I thought it would be interesting to ask you for your opinion on this fine post-bailout afternoon, as the Stock Market sinks not-too-slowly into the west.
This morning I felt bored by the bailout. Now I’m just scared by it.
So I’m asking you: Why has everybody lost confidence in just about every security in every sector? I can think of a lot of reasons why people are nervous, but what’s the hot button that’s cooling everything off? Is it the news that the FDIC is now insuring accounts for up to $250,000, making our savings more, rather than less safe? Or don’t we believe in the FDIC anymore? That would be pretty horrible. But there’s no objective reason to think the worst on that, is there? Is it the $700 billion now available to make sure the banks where we have put those savings don’t completely tank? Is it indigestion? The backwash of all that anger and bitterness resolving down to a fine haze of fear? Or just America saying “Drop dead” to the entire idea of investing in stocks, at least for the moment?
What is it? Can you tell me? I guess it’s more than an academic exercise. It is sort of starting to feel like the end of the beginning of the end and the start of a whole new cycle of pain, isn’t it.
Or is the bluebird of happiness right around the corner, just waiting to fly up our noses?