We Are Like Highly Trained

If We Made An Income Pyramid Out Of A Child's Blocks, With Each Layer Portraying $1,000 Of Income, The Peak Would Be Far Higher Than The Eiffel Tower, But Almost All Of Us Would Be Within A Yard Of The Ground.

An American Economist Of Two Generations Ago, H. J. Davenport, Who Was The Best Friend Thorstein Veblen Ever Had (veblen Actually Lived For A Time In Davenport's Coal Cellar) Once Said: "there Is No Reason Why Theoretical Economics Should Be A Monopoly Of The Reactionaries." All My Life I Have Tried To Take This Warning To Heart, And I Dare Call It To Your Favorable Attention.

Economics Has Never Been A Science - And It Is Even Less Now Than A Few Years Ago.

Perhaps There Really Are Managers Who Can Outperform The Market Consistently - Logic Would Suggest That They Exist. But They Are Remarkably Well-hidden.

To Prove That Wall Street Is An Early Omen Of Movements Still To Come In Gnp, Commentators Quote Economic Studies Alleging That Market Downturns Predicted Four Out Of The Last Five Recessions. That Is An Understatement. Wall Street Indexes Predicted Nine Out Of The Last Five Recessions! And Its Mistakes Were Beauties.