Welcome

To all of you who came to Offspring last night, thank you for your attention, questions, and feedback; and to those who weren't there, I'll find a time and place to present it again in about two weeks.

Rose suggested that I should structure my next talk around the three to five things that I want everyone to walk out the door with. Lacking that advice last night, I hadn't prepared that way, and to rectify that, here are those things:

1. The economic expansion after the tech crash was driven by consumption spending based on borrowing against inflated real estate.


2. That construction and shopping boom drove the prices of all commodities to record highs.


3. Now that the bubble has popped, we have overcapacity in all sectors of the economy.


4. We will see widespread bankruptcies and a period of global economic contraction lasting through 2009.


5. Have an investment plan and be patient.

For the next few weeks, I'll review and expand upon last night's presentation, providing charts, references, explanations so that y'all can digest it a little more easily.