Monday, March 16, 2009

Wall Street Reverts to Form

After 4 days of gains, mostly in financials, the market sold off, an 150 point swing indicating that the exuberance may have to wait longer. Maybe much longer. Caterpillar closed down at $26 and change.

Wise men and women are saying hold onto your cash but then others are saying the new Messiah will lighten your burden and its time to buy. Buy what? Most of the stimulus money is going to infrastructure and welfare programs. I'm still watching and waiting before I determine how far left we are swinging. I believe we are deeper into Socialism than many common sense people believe.

We'll see and hope that those in greater power than me can slow the pendulum down.

These are not good times to raise taxes for non-priority and possible Cash hog spending.

More than ever I urge a no vote on the "public facility tax" on April 7. Your yes vote will mean greater risk at more public support for this potential "white elephant" on the riverfront.

About 7 years ago I predicted the ball park as being a "possible" white elephant. Saturday I received my K-1-l showing another $1600 loss, my 14 or 15 consecutive loss since I made an unwise investment in this entity. I guess, as Dr. Marshall said, the ball park is a great thing. Sure if you are an employee or occasional visitor. Not if you were a stockholder and HELD on to your stock.

The insiders, moistly from a large nationally known firm, quickly gave their shares away, taking a donation tax break. We outsiders are still holding our apparently worthless stock certificates. Mine have been for sale for over 10 years.

No valid offers. If Roger Monroe doesn't buy, I'm thinking of EBay.


Stormin' Norman said...

Vote 'No' on April 7, not April 11...

Merle Widmer said...

Sorry and thanks for catching my error. I'll correct iot.