A few years ago, an interesting science fiction movie came out called The Matrix. In it, people that thought they were living in reality were actually living in a computer-generated illusion. Their consciousnesses were simply projected into a computerized creation of reality while their physical bodies remained in a comatose state. These days, I sometimes feel as though we are all in this contrived illusory state. Let me explain.
In all the years I have been involved in the investment business, I can never remember a time when there has been such a disregard for reality in the reporting of, and commentary about, economic data and activity. It seems as though there is an overwhelming mentality in the investment and business reporting communities that simply cannot countenance the harsh reality of the economic condition. Better to ‘dress things up’ lest the poor, dull American consumer might panic if they were to be told the truth. They might stop buying things they don’t really need with money they don’t really have, if they were to comprehend the magnitude of the problems they face. Yet, as history has showed us many times: to disregard reality only insures that the outcome will be much worse once the ramifications of that reality emerge..........
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