Sunday, July 6, 2008

This doesn't sound good

Ted Forstmann, one of the more astute financial analysts out there, says that contrary to the "Don't worry, be happy" words we are hearing from government officials and some other financial analysts, the worst of the malaise affecting the American economy may be yet to come: For someone like me who pours 10% of his pay every year into his 401(k), that's not a very good thing to hear at all.

I've said before that we are too free with our money, a perspective shared by Forstmann, and that it is the Federal Reserve which leads the way in this profligacy. The long and the short of it is that we are in for a lot more financial pain before that proverbial corner is turned........

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