Monday, October 6, 2008
DJIA Jumps Off Building, Bounces on Concrete
Down 800 points before a modest recovery.
How did we get into this mess? Well, let's look at history. Here's a nice sample to look at:
Jim Cramer's quote about today: "Whatever money you may need for the next five years, please take it out of the stock market right now, this week."
Anyone notice the Louisiana Banks commercial during the Saints game? Louisiana Bankers rep reading right off the teleprompter. "Your money is safe. Very safe." I feel better now.
On one serious side note, Whitney Bank was the only local bank to make it through the Great Depression intact. They've always been EXTREMELY conservative with their lending (why they survived the Depression). My barber still has a thermometer from "Whitney Savings and Trust" (pre-FDR name). A lot of old folks in New Orleans refuse to bank with anything other than Whitney. They regard it as safe as a mattress.
UPDATE- Matresses might still be safer: Whitney seeking bailout money for bad Florida loans.