So.... where's the best place to put your money now? by 6ixStringJack

I'm still basing on rocks and metals, with a sideline in a few technologies that are making a killing in our current atmosphere of near-total paranoia, scramdrives* are a high return item now, although finding an investment hook is both difficult, and probably fairly risky given that I anticipate they will be outlawed eventually.

*A scramdrive is a flash/usb stick with a scram button on it, which, when pushed, drives a pin through a vial of corrosive and into the vitals of the component, completely destroying the innards physically - absolutely ensuring total destruction of the data.

For a long term thing, stone and metal is still the most solid route.

-F

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Saturday, January 19, 2008 3:35 AM

Scramdrives..... I will have to look into those. I was wondering one day what it would cost to buy one of those electromagnetic computer killers that the nerdy kid from Road Trip used on some movie where he was some crazy hacker.... I can't remember the name, or even who else was in it, but I know he wasn't the main character. Anyways, the device he used to fry his electronics supposedly doesn't really exist, the real electromagnetic drive fryers are painfully slow and the only time sensitive option seems to be a hard drive "shredder".....

Pretty cool machine that can pulverize a hard drive into dust in 8 seconds, I think, but I can't imagine the Feds or the RIAA would just stand by idle at the door waiting for me to finish my shower if it sounded like I was throwing somebody in a wood chipper like that guy on Fargo. Plus the cost is astronomical. That, and I really don't have anything that would warrant such a device anyhow. I mean, who doesn't have Hall and Oates' "Maneater" downloaded off Napster sitting on their hard drive since back in the day? Really?

What do you think, in light of the proposed cuts, the housing crisis, the debt crisis and the shaky state of the market in general means for metals in the short term? I was holding off on buying gold when it was 625 an ounce and then it shot off like a rocket with the rate cuts and the dollar going down the tube. Whoops. I really wish that Bernake would show some balls that his predecessor didn't have and raise interest rates and nurse that dollar back to some respectability. While he's at it, he could shred all of their Orange Hamiltons and give me some real GREEN American currency in exchange. Then I can get in on gold when it reaches 400 an ounce too.

What do you think of SiRF Technology Hldgs Inc?

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Saturday, January 19, 2008 7:13 AM

KIRKULES

If you have the stomach for huge market swings I think it's time to start gradually getting back into the overseas markets (primarily China). Over the next fifteen years China should grow at a much faster pace than the US and this could mean huge gains. Just watch out for the inevitable market bubbles in the Chinese stock market. These bubbles provide a good selling point, and then start to gradually get back in after the market drops 15-20%. Depending on your age I wouldn't risk any more than 10 to 20 % of your portfolio overseas.

I looked at the chart for SIRF and I think I would wait awhile before getting into this stock. It may be a good stock but the chart shows a breakdown in the stock that will probably take it to $10 before it goes up again. I didn't look at the fundamentals of the company but my very limited knowledge of technical analysis says this could go lower. Depending on the fundamentals you might want to start slowly building a position even as it drops.

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Saturday, January 19, 2008 4:33 PM

http://www.investopedia.com/articles/01/071801.asp

I'm only 28 so I had 100% of my 401k in very aggressive funds and though there were some pretty big swings I've had returns between 11.5% and 17% in the last 3 years. I had about a 60/40 split international to domestic and it worked out rather well for me. I sure like it when they're going up

but I haven't felt the sting of it going down yet really. I'd probably have to actually have lost a significant amount of a chunk of my portfolio someday to test just how strong a stomach I really have for market swings. (Like I would have in the last few weeks if not for unbelievably lucky timing with the 401k rollover). I never win anything.... that kinda felt like winning the lotto to me.

I did own 3 shares of Google at one point for about a year and that was all over the map from day to day... but we're only talking a $1,200 investment and not my entire retirement account so that's not a very good barometer.

Your thoughts on SiRF pretty much mirror mine. I was thinking wait till about 8 to 10 dollars and buy.... probably a good idea to start positioning myself as it lowers though, like you said. I really like this stock and I'll kick myself if I miss the boat the second time around by being greedy.

Thanks for the input Kirkules.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Saturday, January 19, 2008 5:01 PM

FLETCH2

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Saturday, January 19, 2008 8:29 PM

There's also the thought, and go do some research, even now we've begun to face the edge of it - about having those resources outside your PHYSICAL possession, especially in electronic form.

So what do you do when the bank locks the doors in your face, drops the grid and refuses to hand them over ?

