Wednesday, October 05, 2005

It will be the mother of all hangovers should Greenspan's successor choose to clean up his mess

Whoever replaces Alan Greenspan will have no choice but to severely contract the money supply if we want to save the dollar, and what's left of the American middle class.

Greenspan ran the Fed like an open bar at a lavish Hollywood wedding.

The dollar's collapse has been so severe legions of younger investors abandoned the equities market for property speculation simply to protect their underlying wealth. Were it not for older dividend oriented shareholders like myself the DOW would be 2000-3000 points lower.

Checked out the housing market in Minneapolis last week when there for the General Mills meeting and a campaign event. Took my breath away to see modest 3-4 bedroom homes on small lots selling for $600, 000 and up in an area with a Central European climate! Here in Northern California those homes start at $1,000,000.

Should we fret about gay marriage when we'll need polygamy to have enough adult earners to carry the mortgages on today's superheated home prices?

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