Good Afternoon Folks!
A little housekeeping. I am on a business trip until the end of the week so I won't be back on until this weekend. I may tweet and make a few comments over the next few days on here via my Blackberry.
Good luck with your investments!
I wanted to put up this excellent video from Vanguard today. This was a follow up to their "Lost Vegas" video which I shared with you a few weeks ago. The reporting in this video is superb.
Although a lot of it is pretty grim, the end of it gave me some hope. I think we could all use some of this as we sit here and suffer as a result of this historic downturn.
In this episode, Vanguard flies to Argentina in this piece and discusses their 2001 collapse with the people who suffered through it. Argentina saw 20% unemployment and 50% of their citizens ended up living below the poverty line as a result of their crushing 2001 economic collapse.
What was striking to me here was the distrust that the people have even today in the countries banking system. Many still refuse to put cash in the banks. Stuffing money under the mattress is the norm after watching their life savings in 2001 get devalued to nothing after the government converted all of their bank holding's into Peso's.
I must admit, this part of the video made me seriously think about heading to the bank and taking out some funds.
The take home message here is Argentina found ways to survive and recover despite being abused by their corrupt government. I am sure Americans will learn to do the same(that is if they can turn off American Idol!).
Enjoy this excellent piece of reporting!