Friday, November 5, 2010

Wonderful Thing

It's official.  The QE2 has left the port and so far she's sailing with a full passenger list. Captain Bernanke is at the helm!  Steward Obama is hoping that the passengers are hungry!

I had the pleasure of experiencing QE2 live last night as I was buying a car.  When I finally made it to the finance office to cut the check, the dealership employee was begging me to not pay cash.  "Mr. Barrell, do you realize how cheap credit is right now?  You'll never find cheaper money."  And I replied, "I know, but debt is not a good thing anymore."  He looked at me with great confusion.  The Kool Aid party resumes and many will be suckered in to adding more to their debt load.  Haven't we just decided to add "fuel to the fire"?  If your house is burning, you don't soak it in more kerosen do you?  The personal savings rate across the country has been on the rise, we'll see if this next round of "free money" doesn't drive it back to negative numbers.

"Wonderful thing, wireless, isn’t it?"
Captain Arthur Rostron, to Second Officer James Bisset, on the Titantic having told him the latest news on the known positions of icebergs. This was at around 10:00 p.m., April 14th, 1912.

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