Mark Cuban was talking about the need for transparency. Â He also mentioned that one of the problems that allowed such a large drop today is that the short selling rules are keeping people from hedging their bets and keeping the markets honest. Â A couple of nice soundbites too…
“Policians don’t want transparency because then they’re held accountable.”
“90% of Congress has no idea what they were asking questions about.”
Some of us don’t want this bailout to pass because we don’t want a socialized financial system and hate corporate welfare. Â Other people don’t want it to pass because, honestly, they don’t understand what’s going on. Â Both are valid reasons in my book. Â It’s crazy to ask people to foot a $700B bill when they don’t really understand exactly what the money is going for.
And if I hear one more person freaking out about their 401k…
Relax. Â You aren’t retiring tomorrow, or next month, or next year. Â If you are, chances are you’re in a heavy cash position anyway. Â The rest of us are buyers, not a sellers. Â Let’s be happy everything is on deep discount.
The rest of us should be more angry about the 10% penalty we have to pay to the gov’ment if we choose to withdraw our own money early. Â The fact that the balance dropped 7% on one of the 11,000 days I’ll have the account as a buyer/holder and not a seller is nothing compared to that.