Set forth below is the text of a comment that I recently posted to the discussion thread for another blog entry at this site:
Movies are make believe. Being broke is a hard reality.
Grapes of Wrath told the story of a Buy-and-Hold Crisis that really happened. My parents lived through it. They told me stories of what it was like. I don’t like the idea of my boys (and millions and millions of others) having to live through something like that.
Buy-and-Hold Crises have been optional since 1981. All that we need to do is to open up every site to honest posting and we can use the peer-reviewed research to persuade stock investors to keep the irrational exuberance garbage under control.
I can live with that. I think that a 6.5 percent real annual return is just fine. Permitting irrational exuberance to get out of control hurts all of us.
Rob
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