You remember Wilbur Mills, don’t you. He was the head of the U.S. House Ways & Means Committee for 18 years, longer than anyone in history. The press always called him the “powerful” Democratic Congressman from Arkansas, Wilbur Mills.
His career came to a crashing end three years after a late night in 1974 when he was stopped by police because his headlights hadn’t been turned on. His companion, an Argentine stripper, tried to escape the police and ended up in the Tidal Basin in DC.
Every one was shocked. The secret that was only a secret to the public, not the “in-the-know’ politicos in Washington was that Mills was an alcoholic. Since that dreadful night many people also have ended up there.
But Mr. Mills saw the light and eventually stopped drinking. That’s when he got a big surprise. He had said in interviews that he thought everybody drank as much as he did, but after he quit, he learned that huge numbers of Congresspeople were teetotalers.
Now we come to what you have been wondering about. How is that like Pres. O? Well, O thinks that nobody built anything. Everything was built by somebody else. And everybody he knows agrees with him. Not a one of them has ever seen anyone building anything. So, how could they think otherwise?
Now, if O or any of his friends ever DID build something – guess what? Yep. Everybody they knew would be seen as building or having built something productive.
That’s known in Hungarian as “Ky mentel, uj etel.” (Spelling not guaranteed.) It means, “As you think, you judge that everyone else thinks that way as well.” Or, it takes one to know one.
This little anecdote also reminds us of the person from the East Coast who was stunned that Richard Nixon had been elected President. Why? “Nobody I know voted for him!” he said.
Investment lesson? Get beyond your personal world boundaries to become a better investor. If everybody or nearly everybody you know is out of a job, you will forget that more than 90% of the U.S. population HAS A JOB! Look in the malls. They are full of cars where IFO lives! What about your malls?