Where Will It End?
Today the stock market closed at 8,579.19, a drop of 678.91 points. A couple more days like today and Roubini’s adjusted prediction of the Dow dropping to 7,000 will become reality.
I’m decidedly ignorant when it comes to financial matters related to the markets, but it isn’t because I don’t try. I’ve read several books, taken classes and workshops and continue researching online the best I can. I still don’t get it and probably never will.
Those of us over 50 are especially worried because we live in a country that doesn’t appreciate wisdom or knowledge so we have trouble getting hired when we lose our jobs. We are also some of the first to be given pink slips because we have worked hard and made more money than those just out of college. Many of us don’t have children and will have to take care of ourselves without much family to help out during difficult times.
I know I would not be sleeping these days if I hadn’t bitten the bullet a couple of weeks ago and pulled all our investments out of the stock market and opened relatively safe CDs with that money. Had we tried waiting it out, we would have lost $50,000 in just the last 3 weeks and this would have been in addition to the $35,000 we had already lost in the last year. This amount is the equivalent of about 14 years worth of withdrawals for us.
My heart goes out to all those who have lost so much these last several months because I think all those gains were based on a shaky house of cards. It will take many years for seniors to regain what they’ve lost and we’ll all be the poorer for it.
I’m sure John McCain doesn’t read my blog, but I want him to start focusing on our problems and how he would fix them, rather than trying to portray Obama as a scary, black man. Okay, maybe not, because if he did have a couple of good ideas (doubtful at this point) he might convince enough people to actually vote for him!