WTF is up with the stock market and economy..

[isellpower]

Looks like BAC bank of america will survive but citibank won't.

Where have you been? M.Lynch is taking them down with 30billion in losses, etc.
Citi, B of A are history. Wells Fargo will emerge a giant beyond anything we have seen.

Edit: Add JP Morgan to the death list. They cannot hide for much longer.

 

[queenlives]

As for the stock market, well I have lost close to ONE MILLION dollars this year in net worth... I think things are going to get A LOT worse.

happened to me in the dot com blow up. bummer. took me a long time to (only) partially recover. by and large, i've held only cash since then; we have mortgage debt on our home, but no other.

as for obama / anyone pulling out the magic rabbit, i'm not counting on it - in fact, i'm counting on it *not* happening and will continue to keep my head down. am i missing opportunities to make $$'s? sure, but with my level of experience / knowledge and the volatility of the market, the opportunity risk / potential rewards aren't enough for me to get back in the market.

going for my bike ride now

 

[steveny]

happened to me in the dot com blow up. bummer. took me a long time to (only) partially recover. by and large, i've held only cash since then; we have mortgage debt on our home, but no other.

as for obama / anyone pulling out the magic rabbit, i'm not counting on it - in fact, i'm counting on it *not* happening and will continue to keep my head down. am i missing opportunities to make $$'s? sure, but with my level of experience / knowledge and the volatility of the market, the opportunity risk / potential rewards aren't enough for me to get back in the market.

going for my bike ride now

I had to sell my bike to buy food.

It's not really that big of a deal. I wish I had the money now but I don't so...chin up push forward and be happy. Enjoy your bike ride.

 

[Vega$ NSX]

This is a BS argument. I lost 30-50% in value. It's going to take yeras, maybe decades to get this back.

Yeah but it's just a paper loss. :biggrin::tongue::biggrin::tongue:

If I was smarter/maybe less prudent, I would have taken it out/transferred into a MMA when it was at 15K.

Yeah agreed. The UFC and Mixed Martial Arts are hot right now! Everybody loves them some ground n pound. :tongue::biggrin:

 

[queenlives]

It's not really that big of a deal. I wish I had the money now but I don't so...chin up push forward and be happy. Enjoy your bike ride.

that's pretty much how i felt about it, too, steve.

 

[BATMANs]

.....I should have cashed my 401k and ROTH .....
<//rant>

I've already done this a year ago.

Sure i paid a penalty, but I'm in much better position than if I left the $$$ in there.

I've got this in the bank until this stock market mess clears out........ in 2 years.....

 

[john@johnhudakracing]

... I know I'll be like "DAMN! Why didn't I build 3 500RWHP NSX with that money instead!!"

Paul,

I think what you are saying is that you would have pissed the money away with nsx vendors anyway.

 

[nsxotic911]

Paul,

I think what you are saying is that you would have pissed the money away with nsx vendors anyway.

Ditto, and you pissed it all away at the track

 

[SilverStone05]

I've already done this a year ago.

Sure i paid a penalty, but I'm in much better position than if I left the $$$ in there.

I've got this in the bank until this stock market mess clears out........ in 2 years.....

So you had the foresight to sell your investments and liquidate your retirement accounts....but you didn't have the foresight to keep the funds within the tax wrappers, and just hold the money in money market accounts....right.

 

[Elistan]

Back in Jan 08, I moved all my 401k money from the normal stock funds into a fixed-income fund and couple bond funds. One bond fund did poorly, but the other two actually saw gains for the year. All new contributions, including company match of course, went in to a targeted retirement fund (the whole "buy low" thing.) So I'm generally content with the outcome, considering how bad it could have been if I left it all alone. The big dilemma I'm facing now though, is when to get back in stocks? There could be some nice recoveries forthcoming that I'd entirely miss out on, and put me behind where I would have been if I did nothing.

 

[BATMANs]

So you had the foresight to sell your investments and liquidate your retirement accounts....but you didn't have the foresight to keep the funds within the tax wrappers, and just hold the money in money market accounts....right.

Sure i paid some penalties. My CPA/Tax attorney massaged some numbers around to elliviate the pain.

most of my $$$ is tied up in real estate, which in my 'hood, I think is still a better investment than the stock market.

 

[Factor X Motorsports]

happened to me in the dot com blow up. bummer. took me a long time to (only) partially recover. by and large, i've held only cash since then; we have mortgage debt on our home, but no other.

as for obama / anyone pulling out the magic rabbit, i'm not counting on it - in fact, i'm counting on it *not* happening and will continue to keep my head down. am i missing opportunities to make $$'s? sure, but with my level of experience / knowledge and the volatility of the market, the opportunity risk / potential rewards aren't enough for me to get back in the market.

going for my bike ride now

Chalk up one up for the dotcom bomb here also... I guess it kind of makes these times a bit easier living at ground zero during those times. Diversification usually buffers these times however this downturn is coming from all angles and having an affect on nearly all investment classes.