Templeton feeling bearish -- Economic Commentary

HeraldTribune.com ^ | 10/16/03 | MICHAEL BRAGA

[arete]

"I wouldn't call it fascism exactly, but a political system nominally controlled by an irresponsible, dumbed down electorate who are manipulated by dishonest, cynical, controlled mass media that dispense the propaganda of a corrupt political establishment can hardly be described as democracy either." -- Edward Zehr

"Fascism should rightly be called Corporatism as it is a merge of state and corporate power." -- Benito Mussolini

Richard W.

[Sam Cree]

As far as I can see, corporations can be in bed with either the Democrats or the Republicans. Although, I guess that's the point.

I'm feeling a little cynical myself these days.

[all_mighty_dollar]

from google -- using "John Templeton citizenship"

John Templeton Foundation :: Sir John Templeton :: Sir John in ... ... Templeton renounced his US citizenship and became a ... that he must have brought to the clients of his investment-counseling company, Sir John suggests that a ... www.templeton.org/sir_john_templeton/wired.asp - 11k - Oct 15, 2003 - Cached - Similar pages [ More results from www.templeton.org ]

"Templeton renounced his US citizenship and became a British subject in 1968. With the same tone of irrefutable common sense that he must have brought to the clients of his investment-counseling company, Sir John suggests that a patient, highly diversified approach to religious truth will produce the best results over the long term."

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So why is everybody so in love with him??

He sold his company after he moved offshore for $80-100 million IIRC, I wonder if that saved any cap gain taxes?

Does that make his opinion even more succinct? or, has he placed a bet against US? a Soros buddy? or his he just trying to influence or change W's policy cuz it 'bugs' him as not financially 'solid'?

I used to watch him on W$W as my hero, but after I read that & caught a mumbled response to a question asked him on W$W on this issue, I now recognize his genius, but not necessarily his patriotism. Not that I won't do the same if I were to work so hard.

Just read a Newsmax article from 2001 where it says he sold for $900 million & set up a $800 million foundation so I assume he kept $100 million for personal 'mad money'?

[arete]

What if Sir John is apolitical? . . . afterall, I don't ever remember him commenting on any political matters. He only did what he wanted to do after he retired -- he moved to an island paradise. I don't necessarily think that you can make too much out of that one way or the other. Patriotism? Well, one man's patriot is another man's evil-doer. Too many people think that patriotism is forced groupthink and mindless support of "country". That, of course, isn't the case.

Richard W.

[razorback-bert]

The number of ads touting lending services is staggering.

Ditech,Mr. Payroll,agimoney.com,local banks and credit cards
bombard me with spam, telemarking,junk mail,radio and TV ads.

There appears to be more money supply than customers willing to buy.

Anyone beside me, remember the tight money of the 1970's, when you had to beg your banker, while pledging your first born, wife's mink coat and other worldly goods to get a loan at 18%?

[arete]

The number of ads touting lending services is staggering.

Financial cannibalization. The only way to keep the wheels on the economy and the banking system is to parabolically increase debt and spending. No debt and spending increase, and the illusionary recovery becomes a fond memory. Can you imagine if auto dealers and homebuilders couldn't offer no down payment and low or nonexistant interest rates. The ponzi scheme would collapse overnight.

Richard W.

[Starwind]

There appears to be more money supply than customers willing to buy.

Yep. We may be approaching the limits on debt service. I've been trying to figure where falling discretionary income private, corporate & govt (tax receipts) crosses rising service on debt private, corporate & public, but can't find much.

[Orangedog]

Oh, the wonderful '70's (ACK!). I was just a runt then, but yeah, I still remember that along with the double-digit inflation, rocketing gold and silver prices, gas lines, my parents bitching because gas went from about 35 cents to over a dollar, President Peanut and his damn sweater on TV...and the clothes...Ye Gods, that was the most embarrassing part. Now my teenager thinks that bell-bottoms are cool. I tried to explain to her that we spent the entire decade of the 80's trying to pretend that the 70's didn't really happen.

At least there was some kind of lending sanity left during the 1980's. Well, maybe it wasn't all that sane, but it looks more rational than the drunken sailor style lending we have now. I remember that catch-22 of not being able to get credit because I had no credit history. We're a long way from those days.

[wardaddy]

He didn't stick with us. He renounced his US citizenship in 1968 and became a Crown subject.

He is however quite bright and accomplished and if all the variables he suggests were to occur then his predicted outcome is reasonable.

But that is a big if.

[wardaddy]

ping