Problem Solved! ...?

rose-colored-coolaid

Well, congress did the *right thing and passed the bailout bill. hurrah! The bailout worked. All your 401ks are now up...right? Well, as of right now the DOW is up 6 pts or 0.057%. Yep, that was well worth saddling our children with debt. I just hope they enjoy the McMansions with 20 sq ft yards that we'll be leaving them as collateral. So, all our problems are solved right?

Maybe everyone hasn't received the memo that the problem is solved yet. California wants just an extra $7 B from the Feds now.

unless the national economic crisis subsides and California can secure private short-term loans "the state's cash reserves would be exhausted near the end of October."

But at least people are finally taking responsibility for their own actions now, right? Right? Well, maybe not if you are a Pentacostal.

Says Anthea Butler, an expert in pentecostalism at the University of Rochester in New York state, "The pastor's not gonna say 'go down to Wachovia and get a loan' but I have heard, 'even if you have a poor credit rating God can still bless you — if you put some faith out there [that is, make a big donation to the church], you'll get that house, or that car or that apartment.'"

So...uh...now we're blaming the buyers? The pastor? God? Uh, No.

The results, he says, "were disastrous, because they pretty much turned parishioners into prey for greedy brokers."

Yep, the lenders are the villains. Still. Just one question though, are the lenders still villains if they prayed for prosperity, and God sent them highly profitable accounts who couldn't really afford to buy? Does it change if the pastor prayed over the lenders and they felt really good about it?


*the bill includes a clause to redefine the word "right" to mean totally brain dead plan that is doomed to fail.

perfectfire

My 401k is up! But then again, I had it all in a money market fund and moved most of it to a treasury fund the other day. Every other investment option in my 401k, other than PIMCO bond fund that is a relatively new option, that has stats is down over the last year.

david_mcmanus

Mine has been up lately, then again, I'm in a bond fund and cash. Back into equities after the election......maybe.......

rose-colored-coolaid

And it was so.

perfectfire

Here's the semi-annual report for FDLXX. Treasury bills, bonds, and notes are all short term. Latest composition from the quarterly report shows 97.7% in treasuries and the rest in other. I bet other is cash because it is not counted as "investments" and it seems to change a lot from quarter to quarter. I'm guessing it's probably money in the fund sitting there as they roll from matured treasuries to new ones.