Tuesday, September 28, 2010

"It is the same stupid old normal we've always had."

From AAP in smh.com.au September 28, 2010 - 11:41AM

Crisis on repeat: We're chimps with no memory

Fisher Investments chief executive Ken Fisher says the economic conditions facing the world today are not dissimilar to previous downturns, like that seen in the early 1990s.

"If you read the media from 1991 it sounds just like it does today," he told the Forbes CEO Conference today.

"We're chimpanzees with no memory.

"Our problems in this environment, that we think are so unique, so abnormal.

"It is the same stupid old normal we've always had."

"We keep chewing the cud. We go over the same stupid wrong pessimistic stories... ruminating on them again and again."

Mr Fisher said unlike five out of six US investors, who "believe we are going sideways or going down", he was bullish about the future.

"I believe the next 10 years will be just as good as the 1990s," he said.

"In my mind, I think the period we have ahead of us is as good as we have ever had ahead of us, at a time when people believe we have a lackluster world ahead at best."