An Open Reply to Accrued Interest
So as much as we all hate the idea of a government bailout, we really need to consider what kind of capitalism we think we're defending. I'd love to hear more about long-term solutions to our problems. But in the short-term, we have to stem the relentless waves of fear. Before its too late.
Too late for what?
No personal offense intended, Mr. anonymous fixed income investor, but perhaps the real answer is… too late for you to keep your Wall Street job?
My wife and I have ½ Million in liquid investments (all cash and CDs today). We largely own our property, including two rental homes. We have small government and defense industry pensions. And she can sign up for Social Security in two years. Finally, we live in sparsely populated, ruggedly individualistic Montana, where we won’t have to cope as much with America's increasingly Soylent Green social and economic reality – except over the TV.
Thus, I told my wife yesterday that I think I could accept having that ½ Million in cash GO TO ZERO – as long as it meant Wall Street was wiped out too!
By this I mean:
- Wipe out every dimwit, Ivy League MBA that caused this mess thinking he/she was smarter than those of us that play by the rules and pay our bills on time.
- Wipe out the Washington lobbyists and mega corporations behind the entire ugly, cronyistic Wall Street and Washington sham such people cover up behind labels like market-based capitalism.
- Wipe out government by Dow Jones Industrial Average.
- Wipe out government by Hedge Funds.
In short, wipe out government by those whose TARP actions are presently designed to insure that my, and the vast majority of Americans', quality of life will never, ever, ever improve -- no matter how hard we work, save or invest!
If we, the American people, had a vote in this, I suspect it would be to wipe out the whole rigged game. As long as the house is wiped out too!
Seeing that would be worth MILLIONS of my own dollars – if only I had that much to lose!