If I was gonna dish out what was dished to me whenever I mentioned economic conditions weren't "super-de-duper," I'd be asking you why you hate America so much for mentioning the market fall. But I'm not like the folks who call anyone who mentions bad news a "gloom-and-doomer." But I realize that as we sow, so shall we reap. We sowed deregulation, and the deregulated market paid us back by doing just as much as we allowed them to do.
Let's get it through our heads: BUSINESSES HAVE NO CONSCIENCE...and apparently few people do anymore. We didn't learn that lesson from Enron, nor from the cases that came before and since...but we should have.
Stocks were oversold? Maybe. Blame it on businesses changing from defined-benefit retirements to 401(k)'s, and the advice that investing that retirement money somewhere safe, like in a bank rather than in the stock market, was a move for chumps. At least the "chumps" still have their principal investment, which is more than some of the market investors have.
But what I really like hearing is these same folks who advised people with 401(k)'s to get into the stock market, who are now saying, "you should only have invested in the market as much as you could afford to lose." Sage advice, now that the damage of their earlier advice is done.
Truth is, the financial crisis is a lot worse--both nationally and globally--than any of the governments want you to know. Had they told the truth about how bad things really are, there would've been a panic that would make the Great Depression look like a Sunday School picnic. As it is, I'm hoping the bailout creates some stability...but I'm not betting the farm on it.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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