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To: UnBelievable who wrote (248076)	7/1/2003 11:58:34 PM
From: broadstbull	Respond to of 436258

Wow, good post! Dead on IMO

To: UnBelievable who wrote (248076)	7/2/2003 5:46:15 AM
From: Tom Smith	Read Replies (1) \| Respond to of 436258

I once asked my father if he had lost any money in the stock market during the depression and he said no, he hadn't. Why, I asked...."because I have never owned a single share of stock in my life and I never will" was his reply..."Wall Street is a massive fraud upon the people, conniving to steal all their money"....spoken like the Huey Long democrat he'll be until the day he dies. How much more fortunate for me that I learned to embrace the mendacity of our political, corporate and financial leaders. I'll believe any tripe they serve up so long as I can make a buck...(a depreciating buck, but that risk I can dynamically hedge). Your suggestion that we the unwashed masses somehow have to awaken and be more responsible is countered by a recurring dream of mine....I slavishly save, invest, calculate future needs for me and mine then suddenly everything I've worked for is gone, gone like a fart in the wind....Standing with me in the barren devastation, Allen Greenspan turns and shrugs, "Well, it wasn't YOUR money to begin with"..... In my dreams, Greenspan looks the same but sounds like Woody Allen....

To: UnBelievable who wrote (248076)	7/2/2003 12:59:23 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

I follow all except for the following line: And encouraging people to refinance their house at interest rates that are not sustainable is nothing less than stealing their house. Rates are too high, thus unsustainable? Or rates are too low, thus unsustainable? It appears to me that refinance for the home owner is a no brainer, thus my confusion. I was pondering GM's 17B bond offering. Along with the idea that in days long gone, some companies saw debt financed at a low rate as an 'asset', which provided them competitive advantage. If rates go up, GM locks in low cost financing. If rates go down and deflation nips them, they BK. Seems like another no brainer...