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The New DU. Reply #63: Smart people...
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Baby Snooks
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Sat Jun-28-08 06:59 PM
Response to Reply #1 |
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Edited on Sat Jun-28-08 07:00 PM by Baby Snooks
Smart people as opposed to greedy people have been liquidating assets including equities since 2001 and putting the bulk of their assets in interest-bearing bank accounts. At least they are insured. There is no limit to how many bank accounts you can have. Each one is insured by the FDIC up to $100,000. This is not a sudden storm. Just a storm that moved slowly. Smart people were aware of it.
Smart people will have something. Greedy people will once again be jumping out of windows on Wall Street.
Many individuals have already lost quite a bit of their fortunes particuarly in the hedge fund market. Even oil options are risky. The wrong put or call and you lose. The hedge fund wins either way. They are like the house in Las Vegas. Win or lose, the house makes money.
The super rich may suddenly become the super poor. The rich will still be rich. Relatively speaking.
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