It's Not as Bad as You Think : Why Capitalism Trumps Fear and the Economy Will Thrive

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-11-09
  • Publisher: Wiley
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Brian Wesbury, ranked as one of the top forecasters by the Wall Street Journal and USA Today, shows readers that the future may be scary to ponder, but it will ultimately be profitable -- globally and over the long haul. In this easy to follow and mesmerizing forecast of the future, Wesbury debunks the pouting pundits of pessimism by taking on each future fear -- or the five horsemen of the apocalypse -- stupid consumers; greedy rich people; limited resources; evil foreigners; and Frankenstein technologies -- and shows that life as we know it is not subject to these horsemen. Then, he explains what is important and how to follow it to manage your investments. A breath of fresh air, Wesbury's objectivity and optimism provide welcome relief to the daily bad news noises, as he sets us all up to capitalize on tomorrow's great possibilities.

Author Biography

Brian S. Wesbury is Chief Economist at First TrustAdvisors LP, a financial services firm with over $23 billion under management. He writes frequently for the American Spectator magazine, serves as the magazine's Economics Editor, and is often a contributor to the Wall Street Journal editorial page. Wesbury was ranked as the nation's number one forecaster by the Wall Street Journal in 2001, and USA Today ranked him as one of the nation's top ten forecasters in 2004. Wesbury received an MBA from Northwestern University's Kellogg Graduate School of Management and a BA in economics from the University of Montana. His most recent writings can be found at www.ftportfolios.com.

Table of Contents

Forewordp. ix
Introductionp. 1
Getting the Right Perspectivep. 9
Fear and Anger Are Understandablep. 12
History versus Emotionp. 18
Buck Up and Remember Historyp. 22
Capitalism Wins (Again)p. 23
Demand versus Supplyp. 24
The History of the Worldp. 29
Inventions and Innovationp. 32
Entrepreneurshipp. 33
The Turning Pointp. 35
Capitalism Wins-It's Not Overp. 36
Creative Destructionp. 39
The Big "X"p. 41
The Industrial Revolutionp. 44
The Call for Changep. 47
A Wrong Drift, but a Cool Windp. 49
Inflation, Creative Destruction, and the Crisisp. 51
A Government-Sponsored Recessionp. 53
The Housing Boomp. 56
The Crisis Beginsp. 57
The Accelerationp. 60
Why in the World Were They Doing That?p. 61
So Why Blame Capitalists?p. 64
Who Makes Your Glasses?p. 67
Are Consumers Rational?p. 68
What Is the Natural Rate of Interest?p. 70
Calculating the Natural Ratep. 72
The Nominal GDP Rulep. 74
Money and the Interest Ratesp. 76
The Fed-Induced Bubblep. 77
We've Been Here Beforep. 79
Stupid Bankers, or Not?p. 81
It Always Ends Badly: Volcker to the Rescuep. 82
Then…p. 84
…And Nowp. 85
Mark-to-Market Mayhemp. 87
Government Failure versus Market Failurep. 89
Some Mark-to-Market Accounting Historyp. 92
Mark-to-Market Creates Volatilityp. 93
Suspend Mark-to-Marketp. 99
A False Feeling of Controlp. 101
A Miracle Happenedp. 102
Panic and the Speed of Moneyp. 105
What Recession?p. 107
The Panic of 2008p. 110
Mark-to-Market Mayhemp. 115
AIG, Credit Default Swaps, and Derivativesp. 117
The V-Shaped Light at the End of the Tunnelp. 120
It's Not as Bad as You Thinkp. 125
Consumer Spendingp. 129
Debtp. 131
Growth, Debt, and Chinap. 135
Deleveragingp. 138
Unemploymentp. 142
Savings Ratesp. 143
The Economy Will Recoverp. 144
It's Boom Time Againp. 147
Don't Fight the Fedp. 150
1975-1976 Redux?p. 151
Can It Happen Again?p. 153
Panics Endp. 153
It Won't Stay Down Foreverp. 155
Undervalued Marketsp. 156
Productivity and Profitsp. 159
But Government Is Growing …p. 161
Investing in the Midst of Mayhemp. 163
The Super-Easy Fedp. 165
Buy U.S. Stocks for the Short to Medium Termp. 166
Stocks for the Long Term: Small Cap, Value, and Momentump. 169
Inflation Plays for the Medium and Longer Termp. 171
Foreign Equitiesp. 174
Fixed Incomep. 176
Emotion and Investingp. 180
The New Normalp. 183
Big Government Hurtsp. 188
Keynes and Governmentp. 190
How Bad Can It Get?p. 191
Roosevelt, Carter, or Clintonp. 192
The Future Still Looks Brightp. 195
Notesp. 197
Acknowledgmentsp. 203
About the Authorp. 205
Indexp. 207
Table of Contents provided by Ingram. All Rights Reserved.

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