Or does that and the FedGov confiscates or nationalies them under FEMA provisions ?

We're already seeing "withdrawl limits" and the like, and that could get worse, so ponder hard the fact that when you most NEED those resources, they will most probably NOT be available to you.

If things ever get real bad, someone like me can fix your generator, probably - but we don't take visa, that's for sure.

Just some advice, have at least some of your assets where you can PHYSICALLY lay hands to it.

Just in case.

-Frem

It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it

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Sunday, January 20, 2008 2:14 PM

CANTTAKESKY

My husband had difficulty withdrawing $5000 from the bank the other day. They didn't have enough money in one machine and had to go to another.

On the way to Peru to visit us, there was a uniformed cop-like person at the physical entrance of the airplane. He asked every single passenger exactly how much cash they were taking out of the country. When my husband said $1500, he was asked to explain why he was taking so much.

Something is really wrong, or about to get really wrong.

--------------------------
I would say that my position is not too far from that of Ayn Rand's; that I would like to see government reduced to no more than internal police and courts, external armed forces - with the other matters handled otherwise. I'm sick of the way the government sticks its nose into everything, now.
--Robert Heinlein

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Sunday, January 20, 2008 2:26 PM

CHRISISALL

Quote:
Originally posted by canttakesky:

Something is really wrong, or about to get really wrong.

Welcome to our world.

Chrisisall

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Sunday, January 20, 2008 2:48 PM

FLETCH2

Quote:
Originally posted by canttakesky:
My husband had difficulty withdrawing $5000 from the bank the other day. They didn't have enough money in one machine and had to go to another.

On the way to Peru to visit us, there was a uniformed cop-like person at the physical entrance of the airplane. He asked every single passenger exactly how much cash they were taking out of the country. When my husband said $1500, he was asked to explain why he was taking so much.

Something is really wrong, or about to get really wrong.

--------------------------
I would say that my position is not too far from that of Ayn Rand's; that I would like to see government reduced to no more than internal police and courts, external armed forces - with the other matters handled otherwise. I'm sick of the way the government sticks its nose into everything, now.
--Robert Heinlein

The one way that money to do bad things can go to bad people undetected these days is to physically carry it there. There's a possibility they are looking for people taking drug money out of the country or funds used to back terrorism.

Did the questions inconvenience your husband in some way or is it the principle of the thing (that you business is your business?)

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Sunday, January 20, 2008 6:33 PM

Quote:
Originally posted by Fremdfirma:
There's also the thought, and go do some research, even now we've begun to face the edge of it - about having those resources outside your PHYSICAL possession, especially in electronic form.
...
Just some advice, have at least some of your assets where you can PHYSICALLY lay hands to it.

Just in case.

What Frem said. Precious Metals (PM's )(I'm leaning more heavily into Silver than Gold; but there's arguments for either, either is better than Cash these days) should be safe with respect to inflation, and might even gain against it until either the $ blows out completely, or reaches some new accommodation with the universe. Having some of this in a 'reachable' position makes sense just in case things go 'too nuts.' This is often referred to as 'Physical PM's'

It sounds like you have some good coverage in international stock markets; that's good. I wish my 401K had a PM option; but it doesn't. I'm leaning toward international stocks and bonds; but as Frem points out, depending on how things might freak out, you may have a hard time getting it for at least periods of time. It is possible to do a PM IRA, check out BullionDirect (BD). I'm considering setting one up for my wife. Any such holdings should be (IMHO) in addition to a decent set of Physical PM.

Frem will likely bust my chops for buying my PM's through BD, which is net-based. He's a big proponent for 'pay the cash, get the goods.' I will suggest you check out your local coin shops; I probably only saved 15% or so by doing BD. ALSO, if you buy locally, ask carefully about buying in quantity; in NY and TX, you do NOT have to pay sales taxes on investments over $1000 in bullion/coins. Under, you do. If your state so differentiates, be sure you save up and buy to avoid the tax.

If you go Physical PM's, consider storage. Safe deposit boxes can be 'challenging' to get to in times of crisis (bank panic, etc). Be aware that a typical gun safe can be hacked open with a fire axe in about 10 minutes, so if you go the safe route consider how much protection you will want for the amount you are putting in it. Many folks suggest the 'hidey hole' approach, and/or 'hide in plain sight'. All sorts of interesting reading material on this topic if you feel like getting seriously paranoid.

