Open thread: What’s your position: Buy, sell, hold on, panic?
Here’s a Friday evening financial open thread. How are you all dealing with the market roller coaster? I’m keeping my cool and holding on.
Are you buying, selling, freaking out, putting everything in shoeboxes?
Feel free to share your thoughts, recommendations, etc.
Posted in: Subprime crisis
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- Dave Lucas' Notes » Closing Bell
- Open thread: What’s your position: Buy, sell, hold on, panic? — The 2008 Elections
- The Learning Curve by Muckdog - Randomosity de Sabado
- Random Thoughts » It’s all in your mind…
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Tks Mookie, I was going to send along with my gratitude my amazed words of…”I can’t believe that”…nope, after i thought about it for a minute I do believe it. He will fight and argue against any conservative, politician or a female supporter and turn around kiss a$$ of his opponent. Gov. Plain or not I’ve about reached my end with this guy. Damn RNC and the phoney a$$ primary election process.
To pull a Joe Biden and do some plagarizing, I have two positions currently: cash and fetal.
I apologize, didn’t mean to hi-jack the thread, got too emotional.
I really think it all goes back to South Carolina 2000 for McCain. He won’t go negative after what was done to him and his family.
I have been planning to start buying when I think this thing is about at the bottom, but I don’t know if I am going to be able to do it. If the one is elected, I am not sure what is going to happen. I fear that we are not even close to the bottom in that case.
Personally, I’m holding what I’ve got and buying when I can. Blue chip stocks at bargain prices. You gotta love it.
Do not apologize, I feel the same way, my state has no say at all in the primary and the freaking RNC came in and told the guy I wanted to vote for for senate to step down to allow the former Ag. Sec to get the job.
That’s from the SOP at my day job
A lot of good comments above–the conservatives think along the same lines–like our parents did.
As far as me–I retired about a year ago. I got bad feelings about stocks two years ago and got out of them. My ex company has been in business for over 100 years and my traditional retirement pension looks good–as well as the smaller social security payments so far. Also–some other investments / savings are there. My house is paid off–not a mansion, but mine. All cars and credit cards paid off. My highest monthly payout is more than a tithe to churches. The traditional way of doing finances seems to be the right way.
As far as the 401K–in treasury bonds. No interest to speak of–but safe.
The ways the new O’Bummer government can get to me are (1) higher taxes when I withdraw 401K money, (2)cuts in social security because I planned ahead and have other income, (3) Higher taxes on my retirement, (4) inflation / higher cost of living / devaluation of our currency like post WW1 Germany or current Zimbabwe–the fruit of socialism / Marxism.
Great minds think alike– re #88 Gorbot and #96 Drews2Cents. I also thought about what would have happened if the fourth hijacked 9 / 11 plane had hit Congress when it was in session. This would have been term limits you could believe in! We have damn few friends there.
It reminds me of the old USSR joke. A plane carrying all of the important Russian leaders crashed and there were no survivors. Question–Who was saved? Answer–the Russian people!
It isn’t for nothing that ECONOMICS IS CALLED THE DISMAL SCIENCE!
John Bibb
I’m just hanging on to what I’ve got and riding this out. I moved into safer funds about a year ago.
The part that really frosts my cupcake is that the MSM has been crying about how bad the economy is for the last year and a half so they can get their buddy elected. Then President Bush and all of the Dem lemmings started crying about how we needed the bailout RIGHT NOW to avert a crisis. Now that everybody has caught on to that and are running from the stock market as fast as they can, they’re telling everyone not to panic.
O’Reilly is right. McCain should announce that Mitt will be his Treasury Secretary and Rudy Giuliani will be his Attorney General and they will ruthlessly pursue the CEOs and members of Congress that were knowingly responsible for this and prosecute them to the full extent of the law.
The thought of Franklin Raines sitting in his $5 million penthouse bought and paid for with money I have to replace just really makes my blood boil.
