>Ben Stein takes us through what went wrong with the mortgage mess and what the outlook for it is. A short well written, easy to read article that I think you’ll find interesting – I especially loved the following excerpt:
“If I were to choose a cartoon to represent the financial events of 2007, it would be the familiar one of Lucy promising Charlie Brown that this time, definitely this time, despite all the lies in the past, she would hold the football firmly in place while he practiced placekicking. Then, of course, she snatches it away and he goes flying onto his backside.
In the case of 2007 and investors, Lucy is, as always, Wall Street. The football is collateralized mortgage obligations, and the placekicking dupe is you and me. But the smart observer is the guy or gal or who knows this crisis won’t go on forever, and the time to buy stocks, mutual funds, and ETFs is when everyone is worried — not when they’re chirrupy and happy.”
Click the link to keep reading!
Scott Dauenhauer, CFP, MSFP, AIF