«-- Letter Re: A Successful Search for a Survival Retreat Property | Main | Jim's Quote of the Day: --»
Notes from JWR:
I just got word that the US House of Representatives voted down the $700 billion
USD Troubled Asset Relief Program (TARP) Bill. I'm glad to see that it was
defeated. There is simply no proper substitute for allowing the credit market
to correct itself, by working the bad debt out of the system. Propping up the
system would
have made the eventual reckoning day even worse. There will probably be some
substitute
or "bipartisan compromise" legislation
offered,
but don't
fall
for
it. If it extracts money from your wallet to bail out the banks from Credit
Default Swap derivatives and
other toxic debt, then it is bad legislation.
Please contact your congresscritters to let them know your position on the
legislation.
On news of the defeat of the TARP bill, the Dow Jones Industrial Average (DJIA)
lost 555 points (more than 5% of its value) in just one day on Monday. I expect
further declines in the DJIA this week, perhaps dropping below the psychological 10,000 threshold, regardless of the political posturing and promises on Capitol
Hill. I hope that SurvivalBlog readers took my advice and long ago got
out of stocks and other US Dollar-denominated investments. Buy productive
farm land (that can double as a retreat), guns, tools, and other tangibles.
Our
special thanks to Mike in Malaysia, who sent us a very generous 10
Cent Challenge subscription
contribution via PayPal, with the note: "Thanks for your great
service. This is a
prepayment for the next four years and for the last year of knowledge!"
