Paul Farrell On Lake Wobegon

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Subject:	Paul Farrell Describes What I Have Labeled Born-and-Bred American Dopes
Date:	Wed, 23 Jun 2010 06:02:00 -0700
From:	Jas Jain

Paul Farrell Describes What I Have Labeled Born-and-Bred American Dopes

"On Lake Wobegon "all the women are strong, all the men are good-looking and all the children are above average" says the great American satirist Garrison Keillor in his "Prairie Home Companion" world…

 

" We're Americans. Don't confuse us with the facts, with reality. We're the greatest in history, a legend in our own minds. And a rapidly mutating virus is spreading this lethal pandemic far beyond the shores of Lake Wobegon. Yes, folks, the "Lake Wobegon Effect" is hard-wired in America's brain, an illusion of superiority, a smug arrogance where each knows we are the best, the chosen ones."

http://www.marketwatch.com/story/story/print?guid=7075FEB4-9286-4106-84CB-209986BBB281

 

Thank you, Mr. Farrell. Of all the born-and-bred Americans Warren Buffett has fallen victim to this (poor guy was born with it) and the defining characteristic of a born-and-bred American is that he keeps getting worse with age. American system, and Americans' mindset of long-term infallibility, is old and useless. Reversal is impossible because correcting one's wrong economic and political thinking is an anathema to a born-and-bred American dope. Pride cometh before the fall! Finally, the barbarians are on the gate and they will sack the American economy and the bad political system that is now in place. All that a born-and-bred American dope can do is to watch because he is old and tired and has no energy to fight. Whodda thunk dat?

Jas

PS:  I watched Paul Krooksman pushing debt in Germany. Germans are not as stupid as Americans, Prof. Krooksman.

Kirk Here:  Look for articles from Paul Farrell written 10 years ago or more.  He used to preach simple, passive portfolios made of index funds. He changed. 

• In 2007 he was still recommending his passive portfolios 'Lazy Portfolios' 2Q update (still winners!) Market-beaters in the current bull, the last bear ... the coming bear
• In 2008 he called for a great Depression 2 by 2011 in 30 reasons for Great Depression 2 by 2011 

So far, no depression....