced County residents, is willing to trade endless hours on the road for their own corner of the American Dream. There’s a phrase, ‘Drive until you qualify,’ meaning that a Bay Area worker can afford a house only if he moves farther from his job.”
“‘I struggle through every day with the drive so they can have somewhere nice to live,’ the 31-year-old Guettinger explained. ‘I really wanted to get a house down in the Valley for everyone to grow up in.’” http://www.mercedsunstar.com/167/story/258925.html
avl
What will it take to change their behaviour? $7 a gallon gas!!!
Even at $5 a gallon the numbers make no sense.
They may have to drive to Las Vegas now in order to qualify..lol
Great article and I think the same way.
J
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