Read it, or we’ll be facing an insurmountable economic crisis. Â Here’s a sampling.
Wall Streeters pat themselves on the back all the time for how creative they are financially. So get creative here. Create some sort of new entity and have banks contribute toxic mortgages into the entity in exchange for equity. Find some pension funds to invest in the new entity at a deep discount.
did you hear Cramer last night? i do not know enough about the market to make an insightful comment, but what he had to say with his historical perspective as his guide, made a lot of sense to me.
I don’t pay much attention to him. He yells a lot and talks about individual stocks. Now Maria Bartiromo…that’s a different story.
OK, I’ll summarize, since I cannot seem to find any video posted yet of last night’s opening statements. Basically he said that we should learn from history, look at what we did in the 30’s, which was nothing, and do anything we can to keep the market alive. Now if he read this he would probably grimmace at my pathetic attempts to rephrase his knowledge. He went on to encourage us to stop focusing on “whodunit” and “they should pay”, and rather to focus on fixing the problem. We can deal with the instigators later. Example given was if we had same mentality when Japan struck Pearl Harbor, focusing on the admirals that failed to do their jobs, rather than strinking back, then we might all be speaking japanese right now. Very poor summary, but point is that we need to start working on the solution, not on making the “sinners” pay. Another good example was how the Bits treated the Irish back when all they did was grow potatoes, instead of diversifying. They did what they knew how to do. They suffered greatly for their mistakes, and hopefully our mentality has evolved and we can be more gracious, more helpful, and less negative about everything. IMO, how the hell are we going to grow the economy if all we hear is gloom and doom? I for one, with a small business, am tired of suffering for it and am tired of hearing bad news. I’d love to hear some solutions rather than hearing about the problem all the time. Oh yeah, that was his bottom line, as he encouraged others to do. Find the solution, and stop pointing fingers.