Confidence has now faded in the Dow/S&P 500, but faith is not yet gone. There is a difference. Confidence encourages buying. Faith retards selling. Confidence is based on this belief: “I can get rich with my money invested here.” Faith is based on this belief: “I won’t get poor with my money invested here.” In contrast, faith in the NASDAQ has departed. The NASDAQ is a dead armadillo, a Texas speed bump. There is a parallel phenomenon in politics. Confidence in politics is the belief that, as a nation, we will be able to solve life’s most pressing problems through … Continue reading How the State Erodes