Tuesday, September 30, 2008

Some secrets they aren't telling you

OK, time for straight talk. There are some things you aren't likely to hear on TV because they correctly fear panic.

We are in a time of crisis. There is no money in most banks to fund continuing operations of most businesses.

They told you that on TV.

They forgot to mention two businesses which need vast amounts of temporary credit to operate from day to day.

Gas stations
Supermarkets

Both have very small profit margins and both need to have operating credit to buy stock (gasoline and food).

At this point in the financial situation of the WORLD, the credit is just not there - YOUR credit card limit has probably just dropped even if you have GREAT credit.

It really doesn't matter if your gas station or supermarket has wonderful credit if the banks simply refuse to lend it out even for a week.

Only the government was able to lend money to Ford, Chrysler, or GM last week - they had all run out of operating cash.

So, what happens when supermarkets and gas stations can't find the credit line to buy stock?

I don't know. Do YOU?

I am NOT taking any position on the massive $700B government take over of the banking industry or saying that THIS TIME
we should actually believe President Bush because, despite all evidence to the contrary, he MIGHT be correct this time.
(After all, even a broken clock is right two times a day (except on military time, of course.)

We are  fortunate here in central PA that the economy is doing well due to gas and coal, but even here we need to pay attention to what is happening.
It doesn't matter how often they pass laws against it in Washington, water will eventually run downhill.
 
John

--
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Did you ever notice that people who think they know everything are usually the same ones who don't even know how to read or speak English above a third grade level?
Perhaps they think they know everything because they don't have any idea what other people actually know - jm

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