price versus value

washington mutual has failed.

it's been seized by federal regulators.

it's the largest bank failure in u.s. history.

it's based here in seattle.

i bet a bunch of boats go up for sale soon, whatta ya think?

as noted previously, i've been plotting to acquire a boat. it's cheaper than a vacation home, it has great family memories potential, and it always has a water view.

win. win.

in the last few days, however, it's not seemed like such a great idea. the economy is collapsing around us, we're told, and who knows if we'll be able to pay our many bills this winter -- let alone pay for a vulgar extravagance.

an acquaintance of mine insists, however, that the current economic climate presents an excellent opportunity. while others are panicking, we will be resolute. while others flail, we will embody zen. while others are selling, we will buy.

sounds good in the abstract, don't it?

trouble is, the spaceneedls aren't among the haves and the have-mores. we are working-class fools. we are, of necessity, a two-income family. if things go sideways, we go south. figuratively, and maybe literally. grandpa don lives in phoenix, after all. maybe he'd take us in.

i'm overreacting, surely. as of today, the missus and i remain employed, in a field that should be less volatile than some. we try to spend less than we bring in. usually.

we try to value things that don't have a price tag attached to them.

there's not much need for boats in phoenix.

(besides, with credit tightening and banks going under...who'd float us a loan?)