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| 2009-06-19 01:27 |
IT'S SELF- EVIDENT
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We hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain
unalienable rights that among these are life, liberty, and the pursuit of happiness and a new ride in the driveway.
The "cash for clunkers"
program is going into affect soon, and one has to imagine that it's going to be another program that hoses taxpayers, will see a fair amount of
rigging and corruption, and entice people to spend money they don't have. Damn...sounds just like the housing bubble! Immediately, there will be $1.0
billion available for people to turn in older cars (aka clunkers) that get 18 miles per gallon or less in city and highway driving. The plan prohibits
vehicles not insured for the past year or 25 years or older. There is a chance that the program will grow to $4.0 billion. The objective is
transparent; this is another way to get money to automakers. But, one has to wonder at the end of the day if more of this cash will end up in banks in
Europe and Japan.
I wonder if there will be income restrictions on
this deal. More than likely the answer is yes as hard workers and savers making certain amounts of money have been discriminated against in all the
programs designed for the public. I just hope people that take advantage of the program have enough money to make their payments. The public will eat
this up, and I know it has had success around the world from places like China to the U.K. But, giving someone a new monthly obligation isn't doing
them a favor. Americans are saving now and while there is that paradox that delays recovery, when that recovery eventually occurs it will be real and
sustainable.
I want to thank everyone for their responses to my question a couple of days ago, it was overwhelming. I'm going to read a couple
tomorrow when I co-host "Money for Breakfast" on the Fox Business Network at 9:00 AM EST...please tune
in if you get a chance.
We grappled with ideas for this afternoon and we aren't going to force the issue. Please update your trackers as I'm
getting portfolios and there are open positions we've already sent alerts out on. Handholding is a key part of our effort so take advantage...but,
please if you're down a buck on a $40.00 stock don't send me an email saying you're getting crushed. It's easier for me and the staff to help without
hyperbole. I understand the fear of the market falling apart but you have to be cool, and you have to take losses to be untimely successful.
Happy Juneteenth and Happy Father's Day!
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Disclaimer: Securities Operations Forum is providing this research to assist investors in determining when to buy and when to sell. All investment decisions are yours and as a result you could make or lose money. Securities Operations Forum, its employees and/or its affiliates and family members may from time to time take positions in the open market or otherwise with respect to the securities discussed, but not have stock ownership equal to or greater than 1% of the outstanding stock of the covered company nor does any employee of Securities Operations Forum sit on the Board of Directors of any covered company. The statements made herein include information obtained from sources believed to be reliable, but no independent verification has been made and we do not guarantee its accuracy or completeness. The statements made herein contain general information and do not constitute an offer to buy or sell any security. |
