The headline in today's newspaper was all about another bailout. This time for the automobile industry. The catch to this one is that Congress wants to have a say in what the auto makers will be doing. It's not nationalizing the story says.
The truth is that I can't conceive of what this much money looks like. Somehow, our government has spent over $1 trillion dollars that it doesn't have in the past 3 months, and these are the austere, let's cut taxes Republicans that are doing it. What's going to happen with a Democratic president and more Democratic congress?
How has this affected me? So far, I'm worth far less on paper. New York Times stock which I gleefully accumulated over the years through payroll deductions is now trading at $7.35. This is actually good news since a few days it was at $4.20. When you compare it to the go-go days of over $50 a share it makes me pause. I won't mention my 401(k) Hopefully there's another dozen years or so until retirement.
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