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People are freaking out so much over the market. The Dow fell so… - Portrait of a Young Man as The Artist — LiveJournal
abmann
abmann
People are freaking out so much over the market. The Dow fell so much that it triggered an auto-freeze in trading intended to stop panic selling... which it doesm until selling can resume. In which case, people sell again. Because they're dumb.

*watches 401K die*

Oy. Not a good few months for my investments, retirement. Meh.

*goes to buy more stock*

Current Mood: annoyed annoyed

15 comments or Leave a comment
Comments
bizarre From: bizarre Date: October 24th, 2008 02:16 pm (UTC) (Link)
you are SO far from retiring.

if anything you should be excited about all of the CHEAP stocks you will be obtaining while the market is down because you do have the time to wait it out.

think of the poor schlubs that are retiring in the next couple years.
abmann From: abmann Date: October 24th, 2008 02:18 pm (UTC) (Link)
See last sentence.
zesty_pinto From: zesty_pinto Date: October 24th, 2008 02:17 pm (UTC) (Link)
On the bright side, it looks like the dollar's still fairly on par with the European shares. The yen is still killing us though.
abmann From: abmann Date: October 24th, 2008 02:19 pm (UTC) (Link)
We're actually equal to the pound sterling for the first time in decades because of how much their market dropped last night.
zesty_pinto From: zesty_pinto Date: October 24th, 2008 02:24 pm (UTC) (Link)
Yeah, I noticed that for once the rate difference between pounds and Euros were pretty off-kilter for the first time in awhile.
tyskkvinna From: tyskkvinna Date: October 24th, 2008 03:20 pm (UTC) (Link)
Equal? Xe has USD-GBP at 0.62. Though USD-EUR is now at 0.78, which is way closer to level than it was a few months ago.
angels_ember From: angels_ember Date: October 24th, 2008 02:18 pm (UTC) (Link)

*goes to buy more stock*

Yeah, the one upside to the dow crashing right now is that those of us who have many years to go before retirement will be able to buy low and then wait 'till the economy rights itself again before selling high.

I'm actually opening my 401k account this year. (Should've done it sooner, I know...just wanted to get evil credit card debt paid off first.)
abmann From: abmann Date: October 24th, 2008 02:20 pm (UTC) (Link)

Re: *goes to buy more stock*

Indeed. My 401k contributions these last few months have been getting me far more shares dollar for dollar than previous months. It's still just sad to see it lose value.
hubersbernd From: hubersbernd Date: October 25th, 2008 03:06 am (UTC) (Link)

Re: *goes to buy more stock*

And it will be nice to see the return come back up :)

*goes back to by more stock, too*
kittydesade From: kittydesade Date: October 24th, 2008 02:39 pm (UTC) (Link)
... They already triggered the auto-freeze? Fucking hell.

... Dammit, I want to be out of credit card debt so bad. At least by the time I finally get to a stockbroker stocks will probably still be cheap.
abmann From: abmann Date: October 24th, 2008 02:54 pm (UTC) (Link)
Cash will make you friends for the next few years.

That said, I'm trying to rid myself of debt - Fox too - so we can be better prepared to deal with the impending gloom.

Edited at 2008-10-24 02:56 pm (UTC)
kittydesade From: kittydesade Date: October 24th, 2008 02:58 pm (UTC) (Link)
Hah. First time I've ever been glad of living pretty much credit card free for most of my adult life. I should be out of credit card debt by the end of the year, at which time I'll only have my Sallie Mae loan left. And thankfully, I never got into massive credit card spending habits.

Just reading the news on Wall Street though... yeesh. Talk about running scared.
From: ex_hellocth126 Date: October 24th, 2008 02:40 pm (UTC) (Link)
I've always wondered when these things happen if they should suspend trading for like, a month to make everyone take a time-out and settle down.

I wish I had spare capital and a 401k right now, because this would be an awesome time to get in on the ground floor.
abmann From: abmann Date: October 24th, 2008 02:58 pm (UTC) (Link)
That would be REGULATION. How dare you speak of it in my blog!

Freezing selling/buying would cut off capital for many companies, banks, etc. The economy would die. We couldn't do business if America's liquid assets froze. :/
From: ex_hellocth126 Date: October 24th, 2008 03:01 pm (UTC) (Link)
Hmmm, good point.
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