Rioters in the Pool and Wall Street
The inner-city youths get classier and classier: Armed security guards have been posted at public pools in Buffalo after a lifeguard was pulled into the water by rowdy teenagers and other unruly behavior prompted safety concerns for parks employees. * * * * * * * Wait a second. Delete that last comment. It looks like racism paranoia is on the rise again: First Lady Michelle Obama brought renewed energy to the NAACP today, delivering the keynote speech at the annual convention one day before the nation's largest civil rights group is expected to condemn what it calls racist elements in the Tea Party movement. Here's a subtle observation: If you're a black first lady, racism isn't much of a problem. I'm not saying there's no racism. I am saying that it's more of a smokescreen and a detraction than a real issue anymore. * * * * * * * So you think the market is safe and the institutions know what they're doing? Put this video from Barron's in your pipe and smoke it: A recent study showed that five-star Morningstar funds didn't beat one-star funds over the last decade. Morningstar disputes the studies (shocker, shocker). * * * * * * * With such uncertainty, you're nuts to dismiss anybody but the absolute nuts. I don't think Robert Prechter is nuts. A little odd maybe, but not nuts: and he's forecasting Dow 1,000-3,000: a potential 90% drop. From the NYT. For a corrective to this, consider Rich Karlgaard at Forbes' response to this "howling insanity." He appears to think bears are just capitalizing on the moment by exaggerating the situation in hopes of selling books and increasing lecture fees. I gotta admit, the same thought crosses my mind frequently. Then again, Karlgaard admits that he didn't see any of this mess coming, which indicates he's ignorant of Austrian economics. The Austrians saw this coming and they seem to have the most common-sensical grasp of economics. I'm taking a leap of faith with the Austrians, but I gotta take faith in someone, so I'm with the Austrians . . . with a hedge of non-Austrian-invested money just in case.
