[Rhodes22-list] Dow Jones.....I hate to say it.....

[Brad Haslett]

Wally,

I debated your approach, even suggested it on the list, but didn't do it!
I'm in quality stuff with a long time frame.  What goes around comes
around.  The last time I tried to time the market, 1995, I felt smug for a
few months and then couldn't decide when to get back in.  By the time I
did,  I bought in a thousand points higher than when I left.  The best thing
any government can do in these situations is nothing.  Let everyone take
their medicine and get healthy.  The reason the airline industry is so
screwed-up is because the government keeps propping-up failed companies with
cheap loans and loose bankruptcy laws.  I feel sorry for consumers who
bought more house than they can afford because of silly lending practices,
but not so sorry that I want taxpayer money used to bail anyone out,
consumer or lender.  Let the chips fall where they may.

Brad

On 8/9/07, TN Rhodey <tnrhodey at gmail.com> wrote:
>
> Man this heat sucks....I have been covered up with business and pleasure
> travel and little time for the list. I took a lot of heat from many on
> this
> list when I mentioned the credit crisis was bigger than most realized. I
> really hate being right on this one because it is costing me money.
>
> I worked for years in the mortgage industry and I have a pretty good
> understanding how the secondary market works. The house of cards is coming
> down. I hope some of you cashed out in time. I took my own advice and
> pulled
> a bunch of cash out of the market and I am glad I did. What a mess!
> ....and
> no I am not making a political post...just commenting on the financial
> crisis that has yet to hit bottom. The good thing is there are plenty of
> banks offering over 5% on Savings Accounts.
>
> Fair Winds,
>
> Wally
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