Yesterday I completed my financial bailout plan that I began in March. It is much different than the plan being kicked around by your government. Here are the differences.
Despite being told by most people that it is a good idea to hang in there, I’m not hanging in there. The government hung in there. They kept telling us there was nothing to worry about. First the housing bubble problem would go away. It didn’t and it won’t for a long long time. Next, the credit crisis. It was going to get fixed. It isn’t and it won’t until much, much more pain is felt.
You can choose to trust the people who created these messes to fix them. Pundits say look at history. Look at the tech bubble. Well, I bailed on that too. About 6 months before it burst. I didn’t trust the people who were saying there is a lot more play in the tech growth.
Here’s why I bailed. Greed created this mess. Lot’s of people made lots of money. Including the politicians who are saying they will fix it. Some of them who made the money are losing it fast. They still have the same influence they had when they got the green lights to profit from the system. They want the bailout to help them, not you. In some cases, they have the goods on the politicians who are working on the repair. Chris Dodd, for example, had a low cost mortgage. Obama got the most political donations from Freddie and Frannie.
Our country today is run by special interests. Special interests got the mortgage mess going. That, and the idea put forth by Barney Frank and supported by Obama that every American should own a house. Regardless of capacity to pay. It was a version of the entitlement program Obama wants to Nationalize. Health care will be just as screwed if Obama gets a chance to put his into place.
If you worked hard and made a good living and have enough assets to keep you comfortable for the rest of your life, what are your choices? Trust your government? Not me. Trust your financial advisor. Not me. You can sit around and bitch or you can control your own destiny. If you sit and you are wrong, all you get is mad. Or, you may find yourself as a Walmart greeter or mowing my lawn with my investment bankers. If you bail and you are wrong, you still have enough to be comfortable. Easy choice. For me, at least. I’m doing my own bailing and I’ll watch the government try to figure out what they plan to do for us.
Our form of government today does not work when it comes to making big decisions. It’s broken. With the village idiot in the White House, they will get no help there.
Banks are gone, all investment banks are gone, short selling is gone, AIG is barely hanging on, and it ain’t over. Not by a long shot.
Need a bucket?
An interesting move against what most investment advisors would have suggested. This clearly indicates, like McCain, you’re a Maverick. We have always been told to sell high and buy low, but you have turned that concept upside down, but hope this does not convince everyone else to do the same, because if everyone takes there money and puts it under their beds, the economy will most definitely collapse. If it does go down the drain and it is certainly looking like that, you won’t be the one who is going to lose any sleep over it. At least you have ensured that you’ll be able to give all of that cash to your grandchildren and their grandchildren and so on…
Given your financial situation, eliminating all of the risk to ensure that your millions will there and will generate at least 3-4% per year if there are any banks left, is what most of us should have done, but with far less millions to work with. However, if interest rates skyrocket as they may, you will be viewed as a genius.
Unfortunately, most of us have ridden the market down and have lost a lot of money in the process. I give you a lot of credit for enacting your own bail out, but would have rather seen you take those millions and invest it in drilling for Oil or buy into T Boones plan to help solve the oil issue. You obviously don’t by into Joe Biden’s plan for being patriotic. Just kidding!!!!
I don’t buy much from Biden. He probably bailed last year. Pickens has his own agenda. Here’s my deal. The poor excuse for an offshore drilling bill says it all for me. We will suffer for lack of an energy plan regardless of how many bail outs the government does.
Bill