One Stop Market

But not really.  The House of Reps will end up doing something drastic to help the US economy and the growing list of failing banks at some point in the near future.  At this point nobody knows the specifics, the time table, the dollar amount, who’s in control, and so on — but something will be done.  A hasty $700 billion plan was rejected mostly because the only reason to be hasty is to save Wall Street which Congress clearly is not holding up as a priority and rightly so.  Quite frankly, I’m glad the House of Reps didn’t just run alongside Bernanke and Paulson at the drop of a dollar and hope that they had the best interest of the public in mind.  I don’t get rich off of Wall Street like so many of those hots shots do so I frankly don’t care what happens to the stock market, though I do care what happens to my local bank as I’m sure you do. 

However, I will reiterate my last stock recommendation on (RIMM): only buy it if it breaks $72 or if some agreement is reached within Congress to pass a some type of saving-the-US-economy bill.  Either way, you should always wait for an indicator before jumping into a stock and even more so considering the current market sentiment which can be articulated by a saying that may go something like ”what the freak?!” 

As always, we’ll see what happens — but remember the Congress is there for the best interest of the American public.  I’m sure many would argue that and bring in points where corruption and greed take over, but if I were you I’d be much more weary of corruption and greed on Wall Street than on Pennsylvania Avenue.  President salary: $400K   Average investment banker salary: $15 million.  Who are you trusting more?   

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