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Stock Market Downfall

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  • #46
    Re: Stock Market Downfall

    Originally posted by smorris View Post
    Other than that, I just wish I had more cash to be buying at these bargain basement prices! I've bought all I could near these levels, but don't want to sell something at a loss to buy another.
    It is tough psychologically, but if you really want to evaluate a holding objectively; you shouldn't pay attention to your basis. You should decide if you think it is worth holding at its current value (i.e. if you had X dollars would you invest it in this company or another one).


    • #47
      Re: Stock Market Downfall

      ^^^ Exactly! That's how I came up with the cash to buy the ones I've bought now. What's left are holdings I liked at higher prices, let alone now. I ain't selling them. I'd like to buy more!


      • #48
        Re: Stock Market Downfall

        What a long, strange trip it's been.....this is a time capsule.

        I've been away from the forum for a long time, Ben dropped me an Email tonight because I forgot he only has my old home phone, along with the fact that I lost the numbers on my old cell phone, the memory card puked on me.

        I went into my old posts and remembered there were a few threads where we were talking about the stock market back before the BIG trouble happened.

        I decided, rather than spending relentless hours of my spare time socializing here, I might do well to learn all I can about investing, trading and the market...and boy did I.

        I was on the money with the root of the problem, corporate favoritism in exchange for personal & financial gain by our politicians, the very heart of what created the MBS/sub-prime crisis was the removal of Glass Stegall by three political figures, Gramm, Leach and Bliley back in '99 that allowed big banks to mingle commercial banking & insurance with investment banking and enabled Bear & Stearns, Lehman Bros, Citibank, BAC, AIG and many others to legally fabricate liar loans in the form of sub-primes & ARM's for the sole purpose of creating MBS (mortgage backed securities, CDO's & CDS's), they never really cared if the loans defaulted, thats what AIG's function insure those loans.

        All the while, AIG had it's own derivative scheme, CDS's, where AIG was enabled by the removal of Glass Steagall to both sell insurance and sell their own securities, based on that insurance, to the market.

        Ratings companies who were directly paid by these banks and AIG, were strongly encouraged to lie about the value of these assets so AIG and the banks could sell them to us.

        In other words, we were duped to support massive executive bonuses over the last ten years with fraudulent assets that were relatively worthless, and we're now duped twice over by being forced into paying for it through AIG via our tax money.

        The sad part is that we had little choice but to pay that money, or watch the end of capitalism as we know it.

        All the while, the Dick Fulds, Angelo Mozillo's & John Thain's of the world are off to some high priced tropic resort somewhere to enjoy the fruits of the scam.

        What a great country America has become, the right mixture of political payoffs and corporate was the single biggest reason I wanted McCain to win, he campaigned on campaign finance reform.

        All the while the foreclosures and unemployment continues with almost no word on going back to the individuals that scammed us with lies of "triple AAA" rated assets and their trillions made in fraudulent bonuses.

        For those of you who vote, pay attention, pay very close attention to where your politicians get their money from, a great place to start is