Friday, September 19, 2008

Hold on to your wallets

Don't break out the bubbly yet folks the markets aren't done yet. The actions of the last days are nothing more than putting a bandaid on a gushing wound. And a borrowed bandaid at at that. The real kicker will come when the waiter brings the bill. Current info has it that taxes will double by the end of next year. Like it or not there is no free lunch. I think it's only fair that since it was brokerage houses and corporations who got us into this mess along with some greedy and crooked politicians that they be hit with the bill. Any business that has paper on wall street should be hit with a 'stupid' tax to pay for this.
This is turning out to be an exact repeat of the 1930s. The market tanked then went up and then in the following months the entire nation collapsed. This time around expect to see massive inflation and increased taxes.
Hope you didn't have your retirement funds in with this toxic mess because if you did it will take at least a generation to gain back what will be lost. Ah but you say the markets are up today. But you aren't looking at that 900lb gorilla in the room, all of that bad paper that got us into this mess. You think we can just run it to the recycle bin? Sounds like that is what the government is doing and it will come right back at us. Like I said before the real disaster party will start in a few months maybe sooner.

6 comments:

Robert Rouse said...

I had a free lunch once. I'm still paying for it.

Gary ("Old Dude") said...

have ya picked out a good spot to sell apples, and lined up a good orchard for product----don't take any wooden nickles.

Dawn on MDI said...

no shit. well done. Finally I find someone who has been warning of an impending crash like that of the early 20th century - coupled with a political climate similar to 1930s Germany, these are scary times indeed for us to live in.

BBC said...

Markets... *rolls eyes*

Oh well, fuck them, I never did get into that greed machine. And anyone that does buy stock is just part of the greed machine, think about it.

They may be scary times for some of you, but not for me, I'll continue to get by just fine.

MRMacrum said...

I just don't see an all encompaasing failure like 1929. And I would like to know what gives you the idea taxes might duoble by the end of the year. I might continue to worry about it except that 21 years ago in October, the market took the biggest single day hit since the Depression and less than 2 years later what funds I had were way up over their previous high the day before the drop. I would say the only people really in trouble might be those people who rely on short term profit from the Street. Long term investors should do as they always do, ride it out. History is on their side.

BBC said...

"taxes"

Been there, done that, retired now, learned the ropes to get around things.

Now get your ass back to work to support me for the rest of my life, ha, ha, ha.

Actually, it's not me you should worry about, it's all those 80 and 90 year olds in care centers that fucking want to live for another 40 years that want you to pay for their way.

Fuck, I hope that I don't get that old. I have no need to lay in a fucking bed all day long hoping that I will live another day, fuck that.