The Fed and other countries have slashed interest rates, my 401K is down, The Dow Jones 30 is down and we approved $850 Billion dollars for a bailout. What the hell is wrong with this picture?
Now we hear that the credit lenders are freezing the lending. Hum.... If a bank is a business and a business is in business to make money, and banks make money by loaning money, what good does it serve to halt all lending? That is a head scratcher.
My 401K being down doesn't bother me. I knew when i started it that i would take the most risk because that has the most payout. Although it is down now, it will come back up. Even Dave Ramsey says that you should not play with stocks unless you want to stay in for at least 5 years. In 5 years i will be fine. That doesn't worry me. I know where 100% of my 401K is invested and the companies it is invested in. You see i live in the Permian Basin which produces 13% of US market crude. Crude is around $100 per barrel. I invested in companies that deal with the crude industry. No matter what Wall street does, we will still need crude. The companies will stay up and running and will be here for the long haul.
All those idiots that bought Mortgage back securities, that is their problem. If they collapse, too bad for them. Citicorp, Wells Fargo and Bank of America are buying the the banks that made stupid decisions so the banking industry doesn't seem to me to be in bad shape. Hell, its just like the food chain. The stronger ones eat the weaker ones and the strong survive.
I say let the market fall and it will purge itself and come back stronger.