Amidst news of crashing hedge funds and banks falling apart, we at doitinvest.com think that we should find some time to laugh too. Here’s why:
1. “In the actual regualtory environment, it is practically impossible to break the rules”. Yet Bernard Madoff did it long before this declaration from Oct 20, 2007, with his world’s largest Ponzi scheme. Which means for the investors – “don’t do what the priest says, but what he does.” And those who tried to replicate his investment portfolio and his yields did not succeed, staying away of it!
2. “I think that the oil barrel will get to $150 by the year end”, said the T. Boone Pickens (what a predestinated name!) in June 2008, when the oil was at $135. In December, guess what, it was…less than one third ($40/barrel).
3. “There will be bankrupcies, but I do not anticipate these types of problems among the global operating banks.” It could be just another flip of the investing coin if it was not a citation from Ben Bernanke, FED’s chairman, released on… February 2008.
4. “Housing sales will rise in 2008″. Announcement of the American Real Estate Brokers Association” in December 2007. No comment here.
5. “I am not an economist, but I think we are growing” said president George W Bush on July 15th, 2008. Maybe growing in national debt, or in bankrupcies, or in redundancies…
6. “AIG could record huge profits on the second quarter” said one analyst (Brijam Moazamai) on May 2008. On that quarter AIG lost 5 billion dollars, and on the next 25. It is bailed out with more than $150 billion by the U.S. government, to prevent its collapse.
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