Will taxation of the next presidency destroy what is left of the debt ridden economy?
*Dow Theory Letters, by Richard Russell, August 28, 2008:
"I was talking with a knowledgeable old friend of mine yesterday,
and it went like this, 'My God, what Alan Greenspan did to this country
and the world is unbelievable. He purposefully blew up housing into the
greatest bubble in history.' Why did he do it? Probably, so he could
leave the Fed amid a boom that he, the mighty Alan created. Greenspan
claimed that one could not tell when a bubble was in formation. Really,
then why did he warn about 'irrational exuberance' back in 1999? In
fact, at one point Greenspan even recommended variable-rate mortgages
for home buyers. Real estate is collateral for everything. Greenspan
instead of being 'the world's greatest central banker,' turned out to
be one of the worst menaces in world economic history. As subscribers
know, I never liked this little ego-driven pipsqueak at all -- from the
beginning. The Maestro is actually the menace!
Note -- have you noticed that both Russia and Iran are now defying the
US -- literally spitting in our eyes. This never would have happened
twenty years ago. The world now views the US as a chronic borrower, a
paper tiger. Obama might address this instead of all his blabbing about
change. The only change I see Obama bringing about is higher taxes."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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