Friday nights I am usually the cook. What this means is we either make a pilgrimage to Owasso or Tulsa to a restaurant or I pick up a pizza on the way home from work. The pizza option is what we chose last night. Because of the wait for the pizza to be finished I had the opportunity to listen to the CBS Evening News on the radio. The CBS affiliate here also broadcasts it on an FM station.
The economy was one of the two top stories; it seems it is gloom and doom and it's going to get worse before it gets better or it might get better before it gets worse. This depends on the other top story: who we might elect as next president. Do these commentators think we are idiots? Do they think we don't hold the congress and senate responsible for any of this debacle?
People are selling their stocks. One guy said they are paying off debt with what they take out. That's a bad thing? If that's what they do it could pay off two ways. 1) The individual pays down or off debt. 2) If it came from the individual's 401k the government gets the penalties you have to pay for early withdrawal. They then can pass that back to the banks to get out of their bad debt, begin making a profit again, and pay the government back so it can get out of the trillion dollar debt it just borrowed to bail the banks out.
Anyway, if you believe the CBS Evening News everyone is selling all their stocks and bonds. But not me. I am standing pat with my 401k. Well, really I am sliding backwards right now but I am not changing my investments in any way. I figure that once everyone sells off it will only be Warren Buffett, Donald Trump, and me holding stocks and mutual funds. We will then be the 3 branches of government.
You might want to start being nice to me.
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