Concerned Citizen,
I agree, the problem is that McCain is not a conservative or a Republican. I truely do not think he thinks that what is happening is such a bad deal.
That sounds like an incredibly excellent idea to me. Too bad McCain–if he were to get elected–would in all likelihood choose some hack Washington retread. What’s worse is the “Maverick” just might actually choose some Dems for his cabinet.
We’re just going to hold on to what’s left! LOL It will come back eventually!
That all depends on the Dem, doesn’t it? Remember that when President Reagan put Bill Bennett on his cabinet, he was a Democrat and I think you’d be hard pressed to find somebody more level headed.
There, that is what that old “maverick” would more likely say…
They LOVED his level headedness in Vegas…
Today’s Dems are not the same as the Dems of old. There are a few exceptions, but by and large, they’re F’ing loons.
Well, I’m not going to put the house money in it… but any extra cash I can find will go into the market. This will be a tremendous buying opportunity. However, I’m not sure the recovery will be as fast as the usual 2 years. It all depends on what the interventionalists do.
At least he was smart enough to wait until after he was out of the political spotlight.
nlebou:
buy gold in 2-5 gram increments. two weeks ago i paid 158.00 for a 5 gram piece of gold. easy to manage and store. kitco.com for more info.
best to you.
bear1909 out
Hi BEAR!!!!!!!!!!! Good to see you here again!
Concerning gold…..I have a few coins that my dad left me and some 18K jewelry as well as 14K….does that count????
I really don’t know much about the gold.
Thanks Bear
Gold is less perishable than corn, but a lot less useful.
Hola Gayle:
Mainly gold functions as a safe haven for cash liquidations of paper assets like stocks and bonds, life insurance policies with cash value (underwritten by AIG?!?!?!) etc.
The heirloom gold you have would serve in a last ditch sitch where you had nothing else for trade in bleak times.
Gold for me is preserving value as our currency and financial institutions go into the tank for perhaps as long as five years -or- as long as it takes for the cowards in Washington to let us be absorbed into a North American Union (which would mean a wholesale slaughter of middle class assets for conversion to an NAU currency like the euro.)
Nice to “see” you too Gayle.
Bear1909 out
Fair enough. But, other than Joe Lieberman, how many levelheaded Dems are out there today? Nearly all are partisan, bitter and hateful.
Bear, it looks like kitco.com is temporarily out of many of their gold products at the moment. If demand is that high….
No problem getting a $342,000 gold bar though.
Slightly off topic:
What if the Dhimmicrats dont have their eye on the Presidency this time around, and McCain will actually win in order to clean the shite out of the National stalls for four years.
What they really have their eyes on is the Supreme Court— to which McCain will appoint, yep, you guessed it, BHo?
Why would the Dhimmis want to inherit Iraq and Afghanistan, the Bailout, and everything in between?
Let the lame duck Pubbie do it all. Dominate the Congress and do whatever they want with McCain flubbering his way through one term.
The election is just getting too bizarre to be a straightforward deal. Obama is dirty and it is starting to come out. McCain for all his dithering is still in the race. Why isnt Obama 30 points ahead of this doddering opponent? McCain is even protesting booing Republican crowds who dislike Obama immensely to say the least.
Something stinks. And i think it is about ushering in a North American Union— MSM radio reports that the G7 meetings in Washington are about the GLOBAL financial crisis. The dollar has done its damage around the world. Now it is time for the Crowned Heads to order its demise and for John McCain to dutifully comply as the next President.
Obama overhauls the US legal code to put it on International standard and a World Court.
The Nation will be absorbed: the coup de gras of the International Socialist Movement.
Bear1909 out.
