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call me a pessimist, but ALL (I mean 401K, IRA, everything) of my money is going to be in bank CDs. Zero, zilch, nada will be left in the market or in any broker's hands. When I've had enough of being this scared, I'll withdraw it all in cash.
I'm staying liquid (bank MM and short term CD). I'm out of equities.
We have not hit bottom. 1Q earnings are just starting to come in and everyone and their brother is borrowing from the Fed to prop up their balance sheets.
To see the DJ go up hundreds of points on a firm saying they only lost 47% earnings this year boggles my mind.
I'm staying liquid (bank MM and short term CD). I'm out of equities.
We have not hit bottom. 1Q earnings are just starting to come in and everyone and their brother is borrowing from the Fed to prop up their balance sheets.
To see the DJ go up hundreds of points on a firm saying they only lost 47% earnings this year boggles my mind.
AMEN brother.
What scares the CRAP out of me is my job (I work in real estate law in the "Hamptons") - to see who is selling their mansion next and what they do for a living is very very scary. I work for the rich and famous !!
I saw the BearStearns thing coming a few weeks ago, when a mucky-muck that was buying in Westhampton abruptly backed out. I have a DeutcheBank mucky-muck buying...does that mean the DeutscheBank has good prospects in something behind the scenes??? who knows, maybe on Monday when I'm back at work, we'll have to get him out of the contract, too....
call me a pessimist, but ALL (I mean 401K, IRA, everything) of my money is going to be in bank CDs. Zero, zilch, nada will be left in the market or in any broker's hands. When I've had enough of being this scared, I'll withdraw it all in cash.
Buckle up...we're in for a bumpy ride...
Very good idea.
And I am the 'optomist'!
Anyone with their money in a broker's hands, will be in for a bumpy ride.
I'm about to buy as many equities as possible, especially bank stocks. They may go lower, but they're getting to the point of being severely undervalued, especially since most banks have gone through most of their writeoffs.
You might be in for a surprise on Monday when the markets open based on this news:
Goldman, Lehman outlooks cut to "negative" by S&P - Yahoo! News (broken link)
Why not park your money in foreign bonds that pay 15 to 30% (see Australia)?
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