Monday, October 6, 2008

Monday Morning Quick Thoughts

The Emergency Economic Stabilization Act Passed!!!


This will allow us taxpayers to prop up those financial institutions in our society that are unsound for 3 more months, before they inevitably fail anyway. Yay!!!

At only $700 Billion, with 90 million actual US taxpayers, that's about $7,777 per taxpayer.

Such a deal!

For you good, simple, small town Republican folks, this is what's known as "throwing good money after bad."

For you gamblers in Vegas, this is called "doubling down."

For you financial wheeler dealers, this is called a "golden opportunity" to grab some free money.

For you folks who actually pay taxes, this is called "getting screwed."
But thank goodness the crisis is over!


Bill McC said...

Somebody needs to let the traders on Wall Street know that the Act passed!

Bill McC said...

I finally panicked yesterday and moved all of my (paltry) retirement savings out of equity funds and into a money market fund, after having lost more than 20% in the last month or two. I know that because my investment horizon is pretty long, what I did is contrary to the typical advice of investment professionals. Even so, it struck me that by leaving my money in equities, I was, in effect, making a daily decision to invest in the stock market as opposed to something more stable. Maybe I'll miss out on huge gains in the next few months, but a lot of really smart people think it's going to be quite awhile before things start to get better.

By the way, I placed the trade yesterday afternoon, and between then and the time it was executed, I lost another $10,000. Notwithstanding the losses, though, I'm happy to be in "cash" now and am confident I'll still be able to retire before I turn 150.

WV said...

Not a pleasant realization.