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We're sure in for some rough times but the worst thing to do now would be to bail out of your financial investments in a down market. You don't have to be Donald Trump to use caution in these tough times. Almost everyone is affected via their savings, investments, jobs.
What's happening to your 401k's and IRA's is happening to everyone else's. If you dump your stocks, bonds, or mutual funds in a down market, you're picking up losses witout allowing for the potentail for the inevitable upswing when the smoke clears and the dust settles. Remember a rising tide lifts all boats, just as a sinking tide lowers values across the board. And regarding savings in banks, FDIC insurance covers uo to $100k per depositor.
Perhaps regarding jobs in the Big Apple, we all need to lie low before jumping ships erratically and finding ourseleves afloat but with no anchor.
This is just a few bits of advice from a fellow poster not your professional adviser - if you feel nervous, don't be rash, contact him or her first.
Good luck all, and we'll ride this through like we've done before.
We always do! The only thing that really bothers me is, the wonderful people behind this little episode are going to walk away scot free. (How about Mr. Fuld--he took home $145 million last year. That works out to $17,000 an hour...and all so he could run his company into the ground).
We always do! The only thing that really bothers me is, the wonderful people behind this little episode are going to walk away scot free. (How about Mr. Fuld--he took home $145 million last year. That works Yut to $17,000 an hour...and all so he could run his company into the ground).
You're right, Fred. Our system - the best in the world - is not flawless. There are always unwitting, undeserved casualties and very aware, undeserved victors. Other systems around the world have been tried and they've all come up much shorter than ours.
There are many who'll argue against government intervention on behalf of AIG or in creating an agency to absorb the bad debts created by greed, mismanagement, incompetence, lack of prudence - by the very institutions, by the way who give lofty compensations to their execs who got us in this mess, as you point out!
I guess the greater good of all supercedes adhering to a pure free market system in a dogmatic way?
You won't get an argument from me on that. I don't have a problem with the greater good. But a little justice along the way--by which I mean, some punishment for the richies who deserve it--wouldn't be a bad thing.
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