On Oct 1, 2008, at 5:13 PM, Julio Huato wrote:
I just don't think that the
average person in the U.S. is that bearish about the prospects of the
country as to run and get their money out of the banks and stash it
under their mattress or convert it into gold.
But seriously, what money? I suspect this may well be the first
instance in my life where I am witnessing the panic in an opposite
sense: the wealthy and powerful worried about their investments
sitting on top of unrecoverable mortgage, credit card or similar debt
to the lower-middle or poorer classes. That process worked in the past
because you could always turn the screw one further (tougher personal
bankruptcy laws, reduction in healthcare, etc) to extract concessions
and productivity from the masses. But now, my guess is that the
average person is so bearish about his or her own prospects that he/
she doesn't mind pounding the phone lines of their representative for
purely moral(*) reasons.
Like I wrote earlier, I just lost 18% of my savings. I followed the
"three minute tutorial" 10 years ago and "diversified" my "portfolio"
to meet my "financial goals" (whatever the fuck all that means). Now,
I have no clue what to do to stop the erosion of my savings. And I am
beginning to not give a damn -- I don't want to learn about Treasury
Notes and CDs and 527s and all that crap that is supposed to keep me
safely occupied. That doesn't mean I am going to be marching down the
streets, or won't have a change of heart and move what's left to cash,
but that's only because I am a lazy and cowardly bum. The "average
person" is a lot better. I think!
--ravi
(*) apologies for the bad language.
--
Support something better than yourself ;-)
PeTA => http://peta.org/
Greenpeace => http://greenpeace.org/
If you have nothing better to read: http://platosbeard.org/
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