Happy Anniversary?

Just a year ago our economy self imploded. We're being told that it's on the rebound. We're being told that Canada is in better shape than much of the world. We're being told that the worst is behind us. I just hope the worst doesn't sneak up and bite us in the ass!


My post a year ago.
http://thirtypoundsofcat.blogspot.com/2008/09/shades-of-1929.html

What you can buy today...

(photo AP)

Using companies that were in the forefront of the news this week...

As of close of markets Friday you could buy one share of each of: AIG, Ford, GM, Citi Group and GE for a grand total of $13.04 (USD)! Prior to the global melt down, using their 52 week highs it would have cost you $148.40! (That's less than 10% of the previous total worth!) I'm just saying... wow! There are deals to be had if you're brave and have some extra coinage, and I mean coinage.

See? I'm NOT talking about the economy...

Too much, too volitile and just too, too scary. This is my new stance on the markets!

Iceland in meltdown! The world is changing quickly.

The largest bank has been seized by the Government, the stock market is closed until Monday and they are on the verge of bankruptcy!

AIG now holds a $111 Billion loan from the Fed. The $700 Billion "rescue package" money is yet to be spent or details of how it's to be spent released and well... they had to make a new US debt clock for Time's Square as there weren't enough decimal places available.

The interest rate in Canada was cut .5% but the banks are only giving us lowly consumers .25%. They are holding on to their cash showing they don't have too much faith in these measures being made to shore up the economy.

I figure at this rate, China will end up my next door neighbour. China's holding of US Treasury securities combined with Taiwan & Hong Kong's portion total $607.7 Billion as of April, 2008!
I'm going to look at the bright side. Living 5 minutes from Detroit, I'd be able to drive to China which is way better than a 23 hour flight!

Taking stock... don't bother!

Yahoo
Reuters, New York Times






A friend called me this afternoon, about 3 o'clock. His first words were, "what the hell is happening with the stock market?" I told him to turn off his computer and walk away. He told me he was getting the info on his cell phone. I repeated the same instructions... walk away, close your eyes... don't look! Neither of us have our "entire fortunes" at risk. Just our futures! hehe (Pardon the pun.)

We agreed there was nothing to be done right now, unless you have a few extra thousand laying around then there were some bargains to buy. We agreed there was no point in selling. We also agreed that we were glad it was a few years before we were looking to retire. Unless of course, Buffett can save us all? (And I don't mean Jimmy! Though a Cheeseburger & a margarita in Paradise would be good right now too!)