Friday, March 20, 2009

 

Under 35? Hurray for the meltdown!

I'm not but I am close enough to realize that the next few years will be the buying opportunity of my lifetime. Dow 50,000 by 2040, count on it.

But to think stocks will never recover is kind of ridiculous. Yes, there are some doomsayers who are predicting the end of the financial world, with a complete worldwide collapse. But there have always been folks forecasting financial apocalypse, and they've always been wrong.

Like me, I have been bearish since the early 1990s. Yes, I was way to early but I did see the overleveraging which existed even back then. Once we unwind that debt, and we are a long way to doing that right now, the U.S. economy will continue to be an engine of growth based on the simple fact that the U.S. has economic freedom in spades. (I am counting on the American people coming to their senses about BHO's destructive economic policies.) So keep some money on the side in case we do head down to Dow 2000 but keep on investing a little each month and your golden years, Gens X and Y will be wonderful.

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