HOLD and buy after the election. If BO wins, the market will go down some more before it can come back up. Of course, if this country is finished, holding on to money will be useless, as it will be taken away. I come from a communist country, where they took everything we had, allowed people minimal property unless they were the party leaders. the only problem: it will be a lot worse here. At least the communist countries in Easter Europe were very strict when it came to morals and discipline believe it or not. In the US, it will be more of a socialist/Sodom type of government, with people going to jail for criticizing gays, muslims, minorities, democrats, and rewarded for hating Christians.
Not me you understand…
My better half is an Econ major and LOVES the market, in particular, option trading. (this is all a hobby, real job = IS manager)…anyway…about 3 weeks ago, he pulled some charts on the retirement accounts’ mutual funds, decided that he didn’t like the way they looked, and put everything in cash. I love this man!
AlohaGuy:
Kind of a good problem to have. It indicates people and institutions are liquidating and moving into safe havens with their residual cash.
Wont be long til their inventories are back up on line. World inventory is high, but dealers are being managed carefully to keep the rush to a low roar.
Kitco sells a 5 gram chip-gold product that is probably between 120-160 bucks at todays prices….great way to gradually build a healthy position. The transaction is easy to do online with a bank transfer being the actual payment method.
I dont work for them nor do i have a stake in them….they are just a good company from my experience.
On the coin front, beware. They are sold at peak pricing- yet, your resale channels are dominated by retailers who buy back coins at wholesale or below. Very tricky end of the gold biz.
Just a husky FYI from a friendly Bear. It’s a good time to be a bear wouldntja say?
Bear1909 out.
I am not ready to buy yet but if it looks like it is about to hold at one place i will start buying.
If you have spare money BUY!
I’ll buy at DJIA 2500.
I got out about 3-4 years ago and went with a 3-5% “safe” fund. I’m ready to abandon this and buy back in. Please, Lord be with me–Amen.
Jake
I already lost most of what I had, so there isn’t much to hold onto. Even my gold stock is tanking. Speaking of tanking, if things get really bad, I don’t know what good gold will be.
I live on 15 acres and one year, for fun, I grew corn and potatoes. That same year, a guy on the radio was touting gold as a hedge against the day the government took over and money was worthless. So, I thought to myself: if that happens and this guy comes swaggering up to my place with his kruggerands wanting some corn, I’d say to him “here’s an ear of corn, give me a kruggerand.” Even with butter and salt, kruggerands aren’t very tasty.
So, with the threat of doom hanging over us, why doesn’t some pundit do the simple arithmetic that will show the public what a scam and a danger the Obama financial plans are? I’ve seen this on a small scale in my own community. Obama is going to give everyone making under $250,000 a tax cut. So, what if I’m a lawyer making $249,900? How much money will my next door neighbor making $250,100 have to give me? Can he give it to me directly? or will the government handle it and take a cut?
Also, he doesn’t specify what your tax cut will be. In Pennsylvania, they fought for two years to bring in gambling to lower property taxes. Last year, everyone in my neighborhood got about 130 bucks. That’s a big whoop when you are paying $6,000 to $8,000 for a pretty average house. So, if I’m a cop and my wife is a teacher and together we make $100,000 what will our tax cut be? 12 bucks? 25 bucks? YAY! We can go out and buy some fresh arugula.
I have a recommendation. DRINK. Drink your favorite adult beverage this evening.
For me, it’s a Sam Adams Cherry Wheat and a Rum and Coke.
I’m afraid the Russians are thinking the same!
Thanks for the info bear!
I can just melt down the gold and make a verrrrrrry nice gun.
I’m hoping it won’t drop much further.. in which case, it will soon be time to start buying while the prices are low. Right now though the market is completely crazy and very hard to predict – for example today’s fluctuations were around 1,000 points on the DOW (low of near -700 within a few minutes of opening, high of +320, and closed at about -130, but swung wildly between positive and negative before the close).. It’s a bit of a gamble, but hey, if the government is bailing out mortgages, maybe they’ll bail out market losses too.. lol.
gayle #236:
You’ve been watching some James Bond movies, haven’t you?