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Sunday, January 20, 2008 11:09 PM

CANTTAKESKY

Quote:
Originally posted by Fletch2:
Did the questions inconvenience your husband in some way or is it the principle of the thing (that you business is your business?)

It's the principle of the thing--but it's also way more than that.

It is customary during an economic crisis for a government to make transport of ANY amount of currency out of the country illegal. They don't want all the rich people running away with all their money. (Right now it is illegal to transport more than $10,000 without declaring it.) Questioning every passenger about how much money he/she is taking out smacks of an economic crisis.

--------------------------
In religion and politics, people's beliefs and convictions are in almost every case gotten at second hand, and without examination.
-- Mark Twain

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Monday, January 21, 2008 6:15 AM

FIZZIX

That is more than a mite unsettling, canttakesky. My money should be able to go where I am. This stuff is just a tad bit scary.

/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\/|\
May not be smart, and it may not please you, but you're definitely gonna see what I have to say.
Put this in your sig if you had a favorite show that may have been named Firefly and was canceled by FOX.

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Monday, January 21, 2008 7:05 AM

JONGSSTRAW

You young guys can afford to take risks. I've reached the age where one cannot. As sad as this sounds, I've got almost all my cash in CD's...that's right, bank CD's. Last one I got from Bank United in Florida was 5.4%. Now they got 'em at 4.5%. It's not very much, but it's 100% safe & never goes down. Good for sleeping, but not for wealth-building.

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Monday, January 21, 2008 7:16 AM

WASHNWEAR

Quote:
Originally posted by 6ixStringJack:
This one's for anyone from any end of the spectrum that isn't a leech on society.

Begging pardon in advance, for there is indeed an imp or similar demon within me today: Is this a recurring problem you're experiencing, that of society's leeches trying to get in their 2-cents'-worth on the subject of 401ks and investment opportunities and the like?

It was like that when we got here!

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Monday, January 21, 2008 7:56 AM

Well hell, outside of outright purchase of physical goods, it's all Usury anyway, innit ?

I mean, if yer in a card sharpers house, at his table, playin his game, with his deck - at least have the gorramn decency to cheat BACK, yes ?

-Frem

It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it

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Monday, January 21, 2008 9:47 AM

HERO

Quote:
Originally posted by 6ixStringJack:
This one's for anyone from any end of the spectrum that isn't a leech on society. Where are you putting your money in the current market?

I just bought I nice hunk of Rite Aid (RAD). Its a solid company with decent potential hovering near its historical all time low. A couple years ago I made about $10,000 buying in at $1.96/share and then selling when it climbed back over $5 a year or so later. I just sunk that $10,000 back in.

RAD is good in the sense that its hovering near collapse, meaning it can't get worse. Yet it has solid leadership, a good plan, and decent sales. Its downside is a big debt left over from mismanagement, overextension, and an accounting scandal in the '90s. So worst case, it breaks up and break up value is around $10. Best case it plods on in which case it will have to move off its all time lows like it did before. Given the good chance that they are going to sell out of California and offset the debt, there can be real money there. Also, Drug Stores are traditionally good safe harbors during recessions (cause folks always need toothpaste and shampoo).

Another place I'm putting my money is into myself. I've been paying down my debts, getting ride of credit card bills and reducing my student loans. I'm a good investment as my income have risen dramtically every year since I graduated lawschool. So if anybody wants to send me their money, let me know.

Finally, should the President gives me $800 I will stimulate the economy by purchasing something nice...like a couch. That money is for economic stimulus so its our civic duty to spend it on something stimulating (like clothes, computers, tvs, couches, washing machines, strippers, etc).

H

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Tuesday, January 22, 2008 5:36 PM

Quote:
Originally posted by Jongsstraw:
You young guys can afford to take risks. I've reached the age where one cannot. As sad as this sounds, I've got almost all my cash in CD's...that's right, bank CD's. Last one I got from Bank United in Florida was 5.4%. Now they got 'em at 4.5%. It's not very much, but it's 100% safe & never goes down. Good for sleeping, but not for wealth-building.

Do you think you will be able to keep up with 10-20% inflation? Or is any relatively small negative delta acceptable to you?

Also, just curious, what to you feel the 'total inflation' rate was for 2007?

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Wednesday, January 23, 2008 8:31 AM

SICKDUDE

Okay, sorry if this is a bit offensive; it's not meant to be. But if you're taking financial advice from a Firefly fan board, maybe you shouldn't be doing speculative investing....

Scramdrives: I hardly think that US consumers (or businesses) are looking for easily destroyed data storage devices.

