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GM, Ford and Chrysler did and are now asking for $34 billion. So, who taught whom a lesson here ? Perhaps Congress would've been better off approving $25 billion in the first place.
We put them away for her college education.
When she was born we opened up a 529 account with NJBest as well as a Treasury bond account with US Treasury. We also have a brokerage account.
We liquidated and closed her 529 a few weeks ago after it suffered some losses in the stock market. I reviewed the available investment options and realized that NJBest is not prudently managed. One thing I noticed was that their portfolio for a 17 year old is at least 30-40% in equities. At 17 the kid is either in college or a year or two away from entering it and having that much in stock is waaaay too much risk. With such a short horizon one wants to see a more stable investment configuration. When I say "prudent management" I mean being conscious of the markets and the time horizon and making tough decisions. NJBest is an epic failure at that. Even tax-deferred it makes no sense.
So, we decided to manage Miriam's college savings on our own. We liquidated and closed her 529, moved money out, matched the stock market losses out of our savings, and placed her portfolio with the US Treasury (for now). When rates on other investments improve we may reshuffle.
We were trying to reward Miriam for being a good girl at the doctor's office by taking her to her favorite eatery -- a diner -- where she can eat pancakes with maple syrup. Here is a conversation between me, Anna and Miriam after Miri's doctor's visit today as we were trying to decide on which diner we go to:
Anna: Let's go to Omega because there might be a long line at PJ's today.
Miriam: No, PJ's, don't be a long line -- be a diner!
eating pancakes after a doctor's visit
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- 13:56 According to AIG bonuses are now called "retention payments." #
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"It is a great investment for the taxpayer because if the government is ultimately behind that paper, which it is, you know that that money's good. There is no way that the taxpayer's going to lose money on that. It's just a very effective transaction."
The republican administration is having a fundamental crisis of competence and it has to go. The heads must roll.
- 07:23 Isnt it funny how easy it is for Citi to get 20 bill from govt and how hard it is for GM ? #
- 08:26 Miriam: "Grandpa Alex lives in the computer." #
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