Wednesday, September 17, 2008
Economic Misgivings
Sort of crazy all the financial stuff in the news these last couple days. Don't really know what to make of it. AIG and Freddy Mac and Sally Mae all tanking and getting taken over by the government. Also crazy how much of it is caused by the sub-prime mortgage collapse. It freaks me out that three of the biggest private financial institutions were on the brink (or the beginning of the end) of bankruptcy. It makes me wonder if we're heading towards another depression. I'm not worried about my job or anything, but is the dollar going to just plummet as a ton of money is loaned by the government (who is just borrowing from China)? What about all that money I was saving for a down payment on a house? Perhaps I'll actually get to live my dream--scrooge mcduck's money pit, and a diving board. I think that despite the current crazyness in Iraq and all the hype over the political conventions, economic policy will be the most important issue for voters in november. Sorry to get so serious, just some thoughts. Freaky though, huh?
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Oh, and as a side note, as long as AIG is under three dollars a share, I'm thinking I'll buy a ton of it (probably around 100 shares or so)... seems like a good investment, cause the gov't will bail it out, and eventually it will go up. Eh? Good idea/bad idea? No clue, but I've never bought stock before, but I think the buy low, sell high idea seems to be a good call. Is this stuff even available for the public?
Get this:
AIG insures billions and billions (trillions!) in hong kong; hong kong buys buys billions and billions (trillions!) of american debt; AIG is now essentially owned by the american government. Think about that! Thrill-ions!
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