An unbelievable quote from an inflationist/Bubblemaniac/Greenspanite/Wall Street Talking Head.....says James Cramer:
Imagine a country, a fundamentally prosperous country, where a network of brilliant people decides daily how resources get moved around. These people - not a cabal, but a decently spread-out group - determine the nation’s savings, its spending, its capital budgets. They make rational decisions based on what the world will look like far in the future. They work with the tacit approval of government and industry. Though the sometimes brutal decisions they make may not always represent the best possible allocation of the country’s resources, they come pretty close. And, when they make a mistake, they are replaced by abler, more aggressive people. What is this wonderous kingdom? ...It’s the United States in the nineties. And the wizards who rule so benevolently are identified by the somewhat banal title “mutual fund manager.”
From Maggie Mahar’s brilliant “Bull: A History of the Boom, 1982-1999.”
