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View Diary: Whither Goest Thou, Stock Market? (184 comments)

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  •  He hasn't been through a depression... (0+ / 0-)

    he's not old enough.  I hope Buffet is right too, but I think he's not.

    •  Actually, he is old enough (0+ / 0-)

      although he was a kid for the first one.  

      He was born in 1930, right in the great depression, and he got interested in finance at a very early age.

      But I would bet substantial sums that he has studied the great depression, and other depressions.  

      Most people worry about their own bellies and other people's souls, when we all ought to worry about our own souls, and other people's bellies

      by plf515 on Wed Dec 03, 2008 at 07:53:35 AM PST

      [ Parent ]

      •  I think that he likely has studied... (0+ / 0-)

        the Great Depression--but then so has Greenspan and Bernanke.  I don't see them coming up with any brilliant plans to save the economy.  Greenspan admitted not long ago that the economy was running out of control.  The economy is a chaotic system and there are often unpredictable and unintended consequences to every action.  It should always be remembered that economics is a SOCIAL science--an concept often lost in the charts and graphs and technical analysis and jargon.  The economy is the sum total of "economic activity" on the parts of the human beings who conduct a role in it.  This is uncharted territory that we are presently in.

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