Monday, October 6, 2008
The Wall Street bailout package (which contained more pork than all of the world's pig farms combined) hasn't done anything to alleviate the anxiety in the stock markets, which today have plunged to their lowest levels in four years: http://biz.yahoo.com/ap/081006/wall_street.html. I could say "I told you so".........so I will. I was against this package from the get-go because it did nothing to address the fundamental problems which underpinned the credit crisis (bad business decisions by mortgage companies, politically correct lending practices by FannieMae and FreddieMac, etc., etc.). So, the market keeps tumbling, and guess what? It's going to continue to fall. It wouldn't surprise me to see us hit lows not seen since the market bottomed out after 9/11. For those of us who have 401(k) plans, the only advice I have is to grit your teeth and repeat "I'm in it for the long haul", because unless you're planning to retire in the next few years (in which case you really are in trouble), there is no point in selling your stocks now.