Weekend Edition: June 16-17, 2007
With the creation of Boom2Bust.com, I find myself explaining the purpose and rationale behind the blog more frequently to family and friends. I’m in a tough spot. For example, I believe that the U.S. housing market is in serious trouble, and as such, I rent an apartment. However, my father is a retired realtor and owned rental properties for a good deal of his life. Since leaving my parents’ roof, he has insisted that I buy my own place because “to rent is to throw away money” and “real estate always goes up.” Not to be outdone, my sister has poked fun at me for being a renter and once referred to my Chicago apartment building as “the ghetto.” Then there are friends who bought homes during the housing bubble. I have to be honest- I find it difficult telling all these people that I firmly believe a fast-approaching financial storm is coming, with housing as a possible catalyst and casualty.
The responses I get when talking about the blog are predictable- blank stares or a change of subject. However, I’ll stick to my guns. My outlook on the U.S. economy is based on the findings of my ongoing objective research. Unlike the demented perma-bears, I do not look forward to an economic crisis. I’m in the same camp as Warren Buffett, who after placing his infamous bet against the U.S. dollar, explained in Fortune, “Both as an American and as an investor, I actually hope these commitments prove to be a mistake. Any profits Berkshire might make from currency trading would pale against the losses the company and our shareholders, in other aspects of their lives, would incur from a plunging dollar.”
Finally, someone once told me that my views are “un-American.” The way I see it, the conditions for a financial crash were created by misguided U.S. monetary policies. I’m just fortunate that I’m able to recognize the present (and future) situation. In reality, what’s “un-American” is policymaking that is destined to rob American citizens of their hard-earned wealth.
With Boom2Bust.com, I’ll continue to warn and educate those willing to listen about the coming financial storm in the United States. It’s my duty as a “good” American…
Enjoy the weekend!
Christopher E. Hill
Editor
editor@boom2bust.com
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