We think that the following interview with Barton Biggs is worth watching. Mr. Biggs, (click for a brief wiki-biograpy) is a smart, well-educated individual who had a tremendous ride during the bull market. As such, whether he realizes it or not, he now epitomizes the Wall Street-Central Banks establishment who created this crisis by piling on debt and government intervention to rescue the economy from the previous crisis. Furthermore, he clearly believes in what he says as he is willing to bet his own money on the positive outcome.
If you listen until the end, he says he "...doesn't believe in creative destruction... [note: the term was originally coined by Marx with somewhat of a different connotation. The sense implied by Mr. Biggs is the one explained on the link]" Pity, because this process he wants to deny is critical to capitalism and will assert itself whether one believes in it or not.
Our conclusion, is that bankers and large money managers have too much vested in protecting their existing assets in order to make unbiased recommendations for the general welfare.
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