Bailout Settlement Reached – Breathe a Sigh of Relief
Lawmakers just announced the settlement of the $700 billion financial bailout, after much discussion. Whew! I for one am relieved.
The bailout does include limits on pay of executives. Most of us would agree with that, except for those execs, that it. And the legislation contains measures to help prevent home foreclosures.
Now all we have to do is keep consumer confidence up, which won’t be easy. I spent some time reviewing my 401(k)s and IRAs, and they are, of course, down. But I’m biding my time. I suggest you do the same. Unless you need the money in your 401(k) for an emergency, don’t take the loss by selling. The business cycle will come back up again (the stock market moved upward Friday in anticipation of the bailout), and we baby boomers will have a chance to make some moves later.
For now, take the opportunity to think about long-term strategies for your investments and your business. And enjoy the fall weather.
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[...] I spoke too soon on Sunday. Looks like the off/on/off bailout is off at the moment. The House of Representatives said [...]