Well, Ol’ Remus Has Another

EDITION OF The Woodpile Report up. And there’s something
new. He’s got permalinks.

::Dolly does naked happy dance:: Yaaaayyyyy!

And, since I was one of those oh-so-subtly agitating to get him to add
them to his fine site, it would be downright churlish of me not to use one of them.

I’m not claiming credit, mind. I have no idea what induced the gentleman
to make the change. I’m just glad to see it.

And, just so, I don’t claim to have planned it this way, but I’m glad it
worked out like this. I cleaned out my equities-based retirement account
recently. I saw bad times coming. I knew that tax increases were like to
come, were Obama to be elected, and if I were to need the money next year,
the penalty for early withdrawal would be greater. (Well, OK, the taxes, but
you tell me the difference. From where I sit, it’s all overhead.) With the
recent plummet the markets have taken, I can just imagine what the state of
my account would have been.

Advisors have, in the past, tried to remind me that I was in this for the
long run, and that over time, the stock market always rises. (Of course,
they don’t say much about what inflation does to that rise, but leave that
for now.) But I remember 2000 and sitting through the bursting of the tech
bubble, watched my 401(k) lose half its putative value between one statement
and the next. When was I going to get that back?

Never.

Precisely. And I have been reminded of J.P. Morgan’s advice to a young
man wanting to know how to make a small fortune in the stock fortune. Morgan
said, “Start with a large fortune…”

I’m not nearly as liquid as I’d like to be, but I’m guessing I’m in the
same boat as a lot of people. I expect that, if the banks get too handsy
trying to change the rules of the game, they’re likely to draw back a bloody
stump. And, from here out, if I want to get ahead, I’m going to have to do
it the old-fashioned way. I’m going to have to earn it.

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