I plan to take the money that would have gone to pay my primary mortgage and throw it at Bank of America or some other bailout friendly bank stock. I already know the government won’t throw me out of my house, and I can’t lose money in banks with the bailout, so why not? I’ll win twice! Boy, I can sure get used to this socialism stuff!
I moved money from my corporate 401(k) into an insured variable annuity a couple of years ago and I pulled more money out this spring and put it into the same plan before the bottom fell out, so I avoided losing more than about $8,000 worth of my diversified mutual funds in the 401(k). I’ve left the past contributions alone and directed all future contributions into stable value, ie, cash. When we’ve hit bottom, I’ll start putting money back into the mutual funds that have held their value the best in all of this. I can choose among options in the variable annuities, but right now, I’m keeping the money in money market funds until things turn around and I’ll follow the same strategy as with the 401(k). My main reason I put money into these insurance products is that I got clobbered in the 90s in my 401(k) and the money just went poof! So this time, I took it out ahead of time, just not as soon or as much as I should have. I’m not sure where we’re going, but you have to do what you have to do.
Too late to sell, but time to buy
You’re the only conservative on this blog who ever even mentions that it happen. But you’re wrong, McCain has changed, and he’s had no problems with going negative this campaign. Don’t forget he lied during the primaries about Romney being in favor of an exit date from Iraq. Mud will be coming from both side during these final three weeks. All McCain learned from S.C. 2000 was “if you can’t beat em, join em”
/off topic
I say sell. Dump every one of them stink’n politicians up for reelection.
Oh, you mean the stock market. I’d say follow the lead of top government officials and the Fed, which means panic!
Gold stock isnt gold. Paper can go to zero. The actual metal is retracing its steps for now, but it about to establish a major new threshold beyond 1150 per ounce.
Anyways, gold is a great hedge right now. Keep an eye on the P/E ratios of any stock you are thinking about buying during this crash. They are still too high given the current credit freeze that hasnt been solved.
No credit and devalued cash reserves are lining up a lot of pigs to slaughter in the months ahead.
DJIA to 2500. Gold to 2500 plus ( a nice ride up from $350 average buy price )
Someone remarked that gold was less useable than corn.
When the storm ends, one would hope after a year, gold will have preserved a significant amount of one’s bedrock wealth. There may be some exchange value for certain people in a disaster-wracked economy.
But there is a shrewder approach. Imagine that credit causes the transportation and distribution system in this country to freeze up too.
What is commonplace to go into Wal Mart and buy will be worth more than gold in terms of day to day local exchange value.
In order to survive and keep resources flowing into a household one should have plenty to trade with: tobacco and cigarettes (smoking is gonna go way up),booze, glass containers, batteries, toilet paper, tin foil, potable water, storage bags, spices, pints of fuel, mini-solar collectors, first aid materials, sledge hammers, crow bars, misc hand tools, dried vacuum sealed foods, delicacy items people crave- chocolate, sugar, honey, etc etc, soap, wipes, temporary shelters, blankets and bedding, small firearms, ammunition, clothing for children, etc etc etc.
Let it ride folks. Unless you need the funds right now to survive, it’s only a paper loss and will come back.
I’m 100% in growth funds and just got a 5.5% 15-year fixed mortgage.
The sky is not falling, unlike the DEMs tell you it is.
Presidential Candidate: Thomas Sowell
Vice Presidential Candidate: Newt Gingrich
Secretary of State: Josh Bolton
Secretary of Defense: Ralph Peters
Secretary of Education: John Fund
Attorney General: Andrew C. McCarthy
Director of Intelligence: MG (Ret) Robert Scales (Yes, again a Cabinet position)
Director of Homeland Security: Tom Tancredo
Secretary of Labor: Abolished – remnants rolled into H&HS
Secretary of Health &Human S: Walter Williams
Secretary of Treasury: Steve Forbes
Secretary of Energy: Lee Raymond
Secretary of Transportation: Frederick W. Smith
Secretary of Interior: Abolished – rolled into H & HS
Secretary of HUD: Abolished – remnants rolled into H & HS
Secretary of Veteran Affairs: John McCain
Secretary of Commerce & Agriculture: David Walker
Cabinet Level Positions
Whitehouse Press Secretary: Michelle Malkin
US Trade Representative: ?
