Phil Anthropy

Six Calls for 2008

Agree that this is a high quality article. But it misses the theme that is driving the current world economy, which I call the Roger principle, an acronym for Rich Oligarchs Getting Even Richer. If one looks at world events today, as opposed to several decades ago, there is no longer even the semblance of a free market. When liquidity is needed, by magic it is forthcoming immediately from government and commercial sources, to "save" banks that have probably been earning double digit returns for the past decade on their leveraged investments. Therefore, my bet's on Roger, and Roger doesn't want a recession (unless he's a short seller this time around). I predict Dow 14,500 just before the elections.