Watching Some CNBC in Prime Time

Posted by sadcox
September 29, 2008

Mark Cuban was talking about the need for transparency.  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.  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.”

Heh.

Some of us don’t want this bailout to pass because we don’t want a socialized financial system and hate corporate welfare.  Other people don’t want it to pass because, honestly, they don’t understand what’s going on.  Both are valid reasons in my book.  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.  You aren’t retiring tomorrow, or next month, or next year.  If you are, chances are you’re in a heavy cash position anyway.  The rest of us are buyers, not a sellers.  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.  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.

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Comments
Comment by Hungry Mother on September 30, 2008 @ 7:31 am

What about those of us who’ve already retired?

Comment by sadcox on September 30, 2008 @ 8:10 am

@Hungry Mother
Sleep late, paddle around in your kayak for a while, take a nap, go play bingo, take a nap, hit the early bird for dinner, what your favorite episode of “Murder She Wrote” on the VCR. :P

Comment by billymac on September 30, 2008 @ 12:43 pm

@sadcox… that comment was the funniest thing i’ve read today

Comment by mbradley on September 30, 2008 @ 11:34 pm

Ask 10 random people to explain the bailout bill to you and 9 of them won’t have a clue… The 10th guy will just try to fake it and be flat out wrong.

Comment by sadcox on September 30, 2008 @ 11:42 pm

@mbradley
The first nine people I asked about the bailout gave me the number for the bondsman they use. The tenth was this guy. He may be flat out wrong and faking it, but he writes a lot better than I do, so it’s worth reading.

And it’s no longer a “bailout”. It’s a “rescue” now. Haven’t you heard?

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