MARKET COMMENT
December 7, 2006
“Always will we remember the character of the onslaught
against us.
No matter how long it may take us to overcome this
premeditated invasion, the American people in their righteous might will win
through to absolute victory.
I believe I interpret the will of the Congress and of the
people when I assert that we will not only defend ourselves to the uttermost,
but will make very certain that this form of treachery shall never endanger us
again.
Hostilities exist.
There is no blinking at the fact that our people, our territory and our
interests are in grave danger.
With confidence in our armed forces—with the unbounding determination of our people—we will gain the
inevitable triumph—so help us God.”
Franklin Roosevelt
Address to Congress
December 8, 1941
Since living in Hawaii
for 35 years until just recently, December 7th has more meaning to
me than perhaps others who may view it more distantly. At one point when our son was taking his six
week daily Driver’s Ed classes at the local YMCA in downtown Honolulu, I had to wait there the 90 minutes
until he was finished. I decided to
spend the time exercising by walking up to Punchbowl Crater wherein is located the
beautiful and impressive National
Cemetery of the Pacific. Over
the six week period I was able to explore, view the many monuments and other
historical markers. There were
occasional funerals and other ceremonies.
[If you ever travel to Honolulu,
you must visit it.] I even was able to
befriend a local veteran, Mr. Higashi whose wife was buried there next to the
plot awaiting him. He was there almost
every day [if he wasn’t I worried] on his hands and knees manicuring their small
space with a small mechanical hand trimmer.
It was naturally the best groomed and impressive area of the many
thousands there. We were able to chat
and it may be that he is now at rest there since that was around 7 years
ago. His family had been in the
internment camp and he had fought with the famed 442nd in Europe. All of his
peers will soon be joining him at places like this. That was then. One thing’s for sure, times and attitudes have
changed.
Meanwhile back on Wall Street nothing much took place as
investors get defensive while awaiting the employment numbers tomorrow. A stronger than expected showing means bonds should
fall in price, the dollar rally and precious metals fall. Is that a lock? No. Stocks? That’s a hard
call since in the Alice
in Wonderland world of Wall Street where up is down and down is up, you just
never know how it all will be spun.
So with not too much going on let’s just pause and reflect
on this day. My thoughts are with Mr.
Higashi and men like him.