Geoffrey Newman, Wealth Editor | April 01, 2009
Article from: The Australian
A HITHERTO rare species of economic animal has been stalking the corridors around here in the past few months.
The incorrigible gloom-monger has not been sighted much in the past few years but has been tempted out of its lair lately by the downturn in the global economy, spreading schadenfreude wherever he goes; it's usually a he. Gloom-mongers are always happiest when times are toughest, when the papers are full of poor economic news.
You will probably have at least one in your group of friends or work colleagues. They shuffle up to you with a mix of humility and mock horror with news of the latest billion-dollar bank loss in the US, like a latter-day Uriah Heep. "Isn't it terrible," they say, stifling a smile.
They always end these updates with the conclusion that things can only get worse from here or that there is some great calamity so far unreported but just around the corner. Oh, and by the way, they have just sold every investment they have and put the proceeds into gold or cash. These people are having a better credit crisis than just about anyone except maybe George Soros.