Ten years ago, Doug Van Sandt made a bet with the authors of a best selling book called Dow 36,000 that after a decade the Dow would be closer to 11,000 than it would to 36,000.
Now that the Dow is linger in the ten thousands, lower than it was when the bet was made, he says it is time for authors James Glassman and Kevin Hassett to pay up. He wants them to send the money to the Salvation Army.
On Monday morning he sent a letter to Glassman asking for them to pay up. We obtained a copy of the letter.
Dear Mr. Glassman: I am writing to confirm that the Dow did not get halfway to 36000, so that under the terms of our Atlantic Monthly wager, you and Kevin Hassett owe $1000 to the charity of my choice, which is the Salvation Army. I should add that it's a good thing that I was not required to come up with a predicted Dow level, as I would never have guessed that the level would actually have fallen in ten years (who did ?).
In looking you up on the internet, I discovered that we have a common educational experience. I too worked on the Crimson in the early 60's with Joe Russin , Andy Weil, Peter Gann and a bunch of other really smart guys. I also graduated cum laude with a Government concentration, in 1964. Judging from your career path, we share a conservative bent. Since graduation , law school and an Air Force term, I've been defending doctors and hospitals against malpracticwe suits here in Stockton, California. Sincerely,
J. Douglas Van Sant
Kroloff, Belcher, Smart, Perry & Christopherson
There's been no word yet from Glassman or Hassett.