P.J. O’Rourke comment: Duane, point taken. See the article in this issue by “Senior Commodity Market Executive X.”
John went to work at the Louisiana-Pacific lumber Mille in Oroville, California. LP had great pay and benefits and John bought lots of LP stock and got matching stock. Unfortunately, when Bill Clinton took office in 1993 he immediately held meetings with the environmental lobbyists in Seattle, Portland, and Frisco. He then shut down logging in the national forests of the west, putting about 100,000 folks out of work... LP stock was worthless and the company folded. Unfortunately, my elder brother had all of his retirement in LP stock. He eventually got a part time job in a check cashing outfit. The sad, painful point of this story and that of the guy up in Corning is this: Don’t Put All of Your Eggs in One Basket! – DonaldW. Steven Longenecker comment: Donald, your brother's story makes my stomach twist. Asset allocation is a hundred times more important than finding the next "hot" stock or market. All it means is balancing your wealth between stocks, bonds, cash, real estate, commodities, and other investments. The right mix for you is personal... But putting everything into a single asset or type of asset is a huge blunder. Every business can crash and burn, no matter how safe it seems. Just look at General Electric (GE)... once known as a "widows and orphans" stock because its dividend was considered a safe way to provide income for family survivors. We've been warning about since we started publishing American Consequences. It's plunged 75% in the past two years .
The correct term is “cannabis,” not “marijuana.” Thank you. – Mark S. P.J. O’Rourke comment: Mark, you’re
reminding me of my high school freshman son when he was getting the obligatory “just say no” lecture from his mother. He said, “Mom, nobody calls it ‘grass’ anymore!” Re: Do Dirty Socks Make You a Liberal? Having grown up in Berkeley, I can identify a serious flaw in the article captioned above. True Berkeley liberals do not wear socks. Yes, yes, I know there was that chant from the 60’s that Berkeley was all about “Socks and drugs and rock-n-roll” but I have it on pretty good authority that a reporter had hearing impairment from the previous nights’ concert at Winterland and mis-heard the first word in the phrase. Present a sock to a Berkeley liberal and you will receive a sincere thanks for the fuzzy condom along with equally sincere amazement that you knew his size. – Paul W. P.J. O’Rourke comment: Paul, see my earlier answer to B.H.. We never said the Berkeley liberals were wearing the socks. Re: Investor Psychology Reading the article about the quick rise in Corning stock in the late ‘90s reminds me of the story of my older brother, John. After getting out of the service in the early ‘70s,
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American Consequences 17
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