This is the same as the global warming scam. A different way to get money from the same people You ain’t seen nothin’ yet. Monday’s 777-point loss on the heels of the failure of the bailout vote in Congress was just an aperitif compared to the seven-course collapse coming to our stock markets if micro-economic, small-minded thinking prevails in Congress. Don’t pay any attention to Tuesday’s rebound, that was a mirage, a byproduct of the quarter ending. How does a 1,000-point drop sound, every day, for a week? That’s what’s on the menu next week if Congress does not approved a rescue package for our comatose financial industry. Don’t believe me? Fine. But consider that not a single titan of American capitalism — Warren Buffett, Alan Greenspan, Henry Paulson, Bill Gates, Ben Bernanke — have said anything but how desperately needed this is to restore stability to our financial and credit markets. If middle-class America and small businesses, the suspect constituents influencing Monday’s failed vote, think that this bailout is for the fat cats in New York, they are misled. Those who have the most to lose in percentage terms to their financial standing and quality of life in retirement reside in Missouri, not Manhattan. As Wall Street’s rescue package went up in flames on Monday, so did a huge chunk of Americans’ retirement savings — whether that be a 401(k), stock options or that endangered species called a pension fund. Monday is just a taste of what is coming without a rescue Advertisement package. Middle America and all working Americans of every income tax bracket have become inextricably handcuffed to Wall Street ever since Congress decided to make the 401(k) how we Americans finance our golden years — since Social Security alone is inadequate. And, of course, pension funds are invested up to their eyeballs in Wall Street. http://www.insidebayarea.com/ci_10601408
I’d be pretty psyched if I could buy some stocks after a week of drops like that.
I can’t stand financial journalist. The vast majority have never managed a dollar or made a deal except for maybe a used car. They are all talk, no experience. They read a couple of retail get rich quick investing books at borders (maybe even edit one), sit in on a few high profile conferences, do an interview with a top fund manager and then think they are qualified to be considered some kind investment soothsayers – Please. Just do what I do, ignore them.
virginCFAhooker Wrote: ------------------------------------------------------- > I’d be pretty psyched if I could buy some stocks > after a week of drops like that. lol… Do you feel the least bit guilty about stuff like this? All over America, people are talking about greedy CEO’s and mortgage brokers who will pillage America for a buck. Then there’s Virgin who would gleefully cheer the destruction of the world for a buck.
JoeyDVivre Wrote: ------------------------------------------------------- > virginCFAhooker Wrote: > -------------------------------------------------- > ----- > > I’d be pretty psyched if I could buy some > stocks > > after a week of drops like that. > > > lol… Do you feel the least bit guilty about > stuff like this? All over America, people are > talking about greedy CEO’s and mortgage brokers > who will pillage America for a buck. Then there’s > Virgin who would gleefully cheer the destruction > of the world for a buck. Warren Buffet has said he would pay someone a considerable amount of money if they could make all his stocks drop 50% tomorrow. He doesn’t give 2 spits about M2M, it’s all about long term ROI.
I don’t feel guilty at all. I feel bitter (betcha can’t tell) that the cautious, careful, rational thinking investors might get screwed out of some good assets because the government intervenes and buys BAD assets for too much money.
virginCFAhooker Wrote: ------------------------------------------------------- > I’d be pretty psyched if I could buy some stocks > after a week of drops like that. hope you’re not fully invested before it happens. How do you determine how much dry powder to keep on hand for something like that?
My IRA is fully invested now but I’ve been slowing switching bonds into equities. When EFA hits $50 my IRA will be all EFA and no bonds.
No wonder this guy works for a newspaper in Oakland… For those who don’t know, Oakland is the armpit/landfill/junkyard of the San Francisco Bay Area.