I just read my friend Rachel’s status on facebook - “..can’t believe an entire industry can change in a week.” I keep asking myself the same thing, trying to read up and understand better, but holy shit - the stock market lost 500 points on Monday!! and 450 today!! Talk about a shit storm, September 15th made it into the history books, that’s for sure. And after today, you can’t help but wonder if we’re going to make another mark in that book. I want so bad to say we’re at the bottom, and for the lucky ones with available cash to buy up Apple at 127.83 - a real bargain with analysts predicting $225 - $275 before this all went down. I wish that I could confidently tell you to grab a bunch of ESLR at 5.21, or that Citigroup is a fucking steal at 14.05 but I have no idea. Sure, it’s a $50 stock and the hope is that it will see that once again.. but, Lehman!?! You mean shit like that can really happen? The truth is no one has an idea right now.
** I found two very informative articles, (real quick reads! literally a minute or two), explaining the demise of Lehman Brothers, and the downfall of AIG.
And then there’s our 401K’s. If you haven’t looked yet, don’t. If you have, it’s going to be ok. The good thing is most of my readers are young, still contributing during this mess, buying on the low, which will exponentially raise our 401K the next time the economy is doing well. It’s sad for those near or at retirement age, some people had 30% of a million (or more) taken from them just in the last few months.. I can’t imagine stomaching that. For most people my age we could see this cycle two more times before our retirement age.
But, who knows.