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This financial mess we are in is not Paulson’s mess. This is not about Enron. This is systemic. Government imposed mortgages and credit for all regardless of risk. It is because of a mortgage valuation mess (valuation of mortgage backed securities) embedded in every mutual fund which are being written down or sold at losses during 3rd quarter very heavily. What is coming is 401K 403b mess which will be evident to all after 9/30/2008 (quarter end) and people get their statements. The bailout is not for the mortgage holder. The bailout is to bring stability to the reaction that will come as people become aware their 401k’s and 403 b’s have been slashed in value.
Sending confidence to the market is pretty important right now…because courage will be needed. Suddenly, the write downs and sell offs are happening to market levels. Financial advisors are going to have a really hard time communicating to their clients what happened and clients are going to need detailed information on what happened. At this point it’s not “return on capital”…it’s return of capital.p>I am specifically sending a number of questions to our financial advisor which I will want as a consumer from the company our household’s 403b is through. This is time for clear answers to restore a semblance of order…but also to take retirement and living back into our own hands. The relationship between financial advisors/financial companies and consumers is about to change. br> — Sherrill br> P.S. After thinking more about it, I’d say the unsophisticated taxpayer has already paid for the bailout with the slashed value in 401k’s and 403b’s. Were the insiders able to move their 401k’s and 403b’s stock and fund choices to cash before the crash? /p>
P.S.S. And rereading John Berlau’s article: he has the best point I have heard in all of this about sophisticated and unsophisticated investors.p> At the rate the dollar is devaluating, America will be able to repay the entire $700 billion 2008 debt in 2016 for only $1.98 in 2008 dollars. br> — David Govett /p> p> MUDSLINGING br> Re: David Catron’s
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?