Respite

The markets are exhausted. People are exhausted just thinking about them. I know I am.

I have thought (for years) that when the asset bubble burst the market would test the 9/11 era price range. I still think so. As of this writing I am looking for a trading range -- a regrouping -- until the next definitive event/revelation/whatever. Perhaps sometime after the election, but not sure about that.

This would be a very good thing, because there are issues more important than asset values that are on the table in this election. There is, for example, the value of a human life, which it will be given you, your neighbors, and I, to weigh. We get to decide if some life is unfit for life just because it seems to present itself at moments when we are preoccupied with ourselves, our dreams, our assets, or even the consequences of our own misfortunes or bad choices.

As for the market's fate, I believe lower, ultimately. Way lower. But, I could be wrong.

10 weeks after conception.

Of far more enduring consequence is the fate of mankind -- determined one tender, innocent life at time. It is in our hands each and every day, but especially so as a matter of public policy during this presidential election. The verdict we render on it will be the verdict we render on ourselves.

If you knew your Jewish neighbors, business associates, classmates, friends, were being herded into trains by the millions and sent to torture camps and gas chambers, and you could cast a vote on the practice, would you shrug your shoulders and say, "I wouldn't do that, but who am I to force my views on someone else," or would vote in favor of saving their lives?

There are worse things than an asset crash. There are more important things than liquidity. Maybe we'll have some time now to think about these, to inform our consciences, and to act courageously in accordance with them. Future generations will either thank us, or be mute.