One year ago today, the Dow dropped 777 in one day, the most points in one day ever. Mouths dropped as the stock market plummets in what appeared to be a free fall.
The markets were to continue to fall after September 29, 2008. Even though we have been involved in a rather significant rally since March, we still haven’t recovered to the point where we were on 9/29/08. Stocks finished off around 10,365. Today we are just under 9800.
Events that led up to the free fall of 9/29/08 were the 2 week earlier failure of Lehman Bros and the failure of the House to pass Tarp. As soon as vote went through, the bottom fell out.
Now people want to know when the optomism Wall Street has experienced the past 6 months will move on over to Main Street.
Hard to believe it has really been a year. You know, it really doesn’t matter who won the election. Whomever did would have been up against a brick wall before s/he started.
Are you better off today than you were one year ago?
Oh hell no. Much worse off. But I didnt sell off. I stayed the course. Not sure that was such a wise idea.
@IVAN
Steady decline in some areas. Holding the line in others. Could be worse. Could be in Iraq.
@IVAN
I am assuming you are talking just about money, here, BTW. In other arenas, things get better and better!
Even is the new up.
FInally got back to the 401K amount I had a year ago (plus
contributions since then) – never thought I would be so elated with
zero profit for a year. Question now – do I cash out or
stay the course?
I don’t want to miss the ride. I got philosophical and figured if I hadn’t been playing the markets I wouldn’t have had as much to loose.
The people who have made it back are people who had a lot of assets in fixed and bonds. I was not one of those people.
Poor Richard,
If you ask a financial advisor he will tell you “stay the course”. Of course, if you would have asked him a year ago, he would have told you the same thing. Sometimes experience is the best teacher.
I understand that there are long waiting lists for municipal bonds. Any experts on those around these parts?