The Last American Pioneer
by Richard Russell
by Richard Russell: Accumulate
heard rehab for a broken hip was hard. That's a false statement.
It's harder than hard. You have to build the strength in your good
leg and both of your arms, to a point beyond your wildest fantasies.
In other words, three of your limbs have to make up for the loss
in strength in the leg that you can't use.
another subject, I just had a lengthy conversation with my son Ryan.
Ryan is building a self-sustaining farm on 40 acres, two hours north
of San Francisco. He and his friends have built a large house, that
is comfortable enough to withstand the toughest winters. Ryan has
a well that provides his own water, and he also generates his own
electricity. I call him the last American pioneer.
He is growing a huge crop of vegetables and has planted all sorts
of fruit trees. His next step will be chickens and perhaps a few
note: and don't forget a cow and a few little pigs.]
told him he's in the right business for the future, which is a survival
business. The stock market is just beginning to hint of the hard
times that I see ahead. The almost insane world of debt is rolling
close to the cliff and I see increasingly hard times ahead. Crumbling
debt will act like a cement roller, crushing everything in its path.
The occasional rebound or bounces on the lows will be sudden and
short lived. As of now, both the Dow and the S&P are down for
the year. I call this Stage One. Stage Two will occur if the Dow
sinks into the 10,000 area. Stage Two Point Five will occur if the
Dow starts trading below 10,000. I think if the Dow trades under
10,000, consumer sentiment will change from hope to fear and anxiety.
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