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March 30, 2008
Quote du Jour: In the Long Run, Part II
Everyone is painfully familiar with economist JM Keynes's rip on sanguine sorts who opine that in the long run we'll all be okay. After all, as he famously said, in the long run we're all dead. Most people, however, don't know what comes next in the quote, and it's arguably as good:
In the long run we are all dead. Economists set themselves too easy, too useless a task if, in tempestuous seasons, they can only tell us that when the storm is long past the ocean is flat again.
[via NYT]
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Now there's a topic for tomorrow AM - compare econ talking heads with weather forecasters. Who's in the final 4? Joe Bastardi vs Jim Cramer...
One industry expert told The Sunday Telegraph: "This is just beginning. Somewhere been 40 and 100 hedge funds will liquidate shortly. It's a bloodbath and it will get worse."
Already investors are showing their fury. One said: "I thought volatility was what hedge funds lived for? Making money, or at least preserving cash, during volatile times is certainly what we pay them for. They have been poncing around during the good times and are now found wanting at the first sign of trouble. It's a debacle out there."