A little perspective....

Below is a pretty good "perspective" article for all those who want the real scoop on the recession. Please note that I said "recession" and not "depression" and all the other crap you are all hearing in the news recently. As usual, the media (and Obama) are playing on the doomsday scenario that this is the worst thing since the Great Depression and all is lost if we don't immediately spend a bunch of money.

Does anyone remember a little thing called the TARP last year? This was the $700 Million bank bailout that made all the news last year. Bush and Paulson argued that all this money needed to be spent immediately to avoid impending doom. The Democrats decided to only let him spend half...then grovel before Congress for the other half. Now, 4-5 months later the Democrats are saying it needs to be done right now and the Republicans are saying "not so fast". WTF?

In any case, without blowing a gasket and going on a political rage here is the article...

http://online.wsj.com/article/SB123457303244386495.html

Beware of Sinking Ship

As you all know, I recently moved my practice from Wachovia Securities to Stifel Nicolaus. I was just tired of getting lied to, having my pay and benefits cut, and having to explain to my clients why they had to pay higher fees. It's really too bad because AG Edwards was such a great place to work for many, many years. When Wachovia took over almost two years ago, everything started going south. So, me and my cohort in crime Kris decided to bail out and go elsewhere in early January. Best move I have ever made.

Well...two more parachuters jumped out of the plane today. I wish them (Mark and Roger) all the best in their new careers at Raymond James. Unfortunately, it looks like Wachovia Securities is a sinking ship these days...especially the Boynton Beach branch. They are losing brokers faster than they can count, Wachovia management doesn't seem to give a shit about them, and rumors are they are seeking another buyer for the brokerage unit...the fouth in two years. It is really sad to see what has happened to a 120 year-old well respected firm. RIP AG Edwards....