The markets tanked again yesterday as much uncertainty about the proposed government bailout package prevented traders from chanting that happy days are here again. The bears ruled, and I expect this volatility to continue for quite some time.
With the unique events of the past few weeks, I have attempted to write about as well as reference articles of interest describing the once-in-a-lifetime Wall Street meltdown and bailouts in a realistic way without sugar coating.
I have had an email exchange with reader Doug, who had this to say:
Please don’t take this wrong, but many people (myself included) heed your words closely. Your negative comments regarding the “bailout” could be damaging to their morale.
I’m having enough trouble stomaching this bailout, but keep on reminding myself of the consequences of our leaders’ doing nothing in this financial crisis.
I try to realistic and brutally honest in my assessment and references. I don’t intentionally dwell on negatives although it seems that some readers have problems with my realistic viewpoint.
The financial markets are facing a situation unlike anything ever seen before, so there are no historical precedents, and the only way for me to deal with it is calling it the way I see it. If that offends some, tough!
This blog is not about political correctness, sugar coating events or worrying about somebody’s morale; it’s about assessing where we are and finding the best way for our portfolios to survive so that we are in a position to take advantage of opportunities down the road.