The stock market fell further today, down over 350 points. I think most of this is due to credit problems engendered by the housing problem, but I think a lot of it is an outgrowth of the overall economic malaise that seems to affecting everyone in this country with an income under (random number...) $100,000. The benefits of the explosive growth in corporate profits and market growth have channeled to a very small group, and have been, if not primarily, then largely, at the expense of EVERYONE else. Wage growth in real and current terms is nil, if not negative. Benefits are being slashed, if not eliminating. The bankruptcy bill screwed everyone with financial woes, except the banks (good news, debtors! the banks may be out of business before you are!)
I don't see any short term relief from the market meltdown (there may be help for the mass in the middle if the Dems win big next year, tho!) In a previous life, I followed the markets closely and all my indicators/tracking models are pretty negative, so I just don't hold out any short term hope (my main long term model has been negative since the early nineties, so take that with a grain of salt (or prepare for a monumental crash! ;) )) In the long term tho, the only two places to be invested are in the stock market and real estate, so remember, every crash is someone else's buying opportunity (reason #1 that the RICH get richer.....)
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