Forget the talk of recession. The world is about to enter a new era in which miracle drugs will conquer cancer and other killer diseases and technological and scientific advances will trigger unprecedented economic growth and global prosperity.
When I think about it, I can remember a lot of financial crises in my lifetime.
--The Penn Central Railroad bankruptcy, which froze the commercial paper market
--The Savings and Loan Crisis
--The stock market crash of August 1987
--The Long-Term Capital Management collapse
--The dotcom collapse
--The post 9/11 crash
None of these turned out as badly as doomsayers predicted. Keep that in mind when you read the bearish forecasts about the impact of the subprime crisis.