Chief of Staff: ?
OMB: ?
EPA no longer Cabinet Level – reports to Sec of H&HS
Drug Policy no longer Cabinet level – reports to Sec of Defense
Holding some, buying others. No selling.
I’ve noticed in my circle of friends and acquaintances that some of them had been using their stocks as a cash account. With that stupid move, they are really feeling this.
STOCKS SOAR! (IN BAGHDAD)
There are still good markets out there.
My recommendation – ammo, lots of ammo.
I’m just going to sit on my, now, worthless IRA (mutuals) with hopes that by the time I need it, it will be healthy again. At least I own the stocks. If I cash out now, I’ll get nothing.
Business are alre4ady starting to cut back in anticipation of an Obama presidency — his tax policies and those of the Dems who will control congress are destructive.
This is going to be a long hard slog.
3 things to give us hope:
Palin Jindal 2012
No more RINOS – time to clean house in the upper ranks of the GOP.
Does anyone have a list of fiscal conservatives in congress and nationwide offices we can rally around for the future?
I just checked under my matress, everything is steady.
Unless one got out before the first bail out attempt, there’s nothing to do but ride it out. Personally, I think everything will be OK sooner or later since most commercial banks seem to be doing fine. Take a long time to get back lost assets though. This “global economy” thing is proving to be a bummer of large proportions. The inter-dependency is really illustrated by this latest mess.
Someone is manipulating the market! The volume patterns don’t follow a normal sequence.
I think it’s people like Soros
As to the bailout, Conservatives were just outnumbered. You have the Socialist Party in charge of both houses, Democrats stuck in center-left wanting to be liked, the Dem-Lites (pronounced dim lights), a.k.a. Republicans, rushing to fill the vacuum created by most of the Democrats morphing to the Socialist Party, and then you have Conservatives; Conservatives being the smallest party of the four.
As far as McCain’s $300 billion bailout plan, I think he is trying to make a bad thing just a little better. As I read it, his proposal will eliminate groups like Acorn from making a profit as “middle man.” It’s kind of like giving aid to a starving country; if you are going to do it anyway, isn’t it better to try and put the money directly into the hands of the people rather than giving it to the corrupt government that is starving its own people.
This does not mean I like it. I was one of the few that thought “do nothing” was a valid option. Well, almost nothing; I do think if they got rid of the regulations that strangle business, keeping in place regulations that protect the public (at least when they are not ignored) and abolished capital gains tax and the “death tax” the market would recover quickly. The bailout is going to make all the pain last much longer.
Hey folks, remember that previous thread about a federal judge saying the Sec. of State in Ohio violated election law and needed to verify new registrations? Well, you may be interested in this:
What happened to the $300 million bail out in July?
nlebou;
Check out the volume spikes at the end of trading for the past 12 day. I’ve charted markets for 40 years and the only time you will see spikes is when there is bad news but never at the same time of day, over such a long period of time.
Paranoia. Maybe
Bear….can the gold you suggested be confiscated?
As a farmer, I have had years of experiences with crashing grain markets. There is a time to leave and a time to wait. Now is not the time to panic and sell. That day was when the crash began. I would ride it out.
Only if they can find it. 5 gram chips are easily to manage discretely.
