On Wed, 5 Nov 2008 20:30:46 -0800, "Calif Bill"
wrote:


wrote in message
...
Got my financial reports on my investments today, lost nearly $85,000.
I have always been fiscally responsible, never carry any cc balance,
live within my means, save for retirement, dont own an expensive
house, etc.
So, my retirement fund loses $80,000 due to Dem Chris Dodd of the
banking comitttee and Barney Frank and the other dems who refused to
take action in 2005 when they were warned their actions were
endangering the economy. DEMS OWE ME BIG MONEY. I figure I have paid
my share of the national debt, Dems can all pay the rest. If you
voted Dem, you pay. The market isnt coming back any time soon because
nobody in their right mind would invest knowing the crooks now control
the economy. I dun paid my part of the debt, so if you voted Dem, pay
up cuz YOU caused the problem.

I wish it was only 85K.

Back when CDOs were all the rage, the guy who handles our accounts
sent me a prospectus on a CDO he was organizing for some of his local
clients. I looked through the document - 32 pages long, full of
lawyer speak, blah, blah, blah, but I liked the whole concept of
spreading the risk around and what not. I was a little bothered about
the whole sub-prime thing as I couldn't understand how spreading the
risk kept people with no skin in the game, no document mortgages,
etc., was a good bet even with spreading the risk around.

But hey - he's a numbers guy (different kind of numbers), so we talked
it over and put a small number into the security along with a few
other folks. And it did pretty well, but I was still suspicious
because I just couldn't wrap my mind around the whole concept of
something for nothing with no chicks for free.

A month later, he sends me another prospectus - CDO squared - this
sucker is 276 pages long and complex as all hell. I looked it over
until my eyes crossed and took a pass - told him I'd wait to see how
the original investment worked out before jumping in.

Then I saw the CDO cubed which was 730 pages long and promptly sold
our interest in the original CDO at cost - I knew this was going to
blow up and it did.

TANSTAAFL dude. :)