- Jun 6, 2007
- 852
- 483
- 910
Although this Christmas season America is hurting and many hurting badly, overall we as a people have a lot to be grateful over compared to other parts of the world we have prosperity, security and a decent standard of living! Sure the Pandemic has knocked our country down bad but there is hope we will survive it largely intact. The nation's economic motor turned over from the March, April shutdowns God has given us outstanding vaccines to rid the world of this virus and if we don't blow it on enacting into law this $900 billion relief bill that both the House and Senate passed which will keep the country's economic engine running through the time period needed to manufacture and distribute the vaccine and assuming President Biden brings to the job his vast experience working under the hood of Washington to get a moderate size stimulus/relief package through Congress early in his term America will fully recover from Covid 19. Not blowing enacting into law the current relief bill mind bogglingly is becoming an issue; how appropriate from a nature's standpoint that a person like Donald Trump who was unfit to be President and on an abundance of cases during his term demonstrated this is ending it demonstrating that he has a mental state where the barrier or line between sanity and insanity is largely non-existent. Those Republicans in the Senate and the House that switch their vote and fail to override President Trump's veto on this legislation if the override fails will never get clean from this bad act so many portions of our society are at the edge of the cliff only being held from sliding off by a single line if this bill doesn't get enacted in ten day threads in this line will start snapping!
People that think the hardship of this Christmas is bad could be in for a rude awakening; there is things going on in Wall Street that are largely not on anyone's radar that damn well should be because when they blow-up the wailing from the hardship will be deafening. One area are these cryptocurrencies; these are currencies that have no physical qualities but exist only in the technology world they are "not" created by sovereign governments but created by computer technology organizations where there exist a shared ledger by users of the cryptocurrency that keep a computer record of holders of the currency and how much they hold. The problem with these currencies are the value of these currencies is very arbitrary is inherently unstable, it is whatever the people in the market for these currencies want to put on it. This can and has led to wide and rapid fluctuations in the value, the history of the bitcoin market bares this out. One very troubling feature of this cryptocurrency market compared to a regular currency market is that they don't have a sovereign government to back them up when an ordinary sovereign government's currency begins to fall in value the sovereign government can go into the currency market and buy their currency to prop up its value cryptocurrency has no obligated defender of the currency. What should be worrisome to people is that these cryptocurrencies are now hot financial institutions are tripping over themselves to get into the market, financial experts are like losing their voices hawking this junk. What is really scary is that people across America with their retirement savings are going to be steered by the experts to put significant portions of their retirement saving into cryptocurrencies and when these markets crash which they eventually will a lot of seniors will be dramatically financially hurt and experience a lot of pain over the loss. Congress and the President should permanently ban these investments for retirement savings accounts and limit banks and insurance companies to holding an amount of these cryptocurrencies needed in order to transact business they should not be permitted to view these assets as having any investment value. Ultimately, you know what our corrupt system in this country is going to bring about it is that abundance of big players in Wall Street are going to make tons and tons of money selling and trading this garbage and then when the market crashes the Federal government is going to have to bail out the industry because all of the harm referenced that would unfold if no bailout occurs and ultimately the U.S. taxpayer is going to be left holding the bag. Now is the time for our elected officials in Washington to protect us the American people because there is no need for us to suffer this likely future injury!
The other investment creation by Wall Street that holds trouble for the American people are these SPACs. SPAC is an acronym for special purpose acquisition company in regular person talk it is a company that just raises a lot of money it doesn't own any businesses that provide a good or service but the company intends to buy such a business it is essentially an organization that raises money to do an investment - common lingo calls these companies "blank check companies" (name hits the nail on the head) . SPACs are now a really hot investment in the financial markets this year I think this industry or market is close to raising a hundred billion dollars. The problem with these SPACs is that it is hard to buy businesses their expensive and there is a lot of competition for such purchases. With so many SPACs out there I think you are going to see a lot of people who have their financial advisers guide them into a SPAC and it may have been a good idea when the stock in the SPAC was issued but what you end up having is the SPAC was intending to buy an A company and because it was so hard ended up buying a Z company that the original investors would never wanted to invest in and this Z company turned out being a terrible company that precipitously drops in value so likewise the SPAC drops in value and so that American takes a big loss to their retirement savings and it affects their quality of life when they retire. Congress and the President should pass a law banning retirement accounts from being able to invest in SPACs.
People that think the hardship of this Christmas is bad could be in for a rude awakening; there is things going on in Wall Street that are largely not on anyone's radar that damn well should be because when they blow-up the wailing from the hardship will be deafening. One area are these cryptocurrencies; these are currencies that have no physical qualities but exist only in the technology world they are "not" created by sovereign governments but created by computer technology organizations where there exist a shared ledger by users of the cryptocurrency that keep a computer record of holders of the currency and how much they hold. The problem with these currencies are the value of these currencies is very arbitrary is inherently unstable, it is whatever the people in the market for these currencies want to put on it. This can and has led to wide and rapid fluctuations in the value, the history of the bitcoin market bares this out. One very troubling feature of this cryptocurrency market compared to a regular currency market is that they don't have a sovereign government to back them up when an ordinary sovereign government's currency begins to fall in value the sovereign government can go into the currency market and buy their currency to prop up its value cryptocurrency has no obligated defender of the currency. What should be worrisome to people is that these cryptocurrencies are now hot financial institutions are tripping over themselves to get into the market, financial experts are like losing their voices hawking this junk. What is really scary is that people across America with their retirement savings are going to be steered by the experts to put significant portions of their retirement saving into cryptocurrencies and when these markets crash which they eventually will a lot of seniors will be dramatically financially hurt and experience a lot of pain over the loss. Congress and the President should permanently ban these investments for retirement savings accounts and limit banks and insurance companies to holding an amount of these cryptocurrencies needed in order to transact business they should not be permitted to view these assets as having any investment value. Ultimately, you know what our corrupt system in this country is going to bring about it is that abundance of big players in Wall Street are going to make tons and tons of money selling and trading this garbage and then when the market crashes the Federal government is going to have to bail out the industry because all of the harm referenced that would unfold if no bailout occurs and ultimately the U.S. taxpayer is going to be left holding the bag. Now is the time for our elected officials in Washington to protect us the American people because there is no need for us to suffer this likely future injury!
The other investment creation by Wall Street that holds trouble for the American people are these SPACs. SPAC is an acronym for special purpose acquisition company in regular person talk it is a company that just raises a lot of money it doesn't own any businesses that provide a good or service but the company intends to buy such a business it is essentially an organization that raises money to do an investment - common lingo calls these companies "blank check companies" (name hits the nail on the head) . SPACs are now a really hot investment in the financial markets this year I think this industry or market is close to raising a hundred billion dollars. The problem with these SPACs is that it is hard to buy businesses their expensive and there is a lot of competition for such purchases. With so many SPACs out there I think you are going to see a lot of people who have their financial advisers guide them into a SPAC and it may have been a good idea when the stock in the SPAC was issued but what you end up having is the SPAC was intending to buy an A company and because it was so hard ended up buying a Z company that the original investors would never wanted to invest in and this Z company turned out being a terrible company that precipitously drops in value so likewise the SPAC drops in value and so that American takes a big loss to their retirement savings and it affects their quality of life when they retire. Congress and the President should pass a law banning retirement accounts from being able to invest in SPACs.
... 
