Well, the market did not like the USA debt deal and did not like the much better than expected July employment figures from the USA either. I am not even talking about the Canadian market because it simply follows in lockstep with the USA. No matter what happens, the Dow is down and has been for nine out of the last ten days! I thought of converting some of my holdings to cash but did not. I am in a huge pool fund and got an email from them saying they had anticipated this drop and had cushioned the fall somewhat. I am also heavily into gold which does good in a down market so I will come out of it OK but I still do not like these wild roller coaster rides.
We both have good pensions, mine a very good Union pension plan so we do not really need our savings for day to day living. It can stay untouched, at least until the Honda packs it in and hopefully the market will be back to normal by then. I still watch it too much and update my portfolio value in Quicken far too often. I should learn to relax!
On The Way Home We Stopped To See Elvis
4 hours ago
Croft
ReplyDeleteThe market notwithstanding, it is really frustrating the whipsaw cycle our government has taken us through on the debt ceiling and it is reflected in the market drop. The Hoover Republicans and the misguided Tea Party have messed it up so bad. They ignore history and don't get that Roosevelt style public works projects and targeted government spending in a recession rebuild the economy. The additional benefit is rebuilding our infrastructure. They claim that the stimulas program didn't work and ignore the economic disaster we would have had without it. They have extended the largest tax breaks to the rich, busted the unions, ignored the middle class and accomplished nothing but obstruction. No wonder the market tanked.
Bill in Nebr.
When I saw the Republicans refusing to deal with the FAA issue over 16.5 million dollars (meanwhile losing $200M in taxes per week!), I knew their cheese had slid off the cracker.
ReplyDeleteTalk about cutting off your nose to spite your face...
~ Rob
was going to post a comment with my opinions however, Bill in Nebraska said it all!!!
ReplyDeleteHe usually does!
ReplyDeleteHard to relax about your portfolio in the current situation. At least you have 2 pensions, we have none, just CPP and OAP once we hit the right numbers. Not even a health plan so we work half the year and watch our savings dwindle.....
ReplyDeleteMy country has been taken over by lunatics. Sorry you're suffering as a result in Canada. That's the thing about the US. It's all about us, with never a thought for how our ridiculous right wing politics affect the rest of the people in the world. But there I go again, criticizing my country. We aren't allowed to do that here, you know. Any critique, any truth, anything at all that isn't gung-ho rah-rah USA USA USA! B.S. is shouted down. I hope Monday isn't worse for you. With the wholly corrupt S&P's downgrade of our credit rating (the same people who gave a triple A rating to Lehman the day before it went bankrupt, and the one that swore over and over that AIG's credit default instruments were excellent), I imagine the market will be in chaos. Oh well, seems hopeless. I found you as a result of checking on the prospects of running away from home :-) Nice blog. Love Mexico myself, so I envy you.
ReplyDeleteDo not have the stomach for the markets anymore. A reliable much more meager plan keeps life at an even keel amigo.
ReplyDelete