Financial Market crisis

SBcrazee · Mon Sep 15, 2008 4:19 pm

Whose been tracking this? The Dow ended nearly 500 points lower -- its worst point drop in more than seven years. Lehman Brothers files for bankruptcy. Merrill Lynch is bought by Bank of America. This really stinks.

scrap-4-life · Mon Sep 15, 2008 4:20 pm

Saw a bit in the news. So sad.

craftyfool · Mon Sep 15, 2008 4:22 pm

Yikes!! i haven't been paying attention at all...

Indy Scrapper · Mon Sep 15, 2008 4:23 pm

It scares the pants off of me!!!! I am too close to retirement to have to start worring about my investments.

SBcrazee · Mon Sep 15, 2008 4:26 pm

Indy Scrapper wrote: It scares the pants off of me!!!! I am too close to retirement to have to start worring about my investments.

I agree Janie. It's going to be the worst for people close to retirement. I'm so afraid to look at my 401K statement & I'm nowhere close to retirement.

Mon Sep 15, 2008 4:39 pm

Oh... I think this is just the tip of the iceberg. Unfortunately, a lot of these financial companies made some poor choices in the last couple of years. For the moment, the advice for the average layperson is; "Just sit there, don't do anything!" Give this time to iron itself out (with or without the government's help) and then start looking at options.

SBcrazee · Mon Sep 15, 2008 4:47 pm

MOM2SNOX wrote: Oh... I think this is just the tip of the iceberg. Unfortunately, a lot of these financial companies made some poor choices in the last couple of years. For the moment, the advice for the average layperson is; "Just sit there, don't do anything!" Give this time to iron itself out (with or without the government's help) and then start looking at options.

I think so too Trish. But the just sit & give it time, don't panic yet....is what freaks me out even more. How can one not panic when we have no clue about what the future holds & yet nothing sounds promising? Totally crazy. The last comment I read by Peter Stein was "This crisis is clearly deeper than anybody had imagined only a short time ago."

MLee · Mon Sep 15, 2008 5:03 pm

Those who have been sitting it out and watching are seeing that it is worsening each day.

I closed out my my son's and my ING fund today. We'll keep watching our larger investments over the next few weeks but I'm getting less and less trusting of our current situation. I don't believe that either person elected in November will be able to undo what Bush has started.

SBcrazee · Mon Sep 15, 2008 5:08 pm

Themom wrote: Those who have been sitting it out and watching are seeing that it is worsening each day.

I closed out my my son's and my ING fund today. We'll keep watching our larger investments over the next few weeks but I'm getting less and less trusting of our current situation. I don't believe that either person elected in November will be able to undo what Bush has started.

I agree, very true & a very very tough challenge ahead for our next President no matter who.

scraptag · Mon Sep 15, 2008 5:49 pm

My mom had just retired when 9/11 happened, and the market took a big plunge then. She lost about $100,000 dollars and has not recouped her loses even though the market has "gone up" since then. My advice to you is to take some of your retirement (like those that are already in IRA'S and put them into self directed IRA'S and either invest in real-estate (the market is pretty good right now if you can qualify) or stocks that you trust. jmho

Sheri_05 · Mon Sep 15, 2008 6:05 pm

I just read on-line that there is some concern of panic and trying to deal with a run on the banks...some concerns about how solvent the FDIC is. Accounts over $100,000 are not secured...putting your money into several accounts. Good Luck All....

naney1952 · Mon Sep 15, 2008 6:15 pm

Bad part is that the government is saying that some banks will just have to fail.....they are not going to bail them out like Freddie Mac and Fannie Mae

Janet · Mon Sep 15, 2008 6:17 pm

I saw that and my heart almost stopped. I just keep saying....you're in it for the long run, you're in it for the long run....

Kara · Mon Sep 15, 2008 6:54 pm

ME and AIJ is in trouble and the feds said no to their beidge lona request....it is scary!!!

Kara · Mon Sep 15, 2008 6:56 pm

Themom wrote: Those who have been sitting it out and watching are seeing that it is worsening each day.

I closed out my my son's and my ING fund today. We'll keep watching our larger investments over the next few weeks but I'm getting less and less trusting of our current situation. I don't believe that either person elected in November will be able to undo what Bush has started.

I believe you are right and it is sad. WE ARE AMERICA PEOPLE what the hell happened????

Mom2Bri · Mon Sep 15, 2008 8:07 pm

I'm scared. Some of my money is in a couple of different Merrill Lynch funds. I hope I still even have money.

beachlover · Mon Sep 15, 2008 8:40 pm

wow; scary stuff! missed the newss the past few days

Janedee · Tue Sep 16, 2008 12:16 am

It's definitely pretty scary! We're hoping to retire in the next few years and it's pretty tough to see the kind of losses we've been seeing just lately!

Kathy · Tue Sep 16, 2008 7:46 am

This situation was expected. Last spring I read a report by a group in Europe which said come August or September the USA would be in bad financial shape, stocks, banks, etc. Well, here we are, right on time as the think-tank expected. I personally don't think it's going to get better, either, anytime soon.

If you are in debt, one of the best things you can do, if at all possible, is get OUT OF DEBT.

unkit · Tue Sep 16, 2008 7:58 am

yes. this is a real and scary crisis.
I agree that the best thing in this economy is to downsize and get out of debt. and I think it is not going to be "good" for some time.

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