In A Decade of Delusions: From Speculative Contagion to the Great Recession, Frank Martin founder of Elkhart, Indiana's Martin Capital Management offers a riveting and real-time insider's look at the two bubbles, and reflects on how investors can remain rational even when markets are anything but. So, how did an investment advisory firm located in Elkhart, Indiana-one of the cities hit hardest by the economic downturns-not only survive, but also thrive during the highly contagious speculative pandemics.
The proven strategies rational investors require for success in an irrational market When the dot-com and real estate bubbles of the 1990s and 2000s burst, few were spared the financial fallout. In turn comic, indignant, outraged, and just plain baffled by the idiocy of it all, How Mumbo-Jumbo Conquered the World is a masterful depiction of the absurdity of our times and a plea that we might just think a little more and believe a little less. And no country has a more vivid parade of the bogus and bizarre than the one founded to embody Enlightenment values: the USA. From Middle Eastern fundamentalism to the rise of lotteries, astrology to mysticism, poststructuralism to the Third Way, Wheen shows that there has been a pervasive erosion of Enlightenment values, which have been displaced by nonsense. In How Mumbo-Jumbo Conquered the World, Francis Wheen brilliantly laments the extraordinary rise of superstition, relativism and emotional hysteria. What characterizes our era? Cults, quacks, gurus, irrational panics, moral confusion and an epidemic of mumbo-jumbo, that's what. The result has been that the trickle-down policies promoted by the Republican Party are undermining our economy, democracy, institutions and health.” For further discussion contact author at But trickle-down has not only distorted our economic thought it has also distorted our political thought, our sociology and our concept of the rule of law. From inside the book: “Since 1980, the economy has been growing, and productivity has been growing, but trickle-down values-that we, the American people promote, pursuant to the Republican Party’s conservative ideology-have rigged the economy to continuously upwardly redistribute those revenues attributable to our increased productivity, yielding a productivity/wage disconnect, resulting in increased concentration of income and wealth at the top, in corporations and among older Americans (beneficiaries of income from Social Security, pensions and investments and continuing income due to delaying retirement), and the lowest percentage of GDP attributable to wages and highest attributable to profits since World War II.
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