I can’t resist the observation that many financial advisers and professional investors, not to mention financial bureaucrats and politicians in charge of US economy, were self-assuring and content with their inaction as they were watching the economical gauges and technical indicators getting off the scale. Meantime, the wheels of US economy were loosing the air under their butts. Eventually, the wheels come off in the fall of 2008. It’s hard to comprehend that the potential for current situation was not evident some 6, 12, or even 18 months earlier to the “professionals” who should know better, who are paid to know better.
Was it ignorance, arrogance, greed, or all of it mixed together into self-assuring and self-destructive herd mentality? The big picture, long term trends, economic facts and economic context, global perspective and national interests were totally lost and overshadowed by short term thinking, institutional arrogance, and collective greed.
Some food for thought for the future as global forces are rendering the US and US focused investment somehow irrelevant and risky, especially in the long term. Perhaps it’s time to look forward beyond the next quarter and current year, and beyond the horizon … beyond the continent … to identify future opportunities and beacons of prosperity.
Note to self:
Don’t trust the professionals, the consultants, the advisers, anybody, with your money.