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Noah and the Ark
Do we really want to live on borrowed money to buy now, when the things we buy go down or wear out?
$2000 laptop computers were on Black Friday and McCain campaign sales for $350 or less. $50,000 used gasoline guzzler Suburbans were on sale for $5000.
Our parents or grandparents knew the last Great Deflation.
They warned us to save for a rainy day, maybe 40 or 50. Did we listen or learn?
Joseph warned Pharaoh of seven lean years. Pharaoh prepared and prospered by saving just 20% during the good years. He ended up owning all the food, livestock, land and people after money went bad.
Sir John Templeton saved 50%, bought houses and international values for cash and became a billionaire.
He admitted it was hard the first years when others bought cars and houses on credit. But he did not lose his cars, houses or stocks to repo’s, foreclosures or margin calls.
Jesus saved and Moses invested, said a Merrill mentor whose father was a rabbi.
Too big to fail, even after peak credit earnings?
Alexander Hamilton founded the Bank of New York and became Treasury Secretary. He started the predecessor of the New York Post now owned by Keith Rupert Murdoch along with the Wall Street Journal.
http://en.wikipedia.org/wiki/Rupert_Murdoch
Federalist Hamilton had the Treasury assume state debts after the Revolutionary War, making the national government more powerful. After H made his friends wealthy buying up worthless Continental paper with government silver, he was killed in a duel by Vice President Aaron Burr offended by a Post editorial
http://en.wikipedia.org/wiki/Alexander_Hamilton
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