Mike McGinley

So We Find a Bottom - Then What?

Good article. I run a small advisory firm in Phoenix and was shaking my head when Dennis Gartman was discussing on CNBC the awful effects of boomers continually selling stocks over the next several years to fund retirement. I have a lot of respect for Gartman but I think this common belief misses the boat. The fact is that most boomers with substantial wealth will always maintain a balanced portfolio with lots of different asset classes. They will probably maintain this until the day they die (at least that is what I recommend). In my opinion, liquidations are a small part of the story.

Boomers without a decent size portfolio will probably work for a longer period (which is a good thing all around). Most of them cannot afford to spend 30 years in retirement and, as such, most will not do so.

Four Myths About the Free Market and Its 'Demise'

"For well over a century, the appeal of government intervention has been the Fed's ability to act as a mediator seeking the best solution for everybody, instead of simply letting various interests fight to the death."

Are you kidding me? The Fed seeks the best solution for everybody? Really? Like protecting savers, retirees, the poor, and those who are prudent with their money?

The quality of life of most Americans is lower than it should be because of one organization: the Federal Reserve. Yet, somehow the author wants you to believe that it finds "the best solution" for everybody.