On 2011-03-28, PrecisionmachinisT wrote:

"Ignoramus7104" wrote in message
...
On 2011-03-28, PrecisionmachinisT wrote:

"azotic" wrote in message
...
New York, New Jersey, Connecticut and Illinois-states that are the most
heavily reliant on the taxes of the wealthy-are now among those with the
biggest budget holes.

As they've grown, the incomes of the wealthy have become more unstable.
Between 2007 and 2008, the incomes of the top-earning 1% fell 16%,
compared


I feel so sorry for them really I do.

FWIW:

My 401K has more than doubled under Obama.

Mine, too.

You should be more thankful to Bush for this, who contributed greatly
to a market panic, which created an opportunity to buy stocks on the
cheap.


NO

Under Bush, my 401K had lost over 2/3 of it's value

Mine did not, because I stayed away from stocks when they were
expensive.

--about $100K of it was lost because unbeknownst to me, Bank Of America had
been unlawfully taking very short term postions on one of my mutual
funds....I recovered a little over $700 as the result of a class action suit
~ last Aug IIRC

What fund was that? What happened?

IOW, I still have a LONG ways to go before I'm even close to breaking even.

All Obama did was restoring confidence that things will not go to
hell,

Things had already gone to hell with no hand baskets anywhere in sight if
you were to ask me.

You are trying to look at things from the perspective of an
ideologue. Not really very different from the perspective of right
wingers -- seeing everything through the prism of certain preconceived
notions.

I try to see things as they are, without being constrained by a
specific ideology, trying to be a good analyst (and not always
succeeding).

and created a concern that holding on to cash may lead to ruin
due to inflation. But the buying opportunity was, basically, presented
by Bush.

"The line separating investment and speculation, which is never bright and
clear, becomes blurred still further when most market participants have
recently enjoyed triumphs. Nothing sedates rationality like large doses of
effortless money. After a heady experience of that kind, normally sensible
people drift into behavior akin to that of Cinderella at the ball. They know
that overstaying the festivities -- that is, continuing to speculate in
companies that have gigantic valuations relative to the cash they are likely
to generate in the future -- will eventually bring on pumpkins and mice. But
they nevertheless hate to miss a single minute of what is one helluva party.
Therefore, the giddy participants all plan to leave just seconds before
midnight. There's a problem, though: They are dancing in a room in which the
clocks have no hands."

--Warren Buffett--Berkshire Hathaway 2000 Chairman's Letter

IMO you have it backwards---in his second term, Bush oversaw a selling
opportunity which lasted a very long time before finally burstng.

I consider myself a value investor, buy things when they are cheap,
and sell when they are expensive. Listening to Warren Buffett keeps me
out of trouble.

But financial instability and inflation that comes from an unbalanced
budget, may easily make "the rich" lose their shirts.

If I was rich, I would certainly root for having a stable budget and
stable financial system.

If *you* were rich, most likely it would be because you are a stingy
ruthless psychotic ******* who despises the poor and enjoys watching the gap
between the middle and upper classes grow increasingly wider.

But you aren't, and you don't.


I am a stingy psychotic *******, but I do not wish ill to general
categories of people. I would like to be rich some day. What I do not
do is spend time with excuses on why exactly I cannot be doing
something productive.

i