Bill Bonner is the Founder and President of Agora Publishing, one of the world's most successful consumer newsletter publishing companies, and the author of The Daily Reckoning. Bill Bonner is also a frequent contributor to Strategic Investment. Bill Bonner is the author, with Addison Wiggin, of the New York Times business best-seller Financial Reckoning Day: Survivng The Soft Depression of The 21st Century.
Bill Bonner writes that thousands of middle-class homeowners still think the Fed will dive in and give them a get-out-of-jail-free card at the last minute.
As an investment theory, behavioral finance turns out to be a full-dress version of the familiar truism about the fool and his money. What worries the behaviorists is the way investors make mistakes by following their impulses with nary a sign of rational profit maximizing.
In the last four years alone, debt in the United States has gone up by an amount equal to 100% of the GDP. There are now an estimated $300 trillion worth of derivative contracts outstanding - in a world economy only worth $55 trillion.
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