Tuesday, November 27, 2007

The Madness of Wall St

Today we learn that

a) housing prices fell the most in 21 years in the 3rd quarter

b) consumer confidence is at a 2 year low

c) Wells Fargo announces another $1.4 BILLION loss in mortgage junk

All that and the DOW JONES up up 200 points.

Yeah that makes sense. I bought some RTH puts this afternoon. I was actually hoping the madness would rise even higher so the puts would be even cheaper. Good enough though, as the holiday shopping season turns into Dudsville, I will be sitting nicely. I hate hoping for misery from my fellow man.. No wait, I don't hate it. I have no sympathy for those boneheads who live way beyond their means. They will get what they deserve and if it means they become destitute, so be it. Lessons are often learned the hard way.

I am also continuing to take advantage of the 0% offers. The banks keep sending me 0%, $0 balance fee offers and I keep taking them. I take the 0% and stuff it into the 5% FDIC bank deposits. My favorite part is when I use one bank's credit card money and deposit the money right back into the same bank. Ahh the joys of having no debt and a high FICO score, it's literally free money. Thanks banking dudes, you rock!

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