Stock market drops another 390 points; CNBC makes reference to the "global meltdown." If it hasn't been clear to us that we should expect more pain in the financial markets and economy, I think it's pretty clear now. The head of the World Bank declares that the world's economy is in the "danger zone." George Soros opined yesterday the United States is already in a double dip recession.
Notice neither of these articles rely upon Glenn Beck, Rush Limbaugh, or some other polarizing figure as a source. Nor are they sponsored by Gold Line or other precious metals dealer. These are some of the experts we are to rely upon. While I have strong opinions as to how we got here and who is to blame, that's not the point of this. My point is that we all need to be prepared for a less than robust economy in the coming months.
So where my putting my money? I only have two long stock positions. The rest of my investments are in short term treasuries, gold and silver ETFs, and short positions in General Electric, the Euro and Gannett. Like a lot of investors, I have a substantial portion of my portfolio in cash, in large part because I don't have a clue what the hell to do with it. For now, I plan to sit tight. I am considering adding to my silver position as well as adding some dividend stocks, once I'm convinced the market has calmed down significantly.
But all of the suburban dads and moms are insulated from all of that, right? Not according to the latest article from CNBC entitled "Suburban Depression.” The most shocking statistic? “The suburban poverty rate is 11.8 percent, a level not seen since 1967.”
Innovation amidst poverty…Co-worker Mean-ah Gina shared this video with me today. Brilliant, beautiful, and inspirational. I hope you will watch it. It touched me.
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