After the Dow lost another few hundred points today, it made me think of an SNL skit from 8 years ago, which was much more prophetic than I feared:
Thursday, October 09, 2008
Lazy Video - Premonition
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5 comments:
Believe it or not, I partically blame Bush for this latest stock market plunge. His decision to have government get more involved in the financial system have scared off investors. Yes, Obama's lead in the polls has been the cause of much of the losses as well, but Bush and Obama both have some responability for this mess.
Bob, I'll assume your response here is more about your being distraught at Obama's current lead in the polls, and not the result of any kind of reasoned analysis.
All I can say is, don't give up hope yet. There are still three weeks for Republicans to fling mud. They've been successful for years at repeating things that aren't true until people believe them, so there might yet be time during this cycle too.
Dan,
Your assumption is wrong. I myself have a retirement fund that is primarily in cash and bonds right now. Why? Because I am leary of higher capitol gains. I have another friend who has been quietly moving out of the market for the past several months for the same reason. If two morons like us can figure this out, I am sure the big guys at the investment banks can. Rich people are not stupid. Why would you invest your money in a place where you won't make profits?
Dan,
Investors understand the mathematics of investment. Here is an example calculation shwoing why rich people will bail from the market.
http://www.uncommon-sense-blog.com/pivot/entry.php?id=135#body
Uninformed people who can't work out this math should not vote.
I remember the market doing pretty well with Clinton's tax code, which I believe is higher than Obama's.
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