[groanup]

Thanks for posting this Richard. It's enjoyable reading. I do, however, get the impression that you would find excesses in the economy if everyone in America had nothing more than forty acres and a mule.

[arete]

Thanks for posting this Richard. It's enjoyable reading. I do, however, get the impression that you would find excesses in the economy if everyone in America had nothing more than forty acres and a mule

Well, you and I are looking at the same situation and coming to entirely different conclusions. I don't always see excesses, but I hope that when they are present, that I recognize them. Right now, it sure does look like we are in the debt bubble, housing bubble and stock market bubble due to the massive liquification efforts of the FED and government. Common sense tells me that when FNM is pledging to finance ten of thousands of homes for low income no money down high risk "buyers"; or, when auto dealers are begging "buyers" to take new cars off their hands with no money down, no interest, and no credit check on 84 mth financing progams, that there just may be some problems in the system. I'm still old fashioned and traditional enough to believe that you can't borrow and spend your way to prosperity and that there still isn't any free lunch. On the other hand, I could be wrong and maybe Alan Greenspan is an economic magician who can create real wealth out of thin air.

Richard W.

[Tauzero]

"I do, however, get the impression that you would find excesses in the economy if everyone in America had nothing more than forty acres and a mule."

If the 40 acres were priced higher than all of Japan and were purchased with a 75-year mortage.... ;)