Big apologies to our regular readers. The KoolAidMan took off on a last minute vacation halfway around the world, in the middle of the Pacific Ocean to be exact.
He’s had very little access to the internet and mainstream news, choosing to go hiking, diving, and fishing instead, but boy was he shocked to turn on the TV to hear the latest news from the Federal Reserve!
Just prior to leaving on this last minute yet well needed vacation, we made a post which mentioned that the Federal Reserve was “ready to take ’substantive additional action’ to cut interest rates in order to support lagging economy.” Well now we see they weren’t kidding around.
Will a major rate cut solve any problems, or is it merely a Band-Aid to temporarily delay an inevitable downturn?
Stay tuned as the KoolAidMan has much more to post in the next day or two related to the Real Estate market in a U.S. territory out in the middle of the Pacific Ocean. Over here it looks just like California only three years behind!
Yea, remember the speculation that the Fed might cut up to a half a point? The 3/4 drop was pretty unexpected. I hope nothing else is in the works that might hurt our status even more. Oh wait…tax cuts. Yay! $300 for an individual. That will sure help the economy. Just forget about the national debt. That isn’t important. Wait until a dem gets in office and makes some adjustments to balance the budget. Everyone will be whining.
On another note, I find it funny how things are working out with this presidency. Lets see, start a war before an election year, then get re-elected because the nation is “safer.” Then the country realized that it was a war under false pretenses. For years, the prez faced harsh criticism. Now the war is going well, so they say. Fewer bombings and more optimism, right before he is about to leave. Throw in some tax cuts to make people happy, start pulling out some troops ( making it look like progress has been made, but actually not because of the surge last year), and maybe, just maybe people will still have faith in the republican party. I just wonder which corporate criminals will get pardoned? God, please bless America. You are our only hope.
Its pretty disturbing how these so called financial advisers are saying the market is healthy and things are still good. I was talking to my ex-coworker (I once worked for the dark side) about the economic situation.
His lips were stained red from sucking down the Kool Aid. I think every financial advisory firm has a huge punch bowl everyone must drink from.
Anyway, I was laughing at his blind optimism. I tried to tell him that I was not one of his clients and to tell me the truth. He insisted that the market downturn is great; it’s an opportunity to get in and make some money.
Those vultures only think $$$. They do not have souls and do not care about the soon-to-retire 50-somethings that lost a ton from their 401K. The only see others’ loss as an opportunity to make money. Some who lost in the 90’s are just now starting to recover, not accounting for inflation, of course. For those that did lose money, just stay in it and it will recover…..RIGHT! IN 20 YEARS!
Bottom line, Financial Advisers do not care about anything but making money. They will lie to you and convince you that you need to pay an annual fee for them to “manage” your finances. This is the biggest scam since snake oil. They do not pay close attention to current clients. The companies they work for brainwash them to focus on new client acquisition. New clients make more money for the company. Existing clients, the ones paying that hefty annual fee, get minimal attention and get fed preprogrammed answers.
Example: “Mr.X, your portfolio looks good, we made 8%, and thats great considering the index. I suggest you keep things the way they are. By the way, your annual fee of $5000 is due.”
Thats right, most people with FAs pay an annual fee for nothing. They tell them to stay the course, do nothing, and pay.
My advice is simple, go to a bank. Only give them enough that would be covered by FDIC.
Put the rest of your savings under your pillow.
Trust only in government securities if you want to safeguard against inflation.
Boo Be Boo Boo
More rate cuts! How lovely. Everythings gone to shite in the last 30 years. The purchasing power of the dollar has sharply declined and our defecit and federal debt has sharply increased. Check out some of Ron Paul’s viewpoints. Most people agree with them. He won all the debates he was in. So why was he silenced? He is not aligned with republicans or democrats. Big media cut him out when people were listening. We are screwed and neither a dem or a repub will be able to bail us out. They will just sling what BS they need into the ears of the voters. Just say what is necessary to get elected. I hope I am wrong on this one! God help US!