“The country people have no bread.”
Oh well, another great quote that may not actually be a quote. This is the third or fourth time recently that I looked up a quote and found someone disputing its historicity. It is a great quote, none the less.
If this conversation occurred at all, it could have come from a sense of desperation or been said in jest or cruel mockery. It could also have come, as I always supposed, from a deep ignorance of the severity of the plight of the common man. It could be that the unnamed princess thought she had found a brilliant solution to a problem no one else could solve.
The big stuff is really not that big of a deal
It is also possible that she was far wiser than we are and saw that what we think of as a huge life-changing event that will forever change the course of history will in the end be forgotten nearly as quickly as a piece of cake.
I have read and heard more than I care to about “the big crash.” This is really no big deal. We have not had volatility like this in years, but a stock market that works like a savings account is the exception not the norm. Stocks are supposed to make huge gains and huge losses. That is what makes the stock market fun. That is how you make money on Wall Street. Buy low – sell high.
You cannot buy low, though, if the prices never come down to even a fair level, much less, a reasonable low. I was pleased for a day to see the Dow drop 7%. That did not last long, though. We made back most of that today. Those on the wrong side of the market (the majority as usual) will think I am crazy to expect a more reasonable 8,000. That is where it should be, though. If we cannot drive the price of stocks back down to where they belong, we are going to have a lot of inflation to catch up on.
But in the long run, and this case we are only talking about 5-10 years, the events of this year are going to be a paragraph in the history books, and only historians like me will care. The lessons of 1929 have been long forgotten and soon the lessons of 2008 will be too.
The good news
When life hands you a lemon, make lemonade. I did that today and the results tasted great.
What are you doing to make the best of this Great Opportunity?