Thursday, January 31, 2008

“Brownie, you're doing a heckuva job!”

I know nobody remembers any of the previous housing crashes, so let’s stretch our memories back to 2005. Remember when, during hurricane Katrina, President Bush praised the incompetent former horse show organizer whom he put in charge of FEMA with the immortal words, “Brownie, you're doing a heckuva job”? As they were doing their back slapping and press conferences, people were drowning in their attics for lack of any sensible federal response from the federal agency whose sole purpose was to help people in disasters.

Well I have a plan. When our “hard workin’” president says, “Bernanke, you’re doing a heckuva job,” I’m cashing in all of my worthless dollars for the relative stability of the Argentine Peso, and I’m heading south.

My tone has a bit of doom and gloom because I just read an interesting article online by Fortune, entitled “It’s going to be much worse,” where former partner of George Soros, Jim Rogers, says, "Bernanke is printing huge amounts of money. He's out of control and the Fed is out of control. We are probably going to have one of the worst recessions we've had since the Second World War. It's not a good scene."

As we’re all painfully aware, the Baby Boomers were born after WWII when every adult in the country decided simultaneously to create the most Spoiled Generation ever. That means that Jim Rogers is predicting the worst economic crisis in the Baby Boomers' lives. Gee, I hope none of them panic and start selling their tanking real estate and stock portfolios all at once.

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