And, for what it's worth, I agree with Jongsstraw- bank CDs.

"Your gratuitous jello awaits." - Dr. Helen Magnus, Sanctuary

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Wednesday, January 23, 2008 10:29 AM

HERO

Quote:
Originally posted by Sickdude:
Okay, sorry if this is a bit offensive; it's not meant to be. But if you're taking financial advice from a Firefly fan board, maybe you shouldn't be doing speculative investing....

You make an excellent point. Half the folks around here see Ron Paul Dollars as an investment opportunity rather then a scam.

Still this thread is nice for curiosity if nothing else. To be fair my stock suggestion is up about 4.5% on today's trading and about 12% since I bought it, but it can go down just a quickly, still a good price though, its at $2.13, I plan to sell when it get back to $5...hopefully by Christmas.

H

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Wednesday, January 23, 2008 3:52 PM

SIMONWHO

Canned food and shotguns people. Canned food and shotguns.

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Wednesday, January 23, 2008 5:42 PM

And good tools, not only a decent investment, but of actual, immediate use - and a durable good that retains high resale value, even higher in a crisis.

We're not down to toilet-paper yet, but any soldier worth the name can expound at length about it's value under field conditions.

SellinForaBuckaSquareFrem.

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Wednesday, January 23, 2008 6:14 PM

Quote:
Originally posted by Sickdude:
Okay, sorry if this is a bit offensive; it's not meant to be. But if you're taking financial advice from a Firefly fan board, maybe you shouldn't be doing speculative investing....

And you think a better source of financial advice would come from where? I mean, look at the hot tip we got from Hero!

Goldman Sack's? Big name. They recommended shorting gold for quite a while, recently changed their minds. Folks who followed their advice lost $58 an ounce. Ouch!

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Friday, January 25, 2008 8:21 PM

Thanks everyone for the positive and negative comments. Even the useless ones were worth a laugh. I will be looking into your suggestions.

I don't see any problem with soliciting financial advice from the RWED. I talk to this lot more than any other online community and though we argue on just about every subject, don't mean that I dont' respect them and wouldn't weigh advice they had to give.

Maybe I'll even buy a couch with my rebate Hero. Always wanted a leather couch.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Tuesday, January 29, 2008 5:36 PM

I have a vote and I'm not afraid to use it!

I've been thinking about this recently. Right now the only thing that looks good is US real estate - for the reasons below:

With the value of the dollar so low you don't want to invest in anything with international value - foreign stock markets, currency or commodities. You'll automatically lose about 20% (or more) of the value of your investment, which is a lot to have to try and make back just to break even.

The US stock market is not about to go up anytime soon, b/c the economy's been so badly mismanaged.

You also don't want to invest in the US dollar or US government offerings, since they both seem shaky.

US real estate OTOH is depressed, and interest rates have just been lowered. This looks to me the best pick of the bunch. OTOH while I don't think you can lose on real estate it may be quite a while before you recoup on the investment (which I think will come in the way of foreign purchases made with US dollars of US land).

***************************************************************
"Global warming - it's not just a fact, it's a choice."

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Wednesday, January 30, 2008 5:28 PM

Depends on the area. If you are in a 'big bubble' area, I believe folks have a couple years of big declines or at best -stable- prices during high inflation. In area which didn't bubble up so much, I think the general lending problems will simply make growth anemic... which will be bad since I anticipate harsh inflation. You will also have the privilege of paying taxes and the other joys of real estate while you watch the value not increase. I could be wrong though.

Two or three years, I think real estate will be bottomed out, then a good time to enter.

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Wednesday, January 30, 2008 5:56 PM

Yeah... I was thinking about waiting on real estate myself, but in the mean time I'm only getting 4.6% in my MMA which will likely go down again soon because they keep lowering interest rates. That's hardly keeping up with real inflation as it is, once you take the numbers of increased gas and basic foodstuff prices into account. I figure even with a 4.6% return, I'm really loseing about 4% a year, and even more when you consider I have to pay the government 25% tax on any "earnings" my MMA makes in a year.

When I was telling people a few years ago that the basic reason real estate skyrocketed was because interest rates were at historical lows my thoughts were then that if interest rates were to go to up to 10 or 15% then house values would plummet, allowing somebody who had cash money to buy a house on the cheap. (Which was kind of what I was hoping for in my current situation)

Somehow, I don't see that happening with the FED seeming to continue to bend over for Wall Street with the new leadership. Nobody in power seems to care much that the value of our dollar is near-laughable. The prospect of hyper-inflation scares me. I'm only able to keep my retirement account in the most conservative fund right now, as it's the only one that hasn't lost money in the last two months and my liquid currency is set up to take a huge beating once inflation starts to run away.

