We have become a nation where our leaders can throw billions at places like Goldman Sachs, which does nothing to touch the lives of average Americans, but underfund the war against cancer, which touches almost every family.
Most of us want to be physically fit, but very few of us are. The same holds true with financial security. As my father (and many others) used to say, "A lot of people want to go to heaven but no one wants to die to get there."
Liz Gilbert said of Italy, "In a world of disorder and disaster and fraud, only artistic excellence is incorruptible." I have pondered her insight for weeks. I keep asking myself the essential question. Is the US headed the way of Italy?
The knee-jerk style of economic planning in firms around the country is the result of no one in Washington thinking past the next news cycle. Everyone is looking for "quick fix" to get us back to "normal."
For a decade, Wall Street was playing funny money games, and many Americans also felt like they were invited to the celebration. We were living in fantasy land, but the fantasy is over and we woke up to a nightmare.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."
Each year, I write a column on Derby Day, and if you have followed my advice, you have lost a lot of money. The large fields at the Kentucky Derby throw logic out the window. Still, the betting system I tour is a good one.