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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (107664)	1/19/2012 6:57:36 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

Well, the truth is that I wasn't totally optimistic. I knew we were headed into a recession from late 2007, because we were overdue and I know the economy runs in cycles. At that point, we had been on a long growth run fueled by debt and low interest rates. I even had a conversation with my dad, who's a real estate expert and he was scared to death on what he was seeing. He went all cash as of Thanksgiving 2007 and he warned me of systemic fraud. To be frank, I didn't believe him. I thought he was verging on hysteria and told him that I'd ride it out and continue to buy like I always do out of my biweekly savings from my paycheck. I fully expected a typical correction of 10-20% in the markets. Wow, was I wrong. I just couldn't dream that the fraud was so widespread and so brazen. I couldn't dream that derivatives were that much of an accelerant in a deteriorating finance bubble. So I took my lumps with everyone else. Then around April 2009, I sold off all my bonds, which from 2007 thru early 2009, was about 40% of my portfolio, and went all in on stocks. Suffice it to say that I made back all my losses and then some in the next couple of years. Then early this year, I went back to bonds in a big way. I'm now about 90% bonds (NO Treasury holdings)/10% stocks. I see what's coming this time. I won't be fooled twice.