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.
Between bites of fish, I decided to start a blog, along with my good friend Terry Wolfe, 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 type of wealth alchemy will occur and 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 wealth alchemy.
Scott pursued his graduate work at George Mason University where he studied Public Choice and Austrian economics (and, most importantly, met his wife). His career began in Washington, D.C. where he worked for public policy think tanks such as the Tax Foundation and The Heritage Foundation. There he got involved in micro-simulation modeling where he was exposed to the ins-and-outs of nearly every major statistic produced by government bean-counters.
Twelve years later, with a young family in tow, Scott fled D.C. for New England where he has since worked for, or consulted with, a number of state-based think-tanks. Today he is the Chief Executive Officer of The Maine Heritage Policy Center. All thoughts expressed on this blog are my own and do not represent the position of any other organization.
In Memory . . .
I also want to remember my good friend J Dwight who was a great inspiration to me in starting this blog and many of the posts you will find here . . . you are missed.