After reading these 10 links, the I Will Teach You To Be Rich blog believes they will make you smarter than 99% of other people about the financial crisis, what it means, and what to do about it. [I Will Teach You To Be Rich]
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there’s some useful information here. I think most Consumerist elite have a fairly good understanding of it.
I was watching a bit on CNN which helped me wrap my head around it.
I’m not sure that I’m much smarter after reading that. And I find the Warren Buffet worship a bit misplaced. Nobody has questioned the fact that at the same time he’s advising Obama to pass this bogus bailout, he buys up $5 billion of Goldman Sach’s. The same big bank that figures to benefit most from this crummy deal. So to sum it up, Warrren Buffet uses his enormous resources to profit from the fix being in. Must be nice.
[www.huffingtonpost.com]
@Lars: I agree. I don’t hate’em though. He is helping the economy, and making money. The American dream.
@Bladefist: Noooo! I find myself in agreement with Bladefist again!
Here though, what I like is Warren (two r’s?) Buffet is risking his own money, not mine.
Bailout, schmailout.
@doctor_cos: Yes, but the point is that he is in a position to advise a senator and potential president in a manor that could reap him a windfall of profits. Warren Buffet is not acting in America’s best interests here, he’s acting in his own best interests. Kind of what got us into this mess in the first place.
@Lars: Of course he’s acting in his best interests. At this moment, he has a vested interest in the economy recovering, and you can bet he’s going to do everything he can to influence it in that direction.
Also, not to be contrarian, but he did everything he could to avoid “this mess”. He saw the danger of securitizing loans five years ago and pulled BH out of CDS’s, despite the fact that they were extremely profitable.
Ben, I love you for this post.
For ANYBODY out there with some money… there’s good profits to be had soon… the stock market SHOULD recover, as it normally does… as long as you don’t need the money for at least 5 years, then stick it in soon and soak up the $$$. (Note: your investment portfolio should NEVER be more than 75-85% stocks and the rest bonds.)
@Ein2015: Definitely disagree. With a 30+ year timeline, why have anything in bonds? It’s like throwing money away.
Bonds — not for young people (period).
I have to thank you for the post. I’ve been trying to figure out the terror of all of these retirees regarding their investments. I thought all along you were supposed to get more conservative with your money closer to retirement. Anyway, if you’ve got a system in place where you dollar cost average you may do very well in the near future.
It’s simple how we got here: In 1977 Carter signed a law requiring lenders to give unqualified loans as an economic affirmative action; Then in 1999 Clinton deregulated banks – reversing FDRs achievements after the Depression; then in 2005 Democrat controlled House failed to pass a bill passed by the Senate that would have reformed the banking industry.