Also, keep things you dont want siezed out of the banks.
http://sarah-palin-2008.blogspot.com/2008/10/breaking-news-rico-investigation-of.html
There is also a poll to vote for the celebrity, you like the LEAST out of 20 choices. I picked Oliver Stone, Barbara Walters and Oprah Winfrey. Remember to Vote and Often
Okay…I just had horrible images of where one could discreetly hide 5 gram chips.
off topic, if you hadn’t seen it already:
Nation of Islam leader Louis Farrakhan Calls Obama “The Messiah” (Saviors Day – Late Feb 2008)
..wonder why this is not posting…??
Technically, I’ve sustained $100k in unrealized 401(k) losses over the past few weeks. However, I have no intention of touching the money until 2026, at which time mandatory withdrawals are required by law. I will religiously max out my 401(k) every year, insofar as my faith in Wall Street, America and the global economy remain intact for the long term. After all, the Obama Messiah can’t stay in office that long, right?
Actually, you may be right. Remember, in 1992, Soros became world famous for “breaking the Bank of England”.
Here’s a short Wiki entry. I wouldn’t put anything past him…
So, when are you going to talk about Sarah Palin abusing her power as Governor?
I was listening to a special on Fox, hosted by Neil Cavuto this morning. Huckabee was a guest and mentioned that he had a source that intimated that the stock markets may have been terror manipulation in the final hour of trading the last 12 days?
Then Bush gave his radio address and said they were looking into manipulation of the markets. Anyone else hearing anything like this?
Yes. See my post #260
Hello all
I am buying what I can. I’ve had some losses, esp in my TSP account. However, I am optimistic, if I hold onto what I have purchased, it will come back.
On a stronger note. If Obama is elected, I will pull everything out of the market and place it in FDIC backed credit union accounts based on simple interest. This will hopefully offer me the added protection of having the available cash on hand to help me ride out the coming storm of Obama socialism and the economic downturn it will force on this country.
I have already foregone any such thoughts of home improvement, new vehicles or long range retirement options.
In the event capitolism survives, I will reinvest what I have left at a later date.
The Public Safety Commissioner serves at the pleasure of the governor. It would like me firing YOU if you were my employee. GO BACK TO YOUR CIVICS CLASS BEFORE YOU MAKE ANY MORE COMMENTS ABOUT GOVERNMENT ETHICS.
GEEEEES!!!!!!!
Well, considering Obama’s network of rich terrorist friends who want him elected, I wouldn’t be surprised.
Sorry for the addon, but I had to comment on the market manipulation comment.
Yes, billionaires like Soros often manipulate the market for political gain. They do it every general election cycle. They may lose a few dollars here and there, but simply look at it as a political donation.
Think about it. If a person like Soros will manipulate a foreign market in an attempt to destroy competition or change governments, why wouldn’t they manipulate the US market for political gain?
Between anti-American corrupt socialists like Soros, the multiple Middle Eastern dollars against us, Chinese and Russian influence, a UN and EU that have been trying to destroy the US economy for years, they could easily create the stock market downturn we have seen. Esp with the help of their fellow Democrats and socialist lobby interests in DC.
Have a great day everyone
Offtopic but IMPORTANT!!
ATTENTION CHICAGO AREA PATRIOTS:
I’ve just learned that the “usual suspects” will be holding an “anti-war” rally TODAY @2:00PM @the Intersection of Devon Ave/Leavitt Street.
That’s in West Rogers Park.
I can’t go because I live in the area and get seen a lot.
Please get out to support our Country and our way of life!!!
The stock market is 90% emotions and 10% value. Volume and price are determined by your confidence in the entire system. You can manipulate the markets with a relatively small about of money by placing all your buy or sell orders at the end of the day. Investors normally see the end results and not the fluctuations. If the sell is at the end of the day the overall price will appear to be going down when closing, resulting in a general panic selling the next morning. If YOU are the controller of this spike, you will know the market WILL GO DOWN and will profit.
America needs to wake up. A democrat oversaw the Fannie Freddie fiasco. A democrat is in charge of the SEC. A democrat heads the commitee, Dod, and a democrat, Fwank, protected the democrat heads of fannie and freddie. Democrats hold the purse strings now for the last 2 years and have driven this economy down to half of what it was when they took control of your money.
