Financial Market crisis

[SBcrazee]

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]

 Saw a bit in the news.  So sad.

[craftyfool]

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

[Indy Scrapper]

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

[SBcrazee]

 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.

[MOM2SNOX]

 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]

 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]

 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]

 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]

 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]

 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]

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]

 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]

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

[Kara]

 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]

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

[beachlover]

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

[Janedee]

 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]

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]

 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.