A couple of weeks ago, I was judging a high school essay context with a group of (mostly) high school English teachers. During the evening, one of them used the phrase WTF. Now, in the unlikely event you don’t know that phrase, it is shorthand for “what the…my grandma used to say “fiddlesticks” but that’s not the word. Even high school English teachers know WTF.
We live in a WTF world these days. Financial executives who drove our economy into the ditch are getting hundreds of millions of dollars in bonuses paid by the taxpayers who are losing jobs at an alarming rate. WTF!
And get this…AIG says they have to pay those bonuses IN ORDER TO RETAIN those people. WTF!
The Republicans, who were leading the country while this incredible crisis was building are now crawling all over the cable talk shows to tell everyone how incompetent the Obama administration is. WTF!
And Dick Cheney…Dick Cheney is warning the American public that the Obama administration’s decision to close Guantanamo and to at least partially back off secret wiretapping of Americans’ phone calls puts our country at risk. This guy was vice president during the worst foreign policy fiascos in recent history. WTF!
And then last week, we hear that Bristol Palin has broken off her engagement to Levi Johnston, who fathered her baby. We also have heard that Levi has also quit his job. Quite the turnabout from the loving family who gathered onstage at last summer’s Republican convention. WTF!
Welcome to the WTF World!
A column in the Washington Post by Joel Lovell on March 1 pretty much confirms what anyone with a half a gram of brains should have already known: the so-called “experts” encouraging people to pursue any particular personal finance strategy are clueless. Ever since the market really started tanking last September, I’ve been hearing all this advice that we should stay in the market…dollar cost average…it will come back. Of course it will. It came back after the Crash of 1929…but it took more than a decade and World War II to bring it back.
It’s pretty clear to me that we’re a long ways from the bottom, in terms of time if not points on the Dow. If someone has any information that might persuade me to get back into the stock market, I am all ears. Until then, there are no financial experts. Just people with no idea what lies ahead.
Late addition to the post: The Dow dropped another 300 points today, which would only be about 1.5 percent if the DJIA was at 10,000 but is more than four percent with the down at 7100 (now 6800, of course).