"People are absolutely not positioned for hard times."
"The present bear market will get much tougher."
"I lived through the Depression. You could not get a job no matter what you tried to do. Today it's a lot easier. You can get a job. The last three generations haven't seen hard times. They're not prepared."
Thus spake Richard Russell (publisher of the Dow Theory Letters and the undisputed dean of financial newsletter writers) at a tribute dinner in his honor last Saturday night.
In a question and answer session after dinner, he got the biggest applause for this response to a question about what he'd do to turn the country around if he was in charge: "I wouldn't do a thing. I'd let the bear market take it's course. The fixes won't work. They prolong and compound the problem, and they're costing us trillions."