John Bogle on CNBC
By Barron Maestro on July 15, 2008
John Bogle was on CNBC this morning. Some of his thoughts:
- The private sector is “deeply troubled.”
- Experiencing his 10th bear market, Bogle believes this one is, in a lot of ways, more worrisome than the others.
- Reported earnings on the S&P 500 were $56 after writeoffs giving it a PE of 23. The $56 could easily go down from here.
- The Fed has to think about raising rates and the inflation rate is misleading (it understates the problem).
- It will take a long time to get through the crisis because, in the long run, the economy is more powerful than the government.
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