The stock market fell 300 points today. Whenever a Republican is in office I feel a secret pleasure when I hear bad economic news, since it increases the chances for removing those Republicans. Some things are more important than money, though few Republicans would agree. Oddly enough, when the Democrats are in the White House, the issue doesn’t come up, since the Dow always rises under Democrats. Funny how Wall Street never tumbled to that fact. Or could it be that they care more about a political environment in which they’re allowed to loot their corporations rather than one that enhances shareholder value?
Anyway, as I approach retirement age, I must admit that my satisfaction at the prospect of bad news for Republicans is tempered by the fact that it is also bad news for me. Between October 31st and today my 401k has lost 14% of its value. More actually, because during that time I’ve been putting money in. I understand that there’s a debate about whether we are in a recession. Seem’s like Wall Street has made up it’s mind. My wife suggests that this may be caused in part by foreign money leaving the country. I wonder if that’s true. Imagine what happens to us if they stop buying treasury notes.
In any event, I am willing to take a financial hit if it enhances our chances of getting a Democratic president and a solid and progressive Congress. I just hope that, should that happen, they’ll do something worthwhile with their power.
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