Thursday, February 26, 2009
Wake Me When it's Over?
Most people I know and care about are currently in an enormous state of denial about the catastrophic economic upheaval in the world.
They walk around with their hands over their ears, their eyes fixed straight in front of them, the cliff face about 100 yards ahead, and keep saying nah-nah in a loud and piercing scream.
Even when faced with zero value portfolio statements from their broker/advisor, they refuse to listen to the advice they've asked of me and others who are a little more awake to the burgeoning crisis. Convert to cash? Convert to a 1% GIC? No, no, they bleat, the markets will pick up. I've already lost a ton, I can't afford to lose any more. Duh, I say. Duh.
Don't ask me then. Don't ask me what you should do about your house now worth $250,000 with a mortgage of $300,000. Don't ask me about the bargain of an SUV on the dealer's lot.
No, no, they say, hands over their ears again when I mention supermarket aisles with empty shelves, it's only temporary.
I hear of continuing unrest in Europe and read in the Irish Times a devastating article from the country of my birth and where many of my family still reside, all dismounting or been thrown from the Celtic Tiger that has stumbled and fallen and needs to be shot and put out of its terminal misery.
The province of Quebec has posted a loss for its provincial pension plan of 40 billion dollars (some sources say it's actually 46 billion). What do these pensioners live on now? It seems like no sacred financial trust was immune from drunken bankers crapshooting in Vegas with their retirement money.
Each day brings fresh reports of more misery, more losses, more fraud, more economic turmoil.
But hey, wait a minute: I read of a new industry that is doing incredibly well in the U.S. and growing in leaps and bounds:
Yes, the Trash-Out Industry, they go in on behalf of those drunken bankers to clear out the sad remains of the broken dreams of foreclosed houses.
This is the newest growth industry. Invest in that for high returns. If you can stand the stench. I know I couldn't.