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Tuesday, October 7, 2008
Please "Rescue" My 401K!
Thanks to all of the little cry baby 401K types, we passed that stupid "rescue" bill. Guess what, your 401K is still crap because the market is in recession. Here's an idea, don't cash out like everyone else who is panicking and wait until the market rebounds genius. Despite the "rescue" bill, Wall Street has tumbled around 850 points because of banks failing all over the world. Now the Federal Reserve wants to buy up more short-term debt to help push the market. Don't you idiots get it? You can't fix this problem by throwing money at it. Bernanke also added there may be a need to cut interest rates again. Bernanke evidently hasn't taken a hint that the low rates are actually part of the problem and helped create the crisis we are in now. You can't manufacture business by throwing money into a fire. You can boost the real estate market and economy by creating more domestic jobs. Then people might actually have some money to afford the latest Toll Brothers McMansion or a gas guzzling SUV from Detroit. Instead, our entire country is in debt to banks who are double dipping now from interest rates and taxpayer money. The unemployment rate is growing and current salaries can't keep up with inflation. Banks have milked this country like a cow until there was nothing left. Now the market needs to repair itself and there isn't anything bankers can do to stop it. So to all of you who thought the "bailout" or "rescue" plan was a good idea, you need to take some refresher courses in economics. The market will balance itself regardless of how much money can be printed. So to all of the seniors out there that think the entire country is responsible for their personal loses in the stock market, you still lose. That 700 billion wasn't going to you. It went to a bunch of jerks like Lehman negotiating multi-million dollar compensation packages for his executives. That is what you get for listening to the advice of biased news reports and bank sales representatives rather than researching your own investments. I hope the market rebounds after all of these fools have been forced to withdraw their money. The whole point of putting money into the market is that there is greater risk and greater reward. If you don't like it buy bonds. Younger investors just need to be patient, the market will rebound even if it takes some time. Selling on a low is a bad mistake. I'd rather go down with the ship than turn some opportunistic bastard into a millionaire. In conclusion, Americans love accountability, yet few accept responsibility for their actions. Capitalism equals protect your own ass.
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