In the past few days the NY Times has run articles about how individual investors have pulled a record amount of money out the stock market and how buying a house is no longer the way to make any money. A few weeks ago I mentioned the best place to put your cash was under a mattress. Still seems the right move to me. Oh, and one other thing. If you want to buy stocks NEVER use a broker. Buy on line. It's cheaper and your thoughts on stocks are probably far superior to the jerks who supposedly are paid to give advise.
This has truly been the summer of my discontent. The heat has been relentless. It has not rained here in nearly two months. The clouds build and then nothing happens. All the lawns have turned brown. My electric bill is through the roof even though I have been sparing with the air conditioning. Meanwhile, the faltering economy permeates my family just as it does millions of others with worry over joblessness, the faltering real estate market, and the ups and downs of the stock market. This has not been a good summer to be without medication particularly when listening to the news. Republican politicians have reached a new low for pandering to the worst instincts of the American people,and folks seem to love it getting ready to hand the Congress over to these bunch of lunatics. The voters are reightfully angry but by putting the current day GOP in power they will be making a huge mistake that will cost the country dearly. Yes Obama is a big disappointment and should never of been president, but what was the alternative in 2008? The alternative is bound to be worse in 2012. Can you imagine a Presdent Sarah Palin???????? Oy vey, better stop writing before I become suicidal. As for the stock market two words -STAY CLEAR.
Long time readers know of my opinions concerning Fox Business News. This says it better than I ever could.
In another middle of the night PR Evergreen Energy (EEE) announced the resignation of Miles Mahoney as President. Mahoney was only at EEE since April 2009 but apparently got wise pretty quickly to what was going on at the company. In the past couple of weeks EEE had been actively traded and at one point reached $0.26 cents. The surge had no basis in fact or fundamentals and just continues a pattern of manipulation that had been the rule for years. Maybe this time it has something to do with two Canadian based "research" firms initiating coverage of EEE, and some ridiculous internet rumors being bandied about. This sham company has absolutely nothing going for it and Mahoney knew it and so should any serious investor.
One of the key reasons that I'm bearish long term on the stock market is the fact that Barack Obama is turning into a disaster and the political risk in the USA is now at a very high level with the extreme right getting more attention than it deserves. I voted for the man and given the alternative at the time I can't say I would take the vote back. However, Obama's failure to even remotely exert leasdership qualities, while behaving like an elite snob will set the course of progressive change in this country back for many years. The linked article says it very well.
