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In his recent monthly bulletin (Boom, Doom and Gloom Report) investment analyst and entrepreneur Dr. Marc Faber shared his thoughts on the proposed Fed bail-out:
''The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.'
He has a point but I think he chose the wrong “home produced” consumer items. Does he not realise that:-
(1) most prostitutes (well, at least the most desirable and affordable ones) in US are immigrants and send their earnings back home via Western Union
(2) the major US breweries are now owned by Belgians and South Africans?
''The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.'
He has a point but I think he chose the wrong “home produced” consumer items. Does he not realise that:-
(1) most prostitutes (well, at least the most desirable and affordable ones) in US are immigrants and send their earnings back home via Western Union
(2) the major US breweries are now owned by Belgians and South Africans?