Maybe tools and metals it is.... and a big shiny black leather couch.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Wednesday, January 30, 2008 6:27 PM

I have a vote and I'm not afraid to use it!

"high inflation"

During high inflation it's a good idea to have a fixed, low interest loan. Better to have them pay you expensive money and you pay it back with cheap money. Your real assets which you bought with that expensive money will appreciate with inflation.

Oh, and if you anticipate a major currency meltdown, it's a good idea to take your money out before they close the banks, like in Argentina. But if they reissue currency, you're screwed.

But I'm still mulling over what to do. That's one reason why I'm not a good investor. It just takes me too long to get going.

***************************************************************
"Global warming - it's not just a fact, it's a choice."

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Wednesday, January 30, 2008 6:29 PM

VETERAN

Don't squat with your spurs on.

Based on my last 401K moves, I'm probably the last guy to ask. Right now I think energy stocks and foreign markets are the way. Otherwise, figure out what Warren Buffet is into and adjust your investments accordingly.

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Wednesday, January 30, 2008 7:08 PM

Yeah, but try pulling a chunk of Phat Lewt out of the bank, all at once... you'll have the Taxman, Dept HomeSec, and any creditors, even if paid up in good standing.. up your ass with a microscope before you even make it home, IF the bank even *allows* you to withdraw your money.

And any loans you have outstanding may use that, quite legally, as an excuse to jack your rates, etc etc...

It's not nearly as easy as that, would that it were, and it'll only get worse as a crisis point nears.

Of course, this presumes you had Phat Lewt to begin with, rather than the Chump Change most of us do in fact have.

-Frem

It cannot be said enough, those who do not learn from history, are doomed to endlessly repeat it

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Wednesday, January 30, 2008 7:51 PM

Not so much Phat Lewt.... just about 7 times what I owed on my credit cards 3 years ago. Pays to learn some very hard financial decisions early in life, I suppose. Guess that's why I get really pissed when they talk about bailing out the housing crisis. Ain't my mess... I just finally cleaned up my mess. Why should I have to pay to fix theirs?

I guess I wouldn't call it chump change either though.

Let's just say that I did laugh pretty hard when the guy at the bank asked me if I planned on making any deposits or withdrawls in one day that were over $100,000.00

I don't imagine that will be happening anytime too soon, although I do believe that in my lifetime everyone in this country will be millionaires, even the people who can't afford a roll of toilet paper.... or anything worth eating that might give them cause to use it in the first place.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Wednesday, January 30, 2008 8:18 PM

SIGNYM

I believe in solving problems, not sharing them.

Hmmm... foreign and domestic stocks, bonds, commodities, real estate, currency, precious stones .... Gold and the Euro are too high. Real estate still has a ways to fall before it becomes attractive. I think stocks are in for a lot of chop due to the recession, but some stocks might be a good buy now (banking stocks, some tech stocks). The dollar is still prolly gonna sink further.

All I can come up with is the Chinese yuan.

BTW- I tried to open a Swiss account. It takes a million-dollar deposit, no shit. AND they don't like you to move your money around a lot, either. Except for privacy, the bank account doesn't seem like such a good deal.

Now, a Swiss safe deposit box OTOH...

---------------------------------
Always look upstream.

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Wednesday, January 30, 2008 8:35 PM

Yeah Signy... I know what you're saying. I really missed the boat on gold and such... and I just keep putting that off hoping for the FED to increase rates, but it never happens. I reckon that if they don't raise those rates soon it won't be long till we're going to be looking upon the Canadian Loonie with the very same awe and wonderment that Zimbabwe with their 50,000% a year inflation must look at the Dollar with today.

What do you think about buying 1 million "Forever" Stamps from the Post office? Assuming that somebody (China) doesn't just buy America, I could make a killing off that investment when stamps are going for $5.00 a pop.

EDITED TO ADD: Yeah.... I just figured the math and I can't afford a million "Forever" stamps, but I reckon somewhere in the range of 100,000 to 130,000 should last me a while. Minus storage fees and fire insurance, of course.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Thursday, January 31, 2008 11:20 AM

KIRKULES

Quote:
Originally posted by 6ixStringJack:
I really missed the boat on gold and such...

