Thursday, August 13, 2009

Toxic Assets still in America's Banks

I am at least glad this is in some of the main street media. I personally think that the American people need to understand what's going on. Most media outlets are saying the recession is over, blah, blah, blah...I still think we have a long ways to go and it is going to be a long slow process to right the ship.

Make sure you listen very carefully around the 8:00min mark - SHE NAILS IT! If you think the bailout was necessary than you have to say that you are for big corporations, big government, or that you don't understand the situation, because that essentially what happened.

I read a great quote yesterday from Richard Russell:
85% of mankind is clueless & living on a hand-to-mouth basis. 5% of mankind is smart & pretty much knows what they are doing. 10% are intelligent enough to follow the 5%.
I just hope I am in the 10% that are following the 5% that know what they are doing. What do you think? Are we in for a lost decade or is the government going to stop intervening? Leave me a comment.

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  1. In a moment of cynical weakness I might say, 10% of the people are rich enough to have the 5% in charge tell the other 85% of the people what to do. :p

  2. Love that - the first 350 billion was "don't ask, don't tell" money. Ha!

  3. It's nice to hear this perspective on some other network besides Fox. I've been hearing alot in Canada, too, about the possibility of commercial RE defaults in the U.S. I certainly hope they don't start trying to bailout all the god-awful big box concrete jungles all over the place.

    In the meantime, this interview just reminds me to have a Plan B and think harder about protecting and diversifying my money.