2008 was a doozyDecember 22, 2008
Mark on the markets Mark Patterson
2008 was a doozy
When 2008 started, the Dow Jones industrial average was at 13,359, now it is about 8500. Citigroup, our largest bank had been beaten down to $30 a share, now at $6.50. General Motors was $26 a share, now at $3. General electric, one of the most widely held and respected companies was at$37.50, now at$16.00.
When 2008 started, Bernie Madoff was still running a successful Ponzi scheme which defrauded investors of 50 billion dollars. In spite of the fact that some smart hedge fund guys told the SEC that he was running a fraud as far back as 1999.
Crude oil was as high as $147 a barrel and gasoline over $4.00, now crude is at $39.00 and gas at $1.65. In an election year it was interesting to hear the the theories and accusations of why oil was so high.
Market speculators, short sellers, hedge funds and George Bush were the cause of all 2008 problems if you were a reactive and a non thinking person who needs to blame someone or something for all that is not going your way.
So now we are approaching a new year, with a new president, new enthusiasm to lose weight, work hard and be productive, out with the old , in with the new.
Hopefully the economy will get better, home prices will improve, interest rates will remain low, but people living on fixed income from their investments will make more.
Maybe a huge economic stimulus plan is waiting for us around January 20th, and the US dollar will strengthen and Inflation will not be like Jimmy Carter days. Banks will all be fiscally healthy and lend money to those qualified, Taxes will remain low, the social security system will be fixed, the health care system will once and for all be reformed, our congress will act responsibly and cotton candy will grow on trees.
Mark Patterson is a money manager with MHP Investment Management LLC, and can be reached at 447-1978 or Mark@MHP-Asset.com
MHP Asset Management, LLC
P.O. Box 460, Conway, NH 03818
Phone: 603-447-1979 Fax: 603-941-0904 |
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