Now we’re suppose to believe that democrats are the solution? If we don’t get that we have been totally gamed and owned by this so called “crisis” we are fools indeed. Any financial crisis in October of an election year is gamed. Notice also when democrats raise the minimum wage. It’s always just in time to drive up unemployment in October of election years.
America will have become a nation of fools if we elect pharisee Obama.
And the sad part is, they will gain seats in the upcoming elections. Go figure.
I don’t have much control over my money as it is tied up in Florida’s Retirement Investment Plan. I am just going to have ride this one out for the next 10 years.
OT from a friend i helped convert from Dhimmicrat Kool-aid drinker to Republican conservative thinking for himself:
I like that the Right-Guard will make it easier to find the BO lovers…so we can try them for treason and crimes against humanity later….
I have to plead ingorance about a lot of this but I’ll throw my thoughts in and then go back to holding my head in my hands.
So much went so bad so fast I think it must have been festering for a long time. And then ker-bloohey it all goes all at once and we’re all hip-deep in the mess.
What I don’t get is how the people behind the suicidal financial policies and practices that got us here (Barney Frank and his friends) get congratulated for their “hard work” when they’re only digging a deeper hole for all of us. Politics is a cesspool of incalculable proportions. No wonder McCain is facing crowds who are begging, pleading at the top of their lungs for him to do something about it. People see what got us here and see that maybe nothing is being done to make things better.
My stomach. Later.
interesting
Hey guys…
Yeah, I am taking it in the shorts from all the people foolishly giving in to fear and panic, but I will not be selling off. The investments I have were made with careful and dilligent thought and I did not make them for short-time holdings.
Stocks are a long-haul item, and the Market will go up and down constantly. the damage was done, and now it is time to ride out what would have been an ormal correction, and watch what will happen when it returns o normal.
I love how the Soialization of our finnancial institutions (a.k.a. the Bailout) kept the Market from crumbling. I also love how people are not realizing the fact that this is the largest demonstration of how Socialization and Nationalization WILL NOT WORK. Had they simply let this ruin it’s course, allow the weak to die, the strong to eat the weak, everyone would have been far better off, with this “crisis” lasting a far shorter period of time.
However, once again, Liberals and Democrats were permitted to utilize the only weapon they have : Knee-jerk reactions. Under the lie of “Bi-Partisanship” (a.k.a. Republican throws out spine and agrees with idiotic and dangerous Liberal ideas), they have worsened the impact and extended the life of the problem.
I will hang on to my ivestments, will not sell them off and when this all smoothes out, I will be better off for it.
Now, I will go and be with my daughters and play with them today, enjoy the fact that Fall has finally come to Northern California and stop thinking about this issue. This country has taken a huge bite of this Crap Sandwich and rather than stick a finger down it’s throat to expel the offensive repast, they are about to elect the cook.
Have a great day all.
I am looking for employment still, and have been living off my investments and savings while doing same. This situation lately just makes me aware that I was somewhat smart in making sure I diversified my 401K and Roth IRA’s. Oh and I’ve been buying “chip gold”. As for McCain….. I went to his “town hall” in Lakeville, MN yesterday and I booed him and walked out when he admonished several people for having passion. No one is going to tell me what I can say and not say. I’m a Vietnam veteran , too McCain… stick it in your ear.
US Trade Representative: Walter Williams (who else could be better?)
Chief of Staff: Ted Nugent (who else could keep the staff focused?)
My position: in general, hold on. But I emphasize in general. You should always keep track of your specific stocks (news about the company, price levels, growth and decline in your stock’s area of the market, your stock’s competition, etc.) and anticipate when bad things will happen, regardless of the state of the economy. There’s a science to it, but not rocket science. Common sense is a big part of it, as well. I think it’s the common sense part that investors are lacking.
