A few moments ago, the DOW closed below 9,000 points for the first time since July of 2003. I am one of the millions of Americans who has seen more than 30% of my retirement savings vanish in the last few months. I only have one request of the federal government: Please stop tinkering.
The only thing the government has successfully injected into the markets is hysteria. Not liquidity, confidence, security or stability.
Whatever made Washington think it could outsmart Wall Street? Now we've got a mountain of debt on top of worthless personal brokerage accounts.
It's enough to make one question their patriotism: Should we stay in a market that's getting obliterated just to avoid adding to the problem for everyone else? At what point do we have to jump ship to protect our family's financial security?
Now the treasury is planning on buying up the banks. Presumably because they believe everything that's been done to socialize risk so far has been helpful.
The fear that's gripping everyone is real. For the first time in my life I believe my government could destroy my family's security - which is an extraordinarily scary thing. I don't recognize the people I've voted to put in power, and don't see any options for it to change under new management. Please - at the very least - stop tinkering.
Thursday, October 9, 2008
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