Some perspective for the Chicken Littles
Today’s stock market drop is a record point drop, but does not even crack the top 10 single-day percentage drops in American history.
Let’s stop pounding the panic buttons.
***
On FNC right now, Neil Cavuto emphasizes that lending is going on and puts a damper on Heather Nauert’s panic-button heaving about credit-freeze anecdotes.
Are there businesses getting turned down for loans? Yes.
Here’s a novel thought: Maybe banks are finally learning they shouldn’t fork over money to bad risks.
***
Reader Jamie e-mails this link to a history of US stock market crashes and adds:
I like that the headlines are calling today’s crash the “worst ever.”
In terms of absolute points, sure. In terms of percentages in a single day of trading, 1987’s stock market crash was far worse, and the NASDAQ slide of 2000-2002 was massively worse.
I think news media just can’t resist panic mongering. I imagine them all in the washroom of their office when the soap pump runs out of soap and they all stand around for 10 minutes going, “DOOOOOOOOOM! DOOOOOOOOOOOM!!” until the janitor shows up and puts in more soap.
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For what it’s worth, a neighbor got a letter from a local bank in North Texas today offering her, a retiree on Social Security in her 80s, a chance to borrow $50,000 against a home that can’t be worth more than $100,000, at best. Credit crisis?
Did anybody see that pathetic excuse for an interview that O’Reilly did with Cheryl Casone, a Fox Business financial analyst? It made me want to scream!!! This woman had the AUDACITY to call people like me stupid for not wanting my TAX MONEY to go to what was perhaps a MAYBE and that’s it.
This woman, who I’ve lost all respect for, kept on blathering away about how this wasn’t a bailout and that we’re in a credit/liquidity crisis (pick one already) and that the market needs “emergency funds.” She then added that Main Street will regret their not supporting the bailout when they see how the Dow tanked today and it hits people’s retirements HARD.
Hellllooooo, Cheryl!!! Wake up, woman!!! My retirement has taken hits before, especially with the turbulence in 2007, so I diversified. People are selling off worthless stock and I don’t blame them. I’d actually wait to sell high, but there aren’t many financially educated Americans to know that without broker backing.
She then went on to claim that Wall Street= Main Street because 50% of Americans (the other guest said 2/3 of Americans so which is it?) invests in the market. Shareholders want accountability just like taxpayers want accountability. I’m one of those shareholders. I’m not buying into her argument and if she thinks that this bailout is gonna work I want some proof. NOW!!! You hear me, Cheryl?
CUT THE CRAP ALREADY!!! I’m tired of these people telling me how to feel about something that stinks to high heaven. I want a bill to pass but not this craptastic version. I’m not stupid and neither are a lot of Americans. Congress was about to fleece taxpayers and we knew it and we fought back.
Presume much?
On September 30th, 2008 at 12:50 am, Mookie said:
bansharia,
It’s easy to talk like that when you don’t have a dog in the fight. People like Mookie’s parents and my own plan out their 401k investments so they provide a return to supplement Social Security. Moving this to Treasury Bills is fine to say, but doesn’t provide the income necessary to cover the bills.
That’s not to say this is a permanent situation. The market will rebound. It’s just that it’s a bit stressful until it does. Calling someone a bad son because they’re concerned for their parents isn’t taking a conservative stance, it’s just mean.
emjem24
Glad I’m not the only one that saw that interview and felt she was an idiot …
I guess we now know someone who was apparently heavily investing in all that demonized speculation in oil and other risky futures …
I lost 3.4% of value on my retirement investments … Not ever fun but not ready to jump off any bridges either … it will be recovered …
My reaction to Ms. Casone was an email to O’Reilly’s show saying don’t bother ever having her on again because she is a condescending twit … and I will change the channel if she comes on my TV screen …
this what the nationalreview is doing too…
and the market is up 190 or so…thats why I stopped subscribing to them long ago…after buckley retired the ‘moderate’ conservatives took over….
Well perhaps I should change my name to ChickenLittle. Sorry for my panic yesterday Michelle and others who comment here, I sincerely believed today was going to be very very different from what we’re seeing so far. I am very relieved and happy to say I was completely wrong. Thank you Michelle for your continued updates and for keeping your feet planted firmly on the ground.
Credit crunch? I received a call from Wells Fargo Fonancial last night (I let the machine take it) offering me more credit.
The same people who told us for years that Fannie and Freddie are fine are now telling us we have to do this bailout? I’m willing to accept that a broken clock is correct twice a day, but I’m thinking this isn’t that time of day.
there is a great article/blog posting whatever from jay leno (yeah go figure) but it is worth reading. yesterday 86% of americans felt good about their personal finances, yet only 30% felt good about the state of america. turn off your tv’s, trash your newsweek, burn your newspaper because it is the media manipulating you with the crisis dujour. i can’t think of a better read than michael chrichton as posted earlier, and the jay leno piece.