“Many investors simply can’t contemplate any more stock market risk in their portfolios,” said Fritz Meyer, the Denver- based senior market strategist for Invesco Aim, which oversees $357 billion. “Sentiment in the market is very weak and negative.”
That sums it up quite well. The stock market, today, is hazardous for your financial health. Ask anyone in the market who have lost money and 401K holders who are moving their money OUT of these funds. Oh, the stock market fell to 1997 levels, today.
Reality Bites. It does. This is what the market is going through and what Americans have realized. We can finger point until the cows come home, but in the end many Americans have lost massive amounts of money on the market and with the continued uncertainty of the banks in this country and the continuing foreclosures in the 10s of thousands daily in this country, nothing is guaranteed any longer.
As long as the financial house is still reeling, why should Americans still throw money into a market that is also responsible for where this country is financially now? With all these ponzi schemes unfolding daily, many Americans are doubtful of these investment firms. These firms did not do their job in making sure these securities were sound. Instead these firms fell into the "good old rich boy network" on Wall Street and trusted a colleague like Bernie Madoff, who ended up being the biggest scam artist of them all and one who never purchased any securities for his clients. In other words, people's statements by these firms were filled with falsehoods, fairytales and lies.
President Obama has hard times and choices ahead. Former President Bush and the Republican Party drove us into a ditch with the Iraq War, spent us through the roof, and have borrowed trillions of dollars from our adversary, China. This country has not made anything of substance for years and unemployment numbers will be dismal for some time.
We now are looking at throwing more money into Citibank, with Bank of America on Citi's heels, AIG needs more money or they are going belly up, and we are bracing for the Housing Plan from the Obama Administration.
Many Americans are still willing to give Obama a chance; it has only been like 34 days. It took eight years of total fiscal mismanagement to put us where we are at. These problems did not just show up, it was there for everyone to see but the Bush White House refused until they had to face it. 10,000 homes have been foreclosing in this country since 2005 and the Bush Administration KNEW IT, but failed to do anything about it. It is easy to point fingers, but right now everyone's home in this country is not worth what they thought it was and many are paying more for a house that has vanished in equity.
I don't think all Republicans want Obama to fail. The failure of the Obama Administration is the failure of us all. It means the worst for this country. But the Republicans need to be for something and I mean for more than just tax cuts. I understand they are trying to take the moral fiscal ground, but their credibility is shot because it was the Republican Party that put us where we are at now. The word fiscal in reference to the Republican Party is laughable now. Instead of the constant bickering and fighting, the Republicans need to try to work with President Obama in good faith. This is not only what this country wants but needs desperately. Both sides in leadership for the good of the country. Until we can really do this, the continued postering and pandering for the cameras will continue until 2012.
Isn't Washington, D.C. just grand?