I was watching the 60 minutes special this weekend about the Wall Street debacle. What a ridiculous mess. It all make so much sense to us now that we know the whole truth. I have also been doing a lot of studying for a CTP exam which is all about finance, markets, derivatives, etc. I cannot understand how any of our leaders, any of the politician, any of the people on Wall Street, credit rankings organizations could have been so stupid. Anyone could have looked at what they were doing a realized that it was a house of cards. The sad thing is the ones that are paying for it is us, while these fat cats raked in millions of dollars and walked away. Someone needs to be held accountable, many need to go to jail, congress needs to be reprimanded, impeached, and tossed out for removing restrictions that allowed these things to occur.
27:23-24 Be sure you know the condition of your flocks, give careful attention to your herds; 24 for riches do not endure forever, and a crown is not secure for all generations.
It is obvious to me that I did not know the condition of Wall Street, sub-prime mortgages, and how that all ties into the mutual funds market, stock market, retirement plans, etc. None of us I think did until this happened. We all need to take this as a lesson. In today's world it is much more complicated than going out and counting your sheep 3 times a day. You have to know where your money is being invested, who is handling it, what underlying credit risks and equity supports your investments. 401K's are not just big safe deposit boxes that earn interest and they are not guaranteed. Nothing in life is guaranteed except for the love of God. I feel like Al Pacino. I should have hid my money in the crawl space of my attic.
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