We Are Chasing Our Tails

The stock market is in a tail spin and we have all kinds of experts on the TV screens and on the radio talking out of their hats. As I gathered from Alan Greenspan's book - Irrational Exuberance - former Treasury Secretary Robert Rubin did not believe that federal officials should talk about the stock market in public. His reasoning was that, to quote: "First, there is no way to know for certain when the market is overvalued or undervalued; second, you can't fight market forces, so talking about it won't do any good. And third, anything you say is likely to backfire and hurt your credibility. People will realise you don't know any more than anybody else". Need I say more? There is no bigger truth than the above quoted statement. All the "experts" do not have an idea how to solve the economic malaise the United States is in at the moment. For years it was the common belief that the very rich were rich because they were smarter than the poor. Now we know one does well depending on circumstances and opportunities provided by friends in high places. When things do not however work out well the way they are supposed to, every one ends up spinning like a dog chasing its own tail!