This website was born at a fishing trip on the shores of West Grand Lake at Leen’s Lodge in Grand Lake Stream, Maine. The fishing trip includes a lively group of financial professionals and economists who gather in friendship, to discuss the heated issues of the day and, of course, to fish . . . and fish . . . and fish some more.
We decided, between bites of fish, that we should start a blog detailing an unsavory aspect of America’s economy–the destruction of wealth for short-term gain. As a nation, we just witnessed people using their homes (wealth) as an ATM machine for consumption (short-term gain). We know now that this was unsustainable and we call this perversity “Wealth Alchemy.” Of course, today’s wealth alchemy is the reverse of old . . . today we are transforming gold into lead.
Yet, this is not the first time, nor will it be the last time, this will happen. There are many causes for our short-term-itis. A major purpose of this blog will be to highlight the accounting gimmickry, unsustainable assumptions and bogus data that have, and continue to, skew the game toward consumption and away from wealth. This will no doubt be a long journey, but we hope that you will join us as we expose this new alchemy.
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