When there are dark clouds, get out the umbrella: I am perpetually amazed at the ignorance that some people have when it comes to seeing the signs and not doing anything about it. Take Katrina. The people in New Orleans knew (and bragged) that they lived below sea level and that any severe hurricane could devastate the city. They had days to prepare and evacuate, but many chose to stay and paid with their lives. Some had the audacity to claim that they just never knew that the storm could be that bad.
When it comes to the economy people are just as ignorant. They don't want to admit that things are bad, or that they have the potential to get bad. This week the IndyMac Bank of California was closed by the government. They have been reporting problems for months and their stock has slipped from $30 to 28 cents. So what's up with all these people going to the bank on Friday trying to withdraw money and finding that the bank is closed? One of the guys that was interviewed admitted that they probably had over $100,000, more than that which is insured. That goes beyond ignorance.
US Bank closed at $25.80, so I guess I am safe for now.
When it comes to the economy people are just as ignorant. They don't want to admit that things are bad, or that they have the potential to get bad. This week the IndyMac Bank of California was closed by the government. They have been reporting problems for months and their stock has slipped from $30 to 28 cents. So what's up with all these people going to the bank on Friday trying to withdraw money and finding that the bank is closed? One of the guys that was interviewed admitted that they probably had over $100,000, more than that which is insured. That goes beyond ignorance.
US Bank closed at $25.80, so I guess I am safe for now.
0 Comments:
Post a Comment
<< Home