American Consequences - January 2019


Re: Our Newest Readers Weigh In Let me get this right off from the start... The ONLY reason I started reading these newsletters is P.J... Bar none, the funniest and most no-holds-barred writer around today. But I keep reading it to be just as entertained as informed. Good job! I remember during the Obama years how economic projections came out every month, then had to be revised downward the next month. It hasn’t changed all that much, but I’ve gotten to the point where I will believe my ex-spouse before I believe these eggheaded prognosticators: the truth factor seems to be the same between the two. – David W. P.J. O’Rourke comment: David, thank you for the kind words. I’d go all modest and humble on you, but there’s a name for people who say they don’t like praise – liars. The name is the same for government economic prognosticators, whatever party they belong to. It’s their job to lie. I wonder what they put on their job applications? Maybe, “Been telling whoppers since I was old enough to say my diaper didn’t stink.” I hope Beto is not your son. As I remember it you have two daughters – good for you. My niece is getting a little better with her iPhone now that she is 21. She didn’t even get carded on her birthday. I had to grow a mustache as nobody would sell me beer. – Craig R.

P.J. O’Rourke comment: Craig, I’m still trying to grow one – and I’m going to dye it brown so that I do get carded to show that I’m eligible for the senior discount. (As it is, they give it to me without a second glance.) My eldest daughter is 21 too and still deep into “phone face,” but your report about your niece gives me hope for eventual recovery. And I do have a son besides the two girls, but he’s a freshman in high school, and I doubt he could have gotten down to Texas, started calling himself “Beto,” and run for office without his school reporting him truant. Also, my son asked for a shotgun for Christmas, so I’m pretty sure he’s not a liberal Democrat. (Santa brought him a nice 28-gauge side-by-side.) Re: “What have you done since the market dropped?” I have a little over one-third of my portfolio in cash. While I do have a few speculative stocks, much of my holdings are in safer preferred stocks. I have made money shorting both oil and the market with leveraged ETFs. Oil just kept going lower longer than I originally thought it would! – Jim B. Our financial advisor has stayed the course. I have peace of mind. Merry Christmas! – Judy B. I stayed in [the market] all year long... I have a lot of “sleep well at night” (SWAN) stocks that have snowballed. I love crashes, but I stay in all the time. – Stephen C.


January 2019

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