“Doesn’t everyone who is capable of long division now realize,” continued Ebenezer, raising his voice, “that nothing beats investing in stocks over the long run?” “And has it not been shouted from every newspaper headline… every news report… every internet chat room… and every conversation between even the most casual passers-by at even the most ill-informed and down-market drinking establishment in the most remote and out-of-touch region of the country? “And has not the bull market been a fact of life for nearly two decades? And hasn’t every dip turned into a buying opportunity?” “Yes… but…” replied the second before being interrupted. “And do they not accept small amounts?” demanded Ebenezer. “Well, of course…” the first began to reply. “Many people,” added the second, “the poor unfortunates, invested their money in dot-com stocks… or the Big Techs. “We thought that, given the spirit of the Christmas season,” said the leader of the two, “perhaps you could spare a farthing for the poor, the destitute, and the needy.” His musing to himself was interrupted by the entrance of two gentlemen, who introduced themselves quickly and proceeded to divulge the purpose of their visit. “If I could work my will, I would have every idiot who goes about with ‘recession’ on his breath forced to watch Wall Street Week and read the editorial pages of the International Herald Tribune.” “What reason is there to worry?” he asked no one in particular.
Of course, there were some – such as his old associate Bob – who said that Greenspan couldn’t do it… that merely reducing interest rates wouldn’t work. Ebenezer could remember his exact words: “The Committee will continue to monitor closely the evolving economic situation.” It sounded like mumbo-jumbo. The old Ayn Randite jazzman had said as much. He had seen him on television not long ago. Not only that, he still had the power to flood the economy with cash… and lift stock prices.Īnd Ebenezer knew it. For even a nail continues to provide good service after the spark of life has gone out of it.īut Alan Greenspan? The Fed chief was still alive. Nothing is as dead as a computer without power. Not even God himself… but that is another story.
Not even as dead as a laptop computer after the power goes out – not even John Maynard Keynes is that dead. Not dead as a doornail, nor dead as a door knocker.
Ghost of christmas past series#
Today we kick off a special three-part Christmas series that Legacy cofounder Bill Bonner originally penned in 2000… about a trio of ghostly visitors… That’s why this week we’ve been revisiting this year’s best insights from the Legacy team on the market megatrends we follow.īut for the next three days, we’re switching gears. Chris’ note: Happy holidays from all of us at Legacy Research!Īt The Daily Cut, our mission is to put you ahead of the big moneymaking trends shaping the markets.
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