Thursday, April 10, 2008
Greenspan is among the smartest economists in history, including Adam Smith, Milton Friedman, and Thomas Sowell. Dr. Sowell frankly states that any criticism of Chairman Greenspan comes from a position of sour grapes! I concur.
What the hell do you know about economics, especially commodities investing? I have been on the street for over 20 years and I know to stay away from commodities, a zero-sum game that is virtually unregulated. To wit: all the moron commercials to the general public pitching investing in gold. Gold is high for only one reason: speculation. As you know doubt do not know, Gold and Oil are POSITIVELY correlated. In yesterday’s WSJ, the price of oil was openly stated as having $50 to $60 of speculation built into the price.
I concur with Greenspan, that the coming correction in commodities is going to make the sub-prime mortgage market look tame! How long can a centrally planned ecomony like China continue to grow and how much are they hiding from investors/economists. With the Oympic games coming to Beijing at the end of the summer, a very bright light will be shinning on China’s overinflated success. When American companies like GE and Caterpillar begin scaling back their China operations, the house of cards is likely to be exposed.
You are the worst type of client any REAL investment professional stays away from! Why, because you think you are so much smarter then us bean-counter/Economist/finance types. Guess what, you are wrong! I suggest you pick up a copy of Dr. Sowell’s Basic Economics before you attempt to criticize the master. Have you read the Chairman’s book? He provides a very accurate and honest assessment of his life’s work and applies a hefty amount of self-examination.
Thomas J. Zaleski, EA RIA
Thomas Capital Management, LLC
(Try purchasing a real internet address. Anyone who uses Yahoo cannot afford one; therefore,…………..)