Wednesday, April 13, 2011

Obama sends love letter to wall street and banks.

The market reaction to the presidents speech was fascinating. Said in the most sarcastic way.

Wall street guys and banks are some of the most socialist people on the planet. They couldn't be happier to have a president who is willing to redistribute wealth. To their benefit. It's the most un-level playing field I've ever seen.

With a wink and a nod PMB tells them - look, I'm gonna make it seem like I'm sticking it to you. But you are too big to fail, so we know that is all bullshit.

Anyone notice the Libor has been falling for weeks? And why wouldn't it? There is no downside risk.

It is just the most frustrating thing in the world. I am the type of person the administration should be courting. All I dream about most of the time is buying the shittiest crapshack and making it a place someone would want to live.

If I had a million dollars in cash - which would buy me three houses in my area. I can't find one reason I would want to buy a house. Not one. This is accounting for inflation and everything.

Even taking into account rents have increased 10-20% in my area in the last couple of months. It just isn't worth it.

My whole life, construction has been a large viable part of the economy. Now a house should not be an investment? Effing ridiculous. Houses are the way that most people accumulate wealth. Since forever.

People don't hit it rich in the stock market. They don't have rich parents. They buy a house and sit on it, and they become more wealthy in the long run. They also buy houses for other people to sit in. Since not everyone can afford a house nor wants to own one. It's just the way the world works.

Or used to work.

All I know is wallets everywhere slammed shut today.

2 comments:

purplemagpiesnest said...

Rome is burning, and PMB started the fire, madly cackling with delight. And I'm afraid that a greater Rome will NOT rise from the ashes if this insanity doesn't stop, and soon.

I think the Chinese have cursed us -- we do live in interesting times.

she said: said...

I am reasonably sure they both will burn this place to the ground before they're done. When your only motivation is to make the other guy look bad- they all start smelling like shit.

Boner - I'd sacrifice that guy in a second. I don't even care what he does to flame out.

PMB though. He is like the guy telling you he's only going to stick it in a little. With a smile of course. *ting*