Financial Signs of the Times

I got the message below when I logged into my ETRADE account this morning. I've only received notes like this in the last year and I'm assuming it is going to continue because the reality is we haven't hit a bottom and we haven't allowed ourselves to do so. I'm not a financial expert, but it is fair to say that we (American people) have overspent and the rest of the world has followed. I took an online poll this past week that asked "Who is at fault for this?" It identified the usual suspects (mortgage people, banks, appraisers, wall street, etc.), but I selected the option "homeowner" just to see how I came out. About 5% of people selected homeowner. Interesting. I actually think the entire group as a whole is to blame, if we are going to place blame. Every lender, broker, and buyer out there are a large part of the home owner population as well. We all got a little too comfortable taking risk. And, even when we thought it seemed a little too good to be true, we still went ahead and spent the money against our better judgement. Shame on all of us! In the beginning, and in the end, we all had a personal choice. No one twisted our arms. No one forced us into it. We just said "I want" that then became "I have" which then became "I wish I didn't." Alas, I'm a part of this all as well. I bought and fixed up. But, I'm lucky. I bought small. I save some and I spend lots even when I'm not trying. I can't imagine if I had stretched myself beyond this point. It is going to be stressful times, but hopefully it will spark our imaginations and we'll be creative and not victims.

Oh, that's right....I originally started this to show my ETRADE notice. Look forward to more regulation and lack of free market going forward. We'll find out soon enough whether that's good or bad.

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IMPORTANT: Due to new Securities Exchange Commission rules, short selling on certain financial securities are not permitted from September 19, 2008 through October 2, 2008. The complete list of stocks which are unavailable for shorting can be found here. Any previous existing open orders to short sell these securities have been cancelled.Attention Options Customers: Due to the above new SEC regulation on short sales, certain options positions on these underlying securities expiring September 20, 2008 (long uncovered puts and short uncovered calls) that were entered into after September 18, 2008 may be subject to being closed by E*TRADE Securities at or before expiration. E*TRADE Securities may also take action to close the assigned/exercised underlying security in the event that the options are assigned or exercised. Please note that options positions entered into prior to September 19, 2008 are not subject to this action. To avoid the above action, you may wish to close the above mentioned options positions prior to option expiration dates in the event that the long option holders exercise the options prior to expiration.Again, please note that the above circumstances are a direct result of the above described SEC regulation on short sales. If you have any questions or concerns, please contact us at 1-800-ETRADE1.