As The Market Declines.
As I watch the panic driven decline of the stock market I remember a Great uncle that I never met, my Great Uncle Mac, the husband of maternal Grandfather's sister. Uncle Mac was born in the late 1800s and was around in the Crash of 1929. Now he somehow had some money and he went "bargain hunting" while panicked people were unloading stock at ridiculously low prices. He obtained an enormous amount of stock in Caterpillar for less than 10% of its earlier value and held on to it.
World War II hit and Caterpillar was a major contractor in the construction of tanks and half-tracks.
Uncle Mac was suddenly very well off.
I was fortunate enough to get rid of my stock in June of 07 but now is the time to buy, not sell.
American Power is of a similar mind.
World War II hit and Caterpillar was a major contractor in the construction of tanks and half-tracks.
Uncle Mac was suddenly very well off.
I was fortunate enough to get rid of my stock in June of 07 but now is the time to buy, not sell.
American Power is of a similar mind.
posted by shoprat at 9:34 PM
18 Comments:
THAT, my dear friend, is what America's REALLY about in a nutshell (not an ACORN!!). What a great post. NOW is indeed the time to buy.
OPTIMISM (gee, is that MEEE?!) Thanks for the lift!! LOL!
Shoprat, have you heard about the man from Michigan who won the Mega Millions, he's thinking about taking the annuity instead of the lump sum because of the market right now. He's afraid to invest. The lottery department thinks it may be the first time someone has done this.
The point is, I agree with you. If I were this man I would take the money and invest, invest, invest. Buy a lot of different things. Some will fail but enough will make it to make him quite well off. It is also very possible one or two of the buys could make him a very wealthy man.
I think the problem is that the fear is becoming irrational and this is a dangerous place to be.
Irrational fear is exactly why the market dropped so far and for so long. Every day for a week(after the first day or two) the market kept dropping because so many people were selling out. Mutual funds sell enough stocks, AT THE END OF THE DAY to cover the cash they need to pay off customers that requested it that day. At least 2/3s of the recent drop had nothing to do with the economy! It had everything to do with fear! If the government really wanted to fix shit, they should have done two things right off. First, stop all "short selling" immediately. Second, become a customer with that $700,000,000,000. That would have shored up the prices in good shape, and maybe they really could have turned a profit for us. And lastly, Bush, Paulson, and all the other smucks saying how bad things were and were going to get worse---SHUT YOUR FRIGGIN PIEHOLES!!!!!!
Shoprat, you are exactly right. We bought more stocks yesterday. Now is the time for people to go into long term investments because they can buy cheap, thus they can purchase more stocks. This will turn around and if they continue to pull their money out they're going to regret it in the long term.
I liqudated some of my holdings on Friday. I think the bottom will be a lot lower.
I think that there will be a rally of sorts when the current bunch of criminals are thrown out of office
on Nov. 4
Someone at my site talked about how his broker told him that a roller coaster is only dangerous when you get off before it stopped...
Another friend blogged that she told her husband "No, honey, we're not losing money unless we're selling"
That's enough for pat advice from ME!! I think it's the Republican way to BUY NOW....it helps the economy, it could REALLY help us in the long run, but the run might be a lot longer than we're used to.
Spot on, Shoprat. O, how I wish I had a flood of liquidity available for me to do PRECISELY that.
BZ
Looking to buy stock over the next couple of weeks - should be some reasonably good deals out there...
Tim, you got it backasswards. When dems win, the market drops. Just look at history. Maybe that's why the drop was bigger than it should have been, investors just factored in the effects of NOBAMA winning.
Smart man, that ancestor of yours. Don't panic, think clearly, see the opportunity and seize it! God bless America.
agreed! I'm buying! Can you guys give some money to an underprivileged man like me who was oppressed by your ancestors? lol!
I don't invest much in the stock market. But if I did, I would buy a bit, then buy more if the market went down.
Average out, I say.
Think long term.
I'm hanging on. I have quite a while until retirement age.
"Average Ami" - I think the market did quite well under CLinton.
Bush has been a disaster.
tim, Bush was not the disaster, the democrats were. (following pulled from Katy Grimes)
A little over two years ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) the unemployment rate was 4.5%.
4) the DOW JONES hit a record high -- 14,000 +
5) American's were buying new cars,taking cruises,vacations overseas, etc
But American's wanted 'CHANGE.' So, in 2006 they voted in a Democratic Congress and yes--we got 'CHANGE' all right.
In the PAST YEAR:
1) Consumer confidence has plummeted;
2) Gasoline is now over $4 a gallon & climbing;
3) Unemployment is up to 6.1% (a 10% + increase);
4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices are still dropping;
5) 1% of American homes are in foreclosure.
6) As I write, the Dow is probing another low - $2.5 TRILLION DOLLARS has EVAPORATED from the stocks, bonds and mutual funds investment portfolios.
YES, IN 2006 AMERICA VOTED FOR CHANGE -- and America certainly received it.
REMEMBER: THE PRESIDENT HAS NO CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS.
And what has the Congress accomplished in the last two years -- besides nothing?
Now the Democratic candidate for president claims he is going to really give us change -- along with a Democratic Congress?
JUST HOW MUCH MORE 'CHANGE' DO YOU THINK YOU CAN STAND?
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