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Letter Re: Economic Gloom and Doom is Justified
Jim,
Ironically, just a day after I wrote an e-mail chiding you [for giving too
much attention to economic gloom and doom in SurvivalBlog], I had a meeting
with one of our
clients that has been a very successful Wall
Street trader.
He gave me a laundry list of banks that he expects to fail before the end
of the year and predicted a complete collapse of the financial sector.
Worse [for us], since we are in Michigan, he said that some
of the Big Three auto makers are in serious trouble.
When I asked him where
he saw the financial sector ending up, his response was that he had "never
lived through a depression" so he had no real idea. Not exactly the response
I was hoping for. - JMM
