Friday, July 11, 2008

Stupid is the word of the day

Casey sees “eight or nine Black Swans circling,” in reference to the rare and cataclysmic financial events that are the focus of 2007 FreedomFest speaker Nassim Nicholas Taleb’s financial bestseller, The Black Swan.

And while many hope the residential real estate market is bottoming, Casey believes “buy a house today and you are catching a falling safe.” He believes the entire real estate market, including commercial will get “real, real ugly” and that owners will abandon properties because they won’t be able to pay the taxes and utilities.

So with this widespread outbreak of stupidity, a coming tsunami of bankruptcies public and private, governments that will get bigger and meaner, and a continued meltdown in the stupid majority’s favorite investment vehicle – real estate – what’s the rational person supposed to panic and do?
Full essay.