There might be an opportunity coming soon to make money betting against gold. The commodity traders have got it in their minds that gold should go to $1000/ounce so I'm sure it will. When they decided they wanted oil at $100 dollars/barrel it didn't take long for them to prove themselves right. You can buy a stock that tracks gold under the ticker symbol (GLD). What I'm thinking of doing for a trade, is Short Selling (GLD) when gold reaches $1000 dollars/ounce. Just like oil I expect a 10% or more retracement in the gold price due to the speculators pushing gold to $1000. Potential for a quick gain, and if it doesn't happen just cover you short right away.

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Thursday, January 31, 2008 11:34 AM

GRIZWALD

I bought AAPL in September when it was about $136 a share.

___________________________________________________
High Priestess of Pork and Ag-Related Activities of the MYTHICAL LAND OF IOWA

Click on my profile for my Annoyingly Long List of Firefly Links.

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Thursday, January 31, 2008 11:50 AM

HERO

Quote:
Originally posted by Kirkules:
There might be an opportunity coming soon to make money betting against gold.

Gold? Rite Aid (RAD) is up 50% since I first mentioned it in this thread. I've made $5,000 as of todays close.

I'm going to splurge tonight for my girlfriend...perhaps even let her order something not on the Value menu at McDonalds. She deserves it.

H

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Thursday, January 31, 2008 4:41 PM

VETERAN

Don't squat with your spurs on.

Speaking of fast food, I heard Burger King really out performed McDonald's last quarter.

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Thursday, January 31, 2008 5:21 PM

I've made 100 bucks in interest on my MMA, about 60 bucks in my very conservative 401k and whatever Goldcorp has gained or lost since this thread started.

Minus whatever the dollar has lost and, the 25% tax and whatever losses inflation are bludgeoning me with.

I wanna do something with it, and I know to make some good decisions today could make me a very happy man, but I'm just nervous to pull the trigger anywhere now.

Not like me, to not dive head first into something.

"A government is a body of people, usually notably ungoverned." http://www.myspace.com/6ixstringjack

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Thursday, January 31, 2008 6:08 PM

I have a vote and I'm not afraid to use it!

I know what you mean about being hesistant right now.

***************************************************************
"Global warming - it's not just a fact, it's a choice."

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Saturday, March 1, 2008 3:12 PM

JAYNEZTOWN

stocks winced again and oil is at record prices

Where to go next ?

Gold, Pharmaceuticals, Silver, the European currency Euro, selected stocks in the US, EU, Asia.

I hope the next president tries to get us Oil price by going to Hydro energy, Nuclear whatever

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Sunday, March 2, 2008 4:32 AM

Quote:
Originally posted by JaynezTown:
I hope the next president tries to get us Oil price by going to Hydro energy, Nuclear whatever

Agreed. I do not believe the economic issues we face will not resolve in total until energy concerns are settled.

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Tuesday, March 18, 2008 8:47 AM

DEADLOCKVICTIM

If you watch Jim Cramer of CNBC's Mad Money - everything is coming up roses for Bear Stearns .... whoops...

and now this...

Paulson defends U.S. rescue of Bear Stearns

Quote:
WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson on Monday defended government moves to rescue Bear Stearns Cos Inc (BSC.N) from bankruptcy, saying it was important to ensure the orderly function of financial markets.

.....To facilitate the deal, the U.S. Federal Reserve committed to fund up to $30 billion of Bear Stearns' less liquid assets. The problems faced by the New York investment firm underscored a loss of investor confidence in the health of the U.S. financial system.

http://news.yahoo.com/s/nm/20080317/bs_nm/usa_economy_paulson_dc;_ylt=
An1fF39b9iXozI8SO_wp2DKwJ8MA???

so, isn't this another government bailout using American taxpayers money...??

Quote:
What Bear Stearns' Meltdown Means To You

Think the Bear Stearns meltdown isn't affecting you? You might want to check your investments before you answer.

Large mutual funds commonly found in 401(k) plans have invested hundreds of millions in the battered bank, which is being purchased by JPMorgan Chase for $2 a share -- a fraction of its price last week.

As Bear Stearns stock plunged and the financial market shuddered, these funds also saw declines.

http://www.huffingtonpost.com/2008/03/17/what-bear-stearns-meltdo_n_92
005.html

well, there goes our house in the Hamptons, Buffy...

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Tuesday, March 18, 2008 9:05 AM