Archive for March 9th, 2011

Thousands of tired, nerve-shaken, over-civilized people are beginning to find out that going to the mountain is going home;  that wildness is necessity;  that mountain parks and reservations are useful not only as fountains of timber and irrigating rivers, but as fountains of life.
     —    John Muir

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There were only three ways the stock market could keep rising at ten percent or more a year.  One was if interest rates fell and remained below historic levels.  The second was if the share of the economy that went to investors, as opposed to employees and government and other things, rose above its already historically high level.  Or, he said, the economy could start growing faster than normal.  He called it “wishful thinking” to use optimistic assumptions like these.
    —    Alice Schroeder
From her book:  “The Snowball: Warren Buffet And The Business Of Life
[The above is part of a speech Warren Buffet gave at a conference in 1999, where he describes the economy in the middle of the dot-com boom.  It was, in fact, though not intended as such, a prediction of the dot-bomb bust.  Interestingly, the first two suggestions are exactly the course being used by the government today to try to get us out of the current housing depression – job recession.  We have kept the interest rates at an historically low level for almost two years and we have extended the Bush-era tax cuts for the wealthiest of Americans.  It still seems to me, that it is “wishful thinking” this will get us out of our current financial quandary.  And I note that Warren Buffet was against extending the tax cuts.    —    KMAB]

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