St. Paul

October 05, 2008

Alec Soth on the value-meal economy.

On the financial blog Minyanville, Jeff Macke advises investors:

“What else will help you sleep? How about a portfolio full of Procter & Gamble (PG), McDonald’s (MCD) and Campbell Soup (CPB)? Been hyping ’em all year, and I’m sleeping like a baby (eg: waking up every 2 hours, shrieking).”

With this on my mind, tonight I went for dinner at a McDonald’s in St. Paul, Minnesota. I was surprised to find one fellow eating dinner in a suit and bow tie.

Mike Nelson is a retired professor who left a ballroom dance early tonight after one of his friends fell and broke a hip. Over a chocolate sundae, we talked about the economy. “Anyone who reads the paper could see this coming,” he told me. As a result, only 10% of his savings are the stock market

“What is going on is organized crime,” said Nelson. He’s disgusted with the administration and current state of affairs. But while he’ll vote for Obama, he doesn’t think his election will do much to change the economy. “No matter who gets into office, they’ll have to raise taxes,” he said. “The problem is just too big.”