I have other options and utilize them. I am in mutual funds, money-market, and some stock through 401k. I am poised to make a farily large purchase of treasury bills later this week if things fall right. I even have a few 6-month CDs right now. I'm talking more about the average person who sees their present 401k as a piggy bank. Also, I was originally talking about T-bills as being the beneficiery of this market meltdown. Anyhow, let's see a then/now from the President on this matter. Today, Obama said not to worry about the market October 1st, 2008, he told a different story. So, which Obama is to be believed, and why has he changed his tune since he is now in charge? What is going on here?
There's an old Russian proverb that demonstrates why Communism was so appealing to them, "The tallest blade of grass is the first to meet the scythe." Previous to this latest voting cycle, our attitude had been to look up at that blade of grass and work to all grow that high. Striving to improve your own life is what made this country great. I fear envy and Schadenfreude has taken over as the drivers of American life.
The poor guy has no clue. I assume he meant price to earnings (p/e) ratio. That said, it's nice to finally have him at least hint that buying wouldn't be a bad move, although considering he apparently doesn't understand a basic fundamental of the market, I'm not sure it's a vote of confidence in the markets.
3/13/09 Dow above 7,000 before the day started and another gain today. Best week since November . . .
well, its because companies are coming out and saying they don't need bailout $$$$ or whatever. its a false euphoria, the pain is coming.
banks are still insolvent. obama/the government can only do so much. real recovery is a year out. 2009 will still be quite volatile.
3/23/09: White Monday? Stock market up 497 points today . . . puts it at 7,775. Will it go up to 8K by end of month or start heading down again?
What cracks me up is that people who were silent for the past 8 years talking about the rich getting richer and everyone else getting screwed. Amazing.
The remains to be seen, but I think that all of the money that can be used to buy these "toxic" assets was used up yesterday. Which means that the fed won't have any more protections to offer, which means we'll print more money, which means the inflation that I've been talking about will likely hit much faster than even I expected. What good will doubling the market mean when the dollar is similarly inflated?
Its too bad that this doesn't apply to discounts to electronics and other stuff sold by Sears or Circuit City. Oh wait Circuit City has already filed chapter 11.
Geithner getting absolutely owned in front of Congress right now. Lovin' it, this guy can't run a Wendy's.
