Wall Street finished its worst month in well over a year with another down day. Yesterday’s enthusiasm over China saying it wasn’t dumping its Euro bonds evaporated on the news that Spain was having its debt downgraded again. It doesn’t much matter what China does if the Wall Street gangs are allowed to come into the neighborhoods and bust out the shop windows looking for protection money. Keep in mind that the more volatile the markets are, the more the Wall Street banks make on trading since they front load all the trades and make their money first ahead of their clients.
Who is stupid enough to buy stocks with the hedge fund managers telling their investors to buy land in the country and lots of canned goods? Well that would be your 401k manager or your pension plan, they don‘t have much choice since the plans are usually dedicated to one type of investment scheme. People don’t seem to realize they could take their money out and now that it’s down are afraid to withdraw because they would be “locking in their losses“.
Not everyone got caught up in the stock market though. It seems many church owned pension plans avoided that problem by simply not putting any significant money into funding their pension plans. Everybody from hospital workers to Christian book printers as well as the church secretary are finding out that Bernie Madoff wasn’t the only ponzi scheme in town. After decades of doing the lord’s work for substandard pay, they were counting on the lord providing a modest pension. The lord doesn’t seem to be able to manage money very well and the pension plans are shutting down.
The double whammy is they don’t even get pennies on the dollar from the Federal Pension insurance fund since churches made sure that they and their affiliated businesses were exempt from government oversight. Separation of church and state is handy when you don’t want to pay taxes or meet your pension obligations. Otherwise America is a “Christian” nation when they want to have their superstitious beliefs to be taught in school instead of science or enforcing an assortment of irrational hatreds and bigotries as the law of the land.
Of course it’s the “end times” so it doesn’t matter, right? The last time they were sure it was the “end times” they created the Dark Ages that took the better part of a millennium to overcome. The Bible does say to store two years worth of canned goods, that’s probably not enough. www.prairie2.com