Or is it? So hard to really know what the hell is going on. I knew that first bailout bill was poison but that doesn't mean something shouldn't be done. Though it might seem healthy to just let the whole sick system detoxify itself, there are innocent folks' homes, businesses and retirements at stake. I thought the revised 100 pager would likely pass but I'm glad it didn't. Now, maybe, some legislation with true function and integrity can be honed to address this debacle with less fear and more intelligence and the stock market will have time to catch its breath. Onward.
1 comment:
Isn't playing the stock market gambling? It's not investing. And when a bank buys a debt, isn't it gambling on the fact that the debtor is going to ever actually pay? When the bank gambles in that game so heavily that it could go out of business when it loses, is it entitled to continue playing on the taxpayer's money? Insurance companies are gambling that they'll never have to deal with an "act of God" or whatever. Your premiums are not an investment. They don't want to pay. It's gambling, isn't it?
I think it would be good if the stock market dives. That's the game. Buy low, right? You can't buy low if the values never fall? (It's already climbing a bit this week--"bargain hunters" they say on the radio.)
Privatizing profits and socializing losses is wrong.
Also, from a CPA friend: "clients who are attempting to do a 1031 exchange or a 1033 or just invest, are discovering that properties
owned by the banks are being pulled off the market. why would a bank short sell or take a loss when the feds will pay them at least 100% on the dollar?
it gets worse. a banker buddy told me that his bank is strong arming sellers to sign a promissory note for the shortage. his bank collects on the insurance and then sells the new promissory note to third parties."
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