March 15, 2008

• I haven’t been able to see my account since last Friday after the market closed.  Bad things were happening then, and this Friday was even worse.  Fridays, if there are any worries going into the weekend, people sell and stay in cash until they see how the open is on Monday. 

  The first few days I was not even missing it.  I’d log in and not be able to see my numbers. But my numbers were getting so bad I was glad for the reprieve.  They posted a notice online that said the site would be down over the weekend of the 9th and 10th.  This was in order to implement new software.  We would be so pleased with the new system, they said.  Not like navigating the site would change, at least I sure hope not, but that it would be faster.  Yeah, it’s about time.  So, I was fine with taking a little break. 

  I can still see my watch list, which is comprised of all the stocks I have ever bought or considered buying.  It’s a broad list, covering all sectors.  It’s global, it’s some mutual funds, and I’m starting to watch ETFs.  Twice a day I’ve been going through the list, when Wall Street goes to lunch and after they close, looking at which ones are moving the most.  That gives me some idea of what’s happening. 

  Until Wednesday, I hadn’t considered the fact that they might have chosen this time to disable people’s accts.  Maybe they wanted to avert panic selling.  Maybe people were withdrawing their money and putting it under their mattress.  Thursday I remembered getting that email my broker sent about how the name was going to change slightly.  I liked the new name, it sounded classier.  Who knew they were associated with a Canadian bank?

  Were they really or did they need to be taken over because of all the bad paper they are holding?  See how paranoid I am.  What if they weren’t previously connected but that this bank bought us out because my investment firm lost so much money on bad investments?  I know for a fact that my broker owned a lot of what he talked me into buying, American Home Mortgage.  You may remember they went out of business  I have to assume if he owned it the investment firm bought a bunch and were selling it.

  I have no idea how low this bear market will go, how much I will lose.  But I figure it’ll go right back up, at least for a little while.  At least before the election.  We’ll get some more inaccurate data.  It’s not out-and-out lying, it’s just uninformed guidance.  That’s what they call it when Bear Stearn’s CEO comes on a week ago and says the balance sheet looks okay, and one week later they say they don’t have the capital to stay in business.  Today Bear Stearns got bailed out by JP Morgan.  “The Fed agreed to provide financing through JPMorgan for up to 28 days, the bank said in a statement on Friday.”

  I heard a comment on Fast Money Friday night, which was probably taped before the news came out, saying it was going to happen, not that it had.  But I’ve also heard rumors that next week there will be news of another investment firm going under.  To my knowledge, the government has never “provided financing” in order to bail out investment firms. 

  On a brighter note, I finished getting my tax organizer reader for the accountant and delivered it today.  It was due yesterday.  That’s always fun.  For them, not me.  At least I’m pretty sure I drive them crazy.  My accountant saw my name on the caller ID, his gal Mary does all the work on it, and he happened to be in her office when I called.  I was holding for her when he picked up the phone to say hi.  Some day remind me to tell you about this guy, and maybe I have, because he would be a fun character sketch.  He’s unique.

  I just got back from the movies.  I was horrified by the violence in the previews I was forced to sit through, while I waited for my movie, “The Bank Job.”  It’s a true story about a robbery that took place in London in 1971.  They got away with it and there was a huge scandal with Scotland Yard, which I remember.  It’s cool to be old. 

  • 12:16 am
  • 10 Comments