Tuesday, September 09, 2008

So much for the rally

The DJIA closed Friday at 11,221. Over the weekend, the announcement came that the government was assuming control of Fannie Mae and Freddie Mac. The DJIA opened Monday at 11,556. Today, it closed at 11,250. Nice job, Lehman Brothers. Are you going to be the next Bear Sterns? I don't know who said it first, but this whole "privatize the profits, socialize the losses" approach is really starting to suck. I'd fire them all.

2 comments:

Knot said...

It all boils down to people making bad decisions to turn a buck. This is no different than the same thing that happened in the savings and loan debacle in the 80's. Only then it wasn't exactly mortgages. But it was the same principle - bad loans to make money. I mean, seriously, when will people learn the history IS important?

Knot

Courtney said...

I really don't know. They all ought to be in jail (FMA/FMC), and instead they're getting $24 million parting gifts. I really think that CEOs salaries ought to be some sort of very low base pay, and then the rest can be paid in company stock. Then they've actually got an incentive to keep the company afloat. I wanna get $24M for running a company into the ground, how do I get my hands on that gig?