I thought of naming this post, “Jim Cramer is an Asshat,” but realized most people won’t know who I’m talking about (FYI, he’s that ‘Mad Money’ investment guy who helped spook tons of people on the market this week).
I can’t avoid talking about the financial crisis our country is facing, or from reminding people that herd mentality can only get us in worse trouble. If I had some more disposable income (alas, the price of being a Catholic schoolteacher), I’d be seriously looking to make some major investments prior to the election. Buy low, sell high. Soon it’s going to be time to buy low.
Also thought I’d comment on a load of BS that came spouting out of the mouth of Obama a few minutes ago in this second presidential debate. He said “earmarks” accounted for only $18 billion in the federal budget. Please. Medicare is wasting $70 billion a year and he expects us to believe the total federal budget only has $18 billion in earmarks?
I’ve heard some say there is almost $180 billion worth of extra pork in the “Bailout Bill” (which has done nothing to improve the markets over the last three days). That’s right, $180 billion on top of the $700 billion. Big government helped get us in this mess in the first place, and big government doesn’t have the power to get us out. The historical evidence bears this out; the banking crises in Japan and Mexico (and several other nations) were prolonged and worsened when the government bought bad debt.
The greatness of America rests upon the ingenuity and hard work of the common woman and man. We live in the most prosperous and generous country in the world in spite of the idiocy of our elected leaders, not because of them.