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« Airport insecurity | Main | Close to home »

Oct 31, 2008


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Fred Gregory

Not to worry. Milk and honey for everyone.

Happy Days Are Here Again


At least he says stimulus should be towards productive investment. Some fundamentals have been ignored during both the housing and dot-com booms. Investment spending is spending that will yield you something in the future. Installing granite counters, wood floors, building flashy websites and buying ad time for the super bowl is not the same as building roads, factories, software, laying optical fiber, or performing basic research. Consumption spending is not the same as investment spending, and we've too far swung to consumption.

This is along the lines of speculation vs. investment, which pretty much boils down to short vs. long term holding. If you are only counting on someone buying your 'investment' for more than you paid and you aren't counting on your 'investment' paying off what you paid, you're speculating.

Robert MacNaughton

I suspect Noriel's analysis is incomplete to the point of it being just wishful thinking.

From more informed sources than myself I have read he discounts the reality of resource depletion.

But that 'Woot' can still be useful - as we continue on the backside of crude production.

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