Mark Cuban was talking about the need for transparency. Â He also mentioned that one of the problems that allowed such a large drop today is that the short selling rules are keeping people from hedging their bets and keeping the markets honest. Â A couple of nice soundbites too…
“Policians don’t want transparency because then they’re held accountable.”
“90% of Congress has no idea what they were asking questions about.”
Heh.
Some of us don’t want this bailout to pass because we don’t want a socialized financial system and hate corporate welfare. Â Other people don’t want it to pass because, honestly, they don’t understand what’s going on. Â Both are valid reasons in my book. Â It’s crazy to ask people to foot a $700B bill when they don’t really understand exactly what the money is going for.
And if I hear one more person freaking out about their 401k…
Relax. Â You aren’t retiring tomorrow, or next month, or next year. Â If you are, chances are you’re in a heavy cash position anyway. Â The rest of us are buyers, not a sellers. Â Let’s be happy everything is on deep discount.
The rest of us should be more angry about the 10% penalty we have to pay to the gov’ment if we choose to withdraw our own money early. Â The fact that the balance dropped 7% on one of the 11,000 days I’ll have the account as a buyer/holder and not a seller is nothing compared to that.
What about those of us who’ve already retired?
@Hungry Mother
Sleep late, paddle around in your kayak for a while, take a nap, go play bingo, take a nap, hit the early bird for dinner, what your favorite episode of “Murder She Wrote” on the VCR. 😛
@sadcox… that comment was the funniest thing i’ve read today
Ask 10 random people to explain the bailout bill to you and 9 of them won’t have a clue… The 10th guy will just try to fake it and be flat out wrong.
@mbradley
The first nine people I asked about the bailout gave me the number for the bondsman they use. The tenth was this guy. He may be flat out wrong and faking it, but he writes a lot better than I do, so it’s worth reading.
And it’s no longer a “bailout”. It’s a “rescue” now. Haven’t you heard?