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I read the book. Any person with any common sense could see all the things he talks about coming. Part of my buisness is involved in home building. My wife was a CFO for a home builder. We use to talk about it all the time and were waiting for the bubble to burst.
VISA does not hold credit debt for individuals, they only process the transactions, like Master Card. Debit cards are mostly VISA cards. People don't carry cash much anymore. People will continue to spend, I see people use debit cards for $2 purchases.
His company Euro Pacific Capital Inc is involved in a lot of overseas investments, so he would not want to talk up the US economy. He is just another buisness man trying to make a buck.
I read the book. Any person with any common sense could see all the things he talks about coming. Part of my buisness is involved in home building. My wife was a CFO for a home builder. We use to talk about it all the time and were waiting for the bubble to burst.
VISA does not hold credit debt for individuals, they only process the transactions, like Master Card. Debit cards are mostly VISA cards. People don't carry cash much anymore. People will continue to spend, I see people use debit cards for $2 purchases.
His company Euro Pacific Capital Inc is involved in a lot of overseas investments, so he would not want to talk up the US economy. He is just another buisness man trying to make a buck.
It's too bad the Wall St. geniuses and hedge fund managers didn't have your's and Peter's wisdom.
Yep, he's trying to make a buck. No doubt about it. As an Austrian economist, I would think he's insane to not try to do so. He's also bullish on the American economy after our economic collapse turns around a decade or so from now and people like us will be there to scoop up the Dow when gold's value equals the Dow.
I'm aware VISA does not hold credit card debt, and so is Peter. Americans will not be able to spend, contrary to your opinion. AMEX has already severely curtailed CC limits for business owners and for some consumers. CC securitized debt is junk status and it's about to collapse. I doubt Visa will be getting a whole lot of biz relative to what they're getting now in terms of transactions.
Considering your mainstream cheerleading viewpoint on CC and debit transactions, I doubt you saw the housing and mortgage bubble burst (especially being in a highly leveraged industry such as homebuilding). However, it's always easy and convenient in hindsight to say you did.
While shorting Visa is highly tempting even though it won't be as lucrative as when I shorted Beazer over a year ago, I'll stick to foreign stocks with dividends yielding 8-15% in stronger currencies.
Last edited by ViewFromThePeak; 03-22-2008 at 10:00 PM..
It's too bad the Wall St. geniuses and hedge fund managers didn't have your's and Peter's wisdom.
Yep, he's trying to make a buck. No doubt about it. As an Austrian economist, I would think he's insane to not try to do so. He's also bullish on the American economy after our economic collapse turns around a decade or so from now and people like us will be there to scoop up the Dow when gold's value equals the Dow.
I'm aware VISA does not hold credit card debt, and so is Peter. Americans will not be able to spend, contrary to your opinion. AMEX has already severely curtailed CC limits for business owners and for some consumers. CC securitized debt is junk status and it's about to collapse. I doubt Visa will be getting a whole lot of biz relative to what they're getting now in terms of transactions.
Considering your mainstream cheerleading viewpoint on CC and debit transactions, I doubt you saw the housing and mortgage bubble burst (especially being in a highly leveraged industry such as homebuilding). However, it's always easy and convenient in hindsight to say you did.
While shorting Visa is highly tempting even though it won't be as lucrative as when I shorted Beazer over a year ago, I'll stick to foreign stocks with dividends yielding 8-15% in stronger currencies.
I did see the housing bubble burst. I live in Southwest Florida and it stopped fairly quickly. And as I said my wife worked for a home builder. They went out of buisness, and being the CFO she probably had an inside view. I am not a home builder, I am in trucking and I had trucks hauling materials for home construction. By the way my buisness is doing very well in this doom and gloom economy you are in.
And speaking of credit cards, I was on the phone with AMEX today renewing all my cards for my drivers and they wanted to know if I wanted to increase my limit. With diesel at $4 plus 8 trucks can ring up a nice bill every month.
I kind of like your statement economic collapse, and it's only going to take a decade to recover? What happen, did the bottom fall out for you, or you always have a pessimistic attitude? We are having a credit crisis related to the housing boom and some shaky lending practices.
There is still a lot of freight moving, just not the high dollar building materials. It will be ok!
I did see the housing bubble burst. I live in Southwest Florida and it stopped fairly quickly. And as I said my wife worked for a home builder. They went out of buisness, and being the CFO she probably had an inside view. I am not a home builder, I am in trucking and I had trucks hauling materials for home construction. By the way my buisness is doing very well in this doom and gloom economy you are in.
And speaking of credit cards, I was on the phone with AMEX today renewing all my cards for my drivers and they wanted to know if I wanted to increase my limit. With diesel at $4 plus 8 trucks can ring up a nice bill every month.
I kind of like your statement economic collapse, and it's only going to take a decade to recover? What happen, did the bottom fall out for you, or you always have a pessimistic attitude? We are having a credit crisis related to the housing boom and some shaky lending practices.
There is still a lot of freight moving, just not the high dollar building materials. It will be ok!
No sir, I am certainly not a pessimist. I believe that after about a decade or so of massive suffering through the current credit collapse that has just begun to unfold, we'll pull ourselves by the bootstraps, build factories, produce, and save ourselves out of this. I figure it'll take about a couple to a few years of government tinkering similar to FDR to find out that nothing is working to maintain what is now depreciating home prices. Our gobbermint in it's infinite wisdom seems to think that we're Japan, when we're more like Argentina or Zimbabwe.
As a EuroPac client since 2002, high double digit returns were not uncommon. Since the US markets underperformed much of the world over the past decade, it's not surprising that I would stand to benefit from replicating a portfolio overseas. Even countries like Poland had stock market gains which dwarfed ours.
I'm also very optimistic about Asia's market after a short term pain of having to stop exporting to us. esp China. They'll be able to enjoy and consume their own goods instead of having to wave goodbye to them. Australia and NZ should prosper as well. It'll be difficult to see how it'll play out in Europe.
I'm doing quite well, but I would never be foolish enough to think that just because my assets are in the millions, that I'm somehow rich. Translated into these paper dollar things, 1M might be pocket change to most folks with the course we're on now. BUT, I do enjoy living off the dividend income my investments provide, denominated in foreign currencies far outperforming the dollar.
The fad of consumerism doesn't have to scale off slowly. Just like subprime, CC debt securitization can end practically overnight. We'll see how Visa will do then, won't we?
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