The headlines of “$2 Trillion in 401k Lost” aren’t helping anyone do anything but panic. If you are close to retiring and have your money in an aggressive account that’s losing its keester right now, then it’s your own damn fault. If you’re not close to retirement and you have your money in an aggressive account, don’t worry, your money has time to recover. 401k 101: Aggressive when young, stable when old.
With the Internet or often something as simple as a five-minute phone call or a talk with the financial division of your employer, your money can be rerouted to a more stable account. Most of us here know this, though, correct?
When stocks went down in 2002, people where I worked at the time were complaining to the guy in charge of finances. He was able to get more account choices from which the employees could choose. I don’t think he was able to get people to understand that no matter which type of account you had, you were still going to lose. No one was prepared to lose anything, so they whined and whined when they lost money. Most of the whiners were people not even close to retirement.
I watched the money in my 60% aggressive/40% diversified account go down by almost half within a year. I got laid off at that time and left my money in the same account for a few years, not rolling it over. The market recovered. When I moved that account to a stable IRA earlier this year, my account total was at a higher amount (about 20% higher) than where I started before the 2002 stock tumble without having contributed a dime to the account.
The fault with my line of thinking is that if the economy goes belly up, anything we do would be hopeless. I really don’t see that happening, though. The sky is still above my head, and as long as it is, I believe that things will get better. Not for everyone, though. Poop happens to everyone at some point. Just gotta deal with it with a clear head.
That’s my position (which is sort of a repeat of one of my previous comments/rants on this website). Forgive me if I’m just reiterating what others have said. Thank you for reading.
Gonna try to watch the Weather Underground documentary from 2002 sometime this weekend on DVD. Alas, no TV airings of the movie are planned, according to IMDB. It would be nice if the movie was aired (the movie was produced in association with KQED Public Television) so the general public could learn a bit more about one of the people with whom our possible next President has associated, just for the sake of helping people make up their own minds.
OT:
Here is the latest Berg video on Obama’s citizenship question.
Not selling nothing…this too shall pass. Buying weapons…and ammo. But that is another story.
I’ve been holding, lost a bunch last 2 weeks…
BUT,
I’m buying next week. 2 or 3 stocks are so undervalued I just have to buy.
I’m telling my friends to buy soon also.
Buy match-grade ammo of popular calibers.
I have boxes of Winchester silvertip in .223 remington that one year ago sold for 21.49/box and are now 25.49/box…good return, I’d say.
If anyone’s still reading this open thread, reason.tv’s Nick Gillespie makes a pretty convincing video argument on how to get health insurance to those Americans who need it. The answer’s pretty obvious.
All paper money is worthless and the grocery stores have been looted by hungry mobs. I’m hunkered down in the den with my bag of gold coins and my levergun, ready to open fire when the hordes come after my canned Spam and Doritos.
Meanwhile, I’ve been gradually moving money from bond funds to stock funds for most of the year, so if the world doesn’t end after all, I should do OK.
I’d be very careful there shooter. Especially if you’re under say, 40 and haven’t seen bad things happen in the economy. Not saying you’re wrong, but give it some thought. Historically P/E ratios have averaged much lower than they have been recently – and P/E ratios can be figured many different ways, so you have to look out for that. But assuming they are consistently used, recent values being higher than average means that to return to an average level, they will have to be lower than average at some point. Last week didn’t take us there, which means the market may still go lower. Wet your pants lower if it happens all at once – disappointly lower if it takes awhile. True all out bear markets can leave really good strong companies selling at P/Es of 6 or 7. I haven’t run the numbers – does that mean the Dow would be below 1000? Once or twice in a lifetime bargains may come, but it isn’t there yet. Just food for thought. Anyway, there are people on this board who probably know a lot more about it than I do, but nothing makes me think there are true bargains yet. The trick is holding on to your money on the ride there.
Don’t know who this person is, but I think his analysis makes sense.