Money & Investing - Banks.com

I rather enjoy The Motley Fool, and today I saw that, in honor of March Madness, there is a “blame bracket” over at the site. Readers can vote on who they think is most to blame for the, well, madness, that has been happening in our economy.

It’s a fun bracket, allowing you to help decide who deserves the most blame. Obviously, it’s a little bit of everyone, but we like to have someone prominently figured out — it makes finger pointing so much easier.

At any rate, I’m more inclined to be on the side of the the “fat cats” getting most of the blame. Between Wall Street “experts” playing with our money and the media constantly playing along with the hype, most of us regular folks have no clue. Indeed, greed is at the root of this problem. And in order to support their own greed, many of the people at the top did what they could to entice the rest of America into greed. Most of the Wall Street types can obviously afford stupid and greedy decisions — they get bailed out. The rest of us don’t. Experts and gurus knew it, but still pushed the envelope. After all, they managed to get our money.

Make no mistake: I’m not letting ordinary people and consumers off the hook. They deserve their share of the blame. However, there are plenty of people who were misled into stupid decisions by “experts” and gurus who knew exactly what they were doing — and wanted to make some good money off of the less financially educated. And it worked. The big guys are doing just fine (their companies may be in trouble, but they got their golden parachutes and bailout money). It’s the rest of us that really have to pay.

Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.

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One would think that the news that banks spent 10 years not paying their FDIC insurance premiums (despite being rather profitable between 1996 and 2006) would send the Dow lower. But no, the stock market is rallying above 7,000 today. Telecoms, health care and financials lead the way. The stock market is showing its optimism on the news that retail sales data is better than expected for the first part of the year. I wonder if the after-Christmas sales had anything to do with it.

Anyway, the news that unemployment continues to be a problem did not do much to phase the stock market, either. Retail sales are doing better, money is coming in, that’s all that matters. Besides, the layoffs mean that costs for companies are being cut. Am I being a little too cynical here? I feel a little cynical today. It’s that blasted FDIC thing. I can’t stop thinking about it what an outrage it is.

At any rate, the idea that the FDIC may need to borrow money to cover depositers in the event of a bank failure isn’t causing so much as a glitch on Wall Street. And why should it? It’s not like it’s their money. In the end, it’s taxpayer money. And they haven’t been paying their premiums, so it’s not like they’re out anything at all. The taxpayers are, though. Some might have trouble accessing their money if the banks fail, and the taxpayers continue to pay trillions in bailout money for the banks. It has become, quite frankly, more than a little ridiculous.

Even sadder: We’ve started following the mainstream media in the thought that the Dow is an indicator of economic health. Even though unemployment, GDP, inflation and a few other measures are better overall indicators of the economy, for some reason we’re fixated on the Dow.

So hooray Dow! Above 7,000!

Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.

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There are a number of investing applications that can help you keep up with what is happening in the financial world while you are on the go. Stock Trading To Go has a helpful list of some of the best iPhone investment applications:

1. Bloomberg. You can get the latest financial news and information from Bloomberg with this free app. If you prefer to focus on a particular market or category, you can customize your homepage. Nice.
2. Yahoo Stocks. Just what it sounds like. Yahoo is offering a free application for iPhone that allows you keep track of your stock investments of choice — anywhere.
3. iStockManager. This application works with a TD Ameritrade account. You can take a look at your account and even make trades. No matter where you are, you can use your iPhone to buy and sell stock.
4. USA Today. Information on various financial sectors and stocks. Very helpful in terms of keeping you up to date.

Additionally, there are other financial applications that allow you to keep up with other aspects of your financial life, including applications from Mint.com and the EZ Loan Calc. If you are using Mint to keep track of your budgeting and other aspects of your finances, this can be handy. Likewise, EZ Loan Calc can help you figure out all the details of a mortgage loan, from total interest paid to payments. Compare loan offers right from your iPhone.

It is true that technology is making a lot of things easier. And now you can invest and keep track of your finances — no matter where you are. As long as you have WiFi access.

Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.

image credit: kenleyneufeld on Flikr

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