Jack Bogle: S&P the Gang that Couldn’t Shoot Straight

By on August 8, 2011

John Bogle, Senior Chairman and Founder of the Vanguard Group, was interviewed this morning on CNBC. Bogle said the market was overreacting to “noise,” noting that the bond market was largely unaffected by S&P’s downgrade of U. S. debt. After expounding on the idiocy of the many leveraged ETFs marketed, Bogle was asked to give his view on the future of the U. S.

Bogle said we look a lot like the Roman empire at its peak. However, he said we have an innovative economy and borrowing a quote from Churchill, “Americans finally always do what’s right, but only after they’ve tried everything else.”

Bogle indicated investors shouldn’t make any wholesale changes to their portfolios in times like these.

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