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Richard's Remarks


Russell confession: I put myself into a difficult and ambivalent situation. I talked about my thinking that somewhere ahead the market is going to crash. If this does happen, I can congratulate myself on my prescience. But conversely, I’m very worried about the possibility of a crash, since I’m afraid that a crash, in view of all the debt built into this nation, would result in a catastrophe. I believe a bear market crash would trigger pressures that would set off civil disobedience and riots across the face of America. The world today is not like the law-abiding days of the 1930’s, when civil disobedience was extremely rare. The good part of the bear market that we are now in, is that following the termination of the bear trend, I believe we will see a new and better America.


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