I'm no economist and I don't know the best way to get out of this huge mess we're in.
I'm a simple guy -- I pay my mortgage on time and I've diversified my investments. This used to be -- and for me, remains -- the only way to do business. It's not hard.
However, it was hard for Fannie Mae and Freddie Mac and a host of banks, Wall Street firms, and others. Now with cup in hand, they go begging.
This isn't new. Didn't anyone other than me read "Liar's Poker?"
I suspect that some legislation will pass that will amerliorate the problem; it won't necessary solve it. You want bold leadership? Join the military and head for Iraq. You won't see it coming out of Congress.
In any event, when the economy goes belly up, expect your Representative or Senator to say they were misled about the severity of the problem and voted yes or no accordingly. It's not as if they were at fault.
If only everyone else paid their bills on time and didn't put all their eggs in one basket...
Tuesday, September 30, 2008
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