There are plenty of talking heads, and they almost all speak about catastrophe. They throw out "recession," "inflation," and "crash" as though they were absolutely foregone conclusions. The dip of October 19th was far more the consequence of some stupid mid-level employee of Caterpillar and the host of talking heads that grabbed on to references to "recession" than the fundamentals and the credit worries. The economy has problems, some quite serious, but they are not on their own sufficient to overwhelm the markets. It is the likes of us -- the children who panic at the slightest whisper.
It is into this environment that the Grown-up, Ben Stein, comes out as one of the very few sane voices of our time. I have come to appreciate this man more and more. He is not the typical car salesman on Fast Money or Squawk Box. He is the real thing.
His article in the NYT is not just comforting, it is realistic and logical. It is a great relief in the midst of all this noise and silliness.
http://www.nytimes.com/2007/10/21/business/21every.html?ref=todayspaper
Comments
Terry Powers
October 22, 2007
Ben Stein is always late to the game. Use him as a contrarian indication. He also denies global warming - losing his credibility on everything.
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