Greed

Here’s a pet peeve of mine. It’s when people are angry at the duplicity and greed of corporate CEO types because they blame them for wiping out their stock portfolios. This was in the Merc this weekend, interviews with people about how they’ve dealt with the downturn. This one woman was saying how the stocks she had been counting on for retirement were now worthless and she was angry at the greed of those CEOs. And she notes she’ll diversify more in the future.

I’m not saying what those corporate types did wasn’t wrong but geez, the hypocrisy. Every major stock index is down, but the people who were really wiped out are those who invested in high flyer stocks. In other words, they were being greedy, trying to get rich quick instead of properly diversifying. And when it bites them back they blame the greed of the corporate types. Please. You get what you pay for.

Speaking of economics, stuff I know nothing about, I dunno about Dave’s production vs. consumer thing. Again, I don’t know anything, but I get weekly economic reports from Vanguard and it looks to me (superficially) that consumer spending isn’t down like everything else. But yeah, I don’t know anything about this.

I’ll tell you what I’m worried about. Consumer debt. I know this economy is founded on credit but the level of consumer debt in this country is ridiculous, and I don’t see how it’s sustainable. It’s troublesome to me.

The next crash isn’t gonna be Cisco. It’s gonna be housing. My claim. I dunno, it might be related to the consumer debt thing.