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10-09-2008, 04:10 PM
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#1
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Montana Master
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
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Stock Market...ARGH!!!!
I had everything planned perfectly. I would work another 16 years and retire. I have planned, saved and put everthing right where the financial guy told me. After todays hit I couldn't resist I had to peek at my retirement plan. When I looked at how much money I have lost in the past 30 days I was nearly sick to my stomach. If this recession/depression is as long as analyst predict we are in for a roller coaster ride.
I got all bent out of shape mad at these stupid mortgatge sharks and idiots who purchased things they couldn't afford which started this mess. Then I had to remind myself of the little girl form china I watched the movie about last night. A middle school girl who had to go to work to support her parents and siblings. It could be much worse. I am still mad at the yahoos that started this mess but it puts things in a little more perspective.
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10-09-2008, 04:42 PM
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#2
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Montana Master
Join Date: Jan 2005
Location: North Ridgeville
Posts: 20,229
M.O.C. #2839
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We got out of the stock market a few years ago however our 401K(TSP) is in the crapper.It was down 22% a couple of days ago and I will not look at it again.Fortunately we do not use any of it for retirement income. Oil is still dropping overseas..down to 83.00BBL.
What have we done????
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10-09-2008, 04:50 PM
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#3
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Montana Master
Join Date: Oct 2007
Location: Hesperia
Posts: 1,321
M.O.C. #7787
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Just remember,you haven't lost anything unless you cash in!
Just hang in there. Jack
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10-10-2008, 01:31 AM
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#4
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Montana Master
Join Date: Jul 2006
Location: K.C.
Posts: 11,731
M.O.C. #5980
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Okie guy,
The 'experts' say to ride this out, there have been downturns, bad ones, and they have passed. A five year cycle seems to be what they plan on for a recovery. You are still young enough to ride this out. I think our American economy will rebound. I hope...
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10-10-2008, 02:05 AM
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#5
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Montana Master
Join Date: May 2004
Location: Napanee
Posts: 3,440
M.O.C. #1493
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Ozz: I agree with you. That is what the $$$ experts say.
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10-10-2008, 02:11 AM
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#6
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Montana Master
Join Date: Apr 2004
Location: Apple Valley
Posts: 1,574
M.O.C. #1358
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This may be a good time to buy? I wonder what Warren Buffet is doing now...
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10-10-2008, 02:31 AM
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#7
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Montana Master
Join Date: Dec 2006
Location:
Posts: 2,376
M.O.C. #6575
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Quote:
quote:Originally posted by Ozzie
This may be a good time to buy? I wonder what Warren Buffet is doing now...
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Probably wishes he had a rubber leg.....
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10-10-2008, 02:39 AM
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#8
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Montana Master
Join Date: Feb 2003
Location: Belvidere
Posts: 1,834
M.O.C. #185
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My new philopshy...spend it before you loose it! Buy new Montanas!
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10-10-2008, 02:47 AM
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#9
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Montana Master
Join Date: Jan 2005
Location: North Ridgeville
Posts: 20,229
M.O.C. #2839
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Gm stock is at 4.75 a share...My Dad,if he were still alive, would be buying all he could..I am thinking about it.
Ford is at 1.76 Holy Moley....
Our Bank..National city..is on the verge of failing....am I worried..No..I am in a dark room listening to elevator music.
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10-10-2008, 03:09 AM
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#10
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Montana Master
Join Date: Oct 2006
Location: _
Posts: 5,238
M.O.C. #6337
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$1.76, well, we might lose it all after all.
Glad it is not our only retirement fun(d).
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10-10-2008, 03:12 AM
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#11
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Montana Master
Join Date: Sep 2007
Location: Texas City
Posts: 5,736
M.O.C. #7673
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We have it bad! But then.....
My daughter-in-law is from the Philippines. My son met her in Kuwait where she had been working for 12 years. She was living in a "room" with 7 or 8 other ladies to cut down on high rent. They slept on pallets, and sometimes in shifts. She sent money to her parents every month, she put her brother AND then her sister through school, and she bought a piece of property that she was paying on.
In a conversation we were having one day, I asked how much in wages she was making and she replied in Kuwaiti Dinars on a weekly basis. My son then said, "That's $75 (Count them Seventy Five) dollars A WEEK.
The annual income in the Philippines is 55,000 pesos a year, or about $5000 USD.
Yeah! I've got it rough!
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10-10-2008, 04:04 AM
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#12
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Montana Master
Join Date: Mar 2006
Posts: 854
M.O.C. #5592
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Warren bought $ 3b in a bank and $5b in GE, that was in the paper the other day. Now of course, we do not know what he might have sold.
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10-10-2008, 04:33 AM
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#13
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Montana Master
Join Date: Nov 2007
Location: Kville
Posts: 2,865
M.O.C. #7871
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Quote:
quote:Originally posted by Ozz
Okie guy,
The 'experts' say to ride this out, there have been downturns, bad ones, and they have passed. A five year cycle seems to be what they plan on for a recovery. You are still young enough to ride this out. I think our American economy will rebound. I hope...
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Agree.
It ALWAYS comes back...just like after 9/11. In fact, now is a good time to get in, or add funds to the stock market.
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10-10-2008, 05:40 AM
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#14
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Montana Master
Join Date: Jan 2005
Location: North Ridgeville
Posts: 20,229
M.O.C. #2839
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If you have a few thousand in "discretionary funds" now is a outstanding time to buy..Both GM and Ford stock looks very attractive as do many others.No matter what happens to GM/Ford the stock, will, in a length of time, come back.Most ordinary folks caught up in this economic disaster do not have the Discretionary funds to do that or are willing to commit funds not knowing how bad it may be or how long this will last..or..if we will survive. The markets all over the globe are in free fall today..this is not good news...The only good news is this is Friday and the markets can not trade over the weekend...or maybe not..They can call a special session and if one is called you will know how bad the situation is. Oh..ACE hardware closed its doors..another business shuttered.
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10-13-2008, 07:29 AM
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#15
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Montana Master
Join Date: Jul 2006
Location: Olahoma City
Posts: 1,219
M.O.C. #6054
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Chesapeake Energy stock went from a high of $70 a share to $16 a share last week. The CEO had his broker call his note and he had to sell all of his shares. Kind of strange for a natural gas company to fall like that with winter comign on...but on the flip side I am going to buy buy buy this week even if I have to eat beans until payday. I can deal with not going out for every meal for a week and getting ahead in the long run.
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10-13-2008, 07:47 AM
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#16
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Montana Master
Join Date: Jul 2007
Location: Merlin
Posts: 668
M.O.C. #7368
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Normally I avoid discussing any advice regarding buying or selling of stocks, but I felt this is important enough to share and warn you since this explosive situation might prove to be yet another ENRON. Please review any holdings you might have in the following stocks: American Can, Interstate Water, National Gas Company, Northern Tissue Company.
Due to uncertain market conditions, I advise you to sit tight on your American Can, hold your Water, and let go of your Gas. You may be interested to know that Northern Tissue touched a new bottom today, and millions were wiped clean.
It's a tough market out there. Be careful !
Just a little humor.
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10-13-2008, 04:53 PM
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#17
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Montana Master
Join Date: Sep 2007
Location: Texas City
Posts: 5,736
M.O.C. #7673
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Diapers! Invest in diapers!
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10-14-2008, 06:51 AM
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#18
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Montana Master
Join Date: Aug 2004
Location: Asheville
Posts: 502
M.O.C. #1967
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Diapers! Invest in diapers!
Depends!!??
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