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Do you understand the "bail out"?

Here is an excellent article on Fidelity's homepage:

Insight on Government Rescue Plan

And another article that is a tad easier to read from the L.A. Times that gives an over view of both sides:

How bad is our economy?

I think the misnomer of "bail out" that the media created is the amazingly ridiculous as it is actually a "buy in". But whatever. The media is awesome for confusing the hell out of the public and creating grand-scale confusion and panic. Go media. e.e

Edit: here is a video I want to watch when I get home

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Comments

( 9 comments — Leave a comment )
mountainheather
Sep. 30th, 2008 09:02 pm (UTC)
So glad I just started my 401k here. :-p
tenthz
Sep. 30th, 2008 09:03 pm (UTC)
Good timing! :) What company is it with & what funds are you in?
mountainheather
Sep. 30th, 2008 09:10 pm (UTC)
Oh yeah!

Uh, um, Goldman Sachs, and I'll have to wait until I get home and can look it up and I'll let ya know.

And state taxes went up a week or two ago. Is that normal? my paycheck amt went down, and when I checked my pay-stub, the taxes were higher! :(
tenthz
Sep. 30th, 2008 09:11 pm (UTC)
No idea, I'd have to see it. I bet your GF could figure it out for ya. :)
misch
Sep. 30th, 2008 09:46 pm (UTC)
And here it is in stick figures. I haven't vetted the link, but farkers say it's awesome. If that doesn't work, try this link.
sillyliss
Sep. 30th, 2008 11:59 pm (UTC)
Oh my. V. needed.
collectonian
Oct. 1st, 2008 12:42 am (UTC)
I completely agree on the media. Part of our problems now is the media is panicing the heck out of folks, they run and yank their money out of the bank, bank collapses from the rapid loss of funds, self-fulfilling prophecy and more banks have trouble. In reality, despite the media's hype, I'm not that concerned right now. The market is undergoing a much needed correction. Hurts like heck for some folks, but its what happened when we became a society where "I can't afford it" became "ah, we'll fake it" and where we do not properly teach our next generations fiscal responsibility and sound financial planning.

Meanwhile, continuing to take advantage of these little panic moments to fluff up my stock portfolio nicely :D
sillyliss
Oct. 1st, 2008 01:28 am (UTC)
I'm just curious on your perspective of people using money they don't have. Can you give me some examples? Our only debt is a small amount on our credit card, a student loan, and our mortgage. I imagine other people have more?
collectonian
Oct. 1st, 2008 02:55 am (UTC)
Its not so much having debt, having a student loan, a mortgage, car loan, etc is all fine as long as you can afford it. I mean, I have $35k or so in student loans, my mortgage, and around $10k in credit debt with the house renovations. But, I can easily afford the payments on all of that, and am even overpaying everything each month.

It is the people who couldn't really afford a $200,000 buying one with an ARM or interest only loan who are now all shocked that they can't afford the payments. Duh, they couldn't afford them from the get go, but rather than buy less house or save more money first, they decided they just had to have more than they could really afford.

Or getting a $50k luxury car instead of a $13k sensible vehicle when they only make $25k a year, or having tens of thousands in credit card debt because they just can't wait to get something, even though again they can't afford it. My personal rule is you should not have more in credit card debt than you make in a year.
( 9 comments — Leave a comment )

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