The great depression
This was going to be a reply to dr_nebula but decided to just post it in my journal.
Don't worry about the money in the stock-market ... 401k or otherwise. You may take a hit today, but in the end the market will always go up. It is just a matter of longevity, pull out your money when the market is going down and not only will you make the market go down more, there is no way of recouping the money you lost. The only unlucky people are those that planned to retire today! If they want to recuperate the 10-20% the market has lost they will have to work a little longer and wait out the current downturn.
As for a $700,000,000,000 help package from the government for wealthy bankers. I really hope they tweak it some more. Overall it would be really bad for the fundamentals of the US economy if the US government takes on more debt. It will make the value of the dollar go down which will make oil go up .. etc.etc. (the familiar thing we see in the news every day)
As odd as it may sound, the overall US economy is doing okay. Do not let yourself be talked into a depression by Fox or CNN, during the great depression there was a 25% unemployment rate, massive inflation and no FDIC. When a bank went down, everyone lost their money.
This is not the 2nd coming of the great depression ... this is just a bunch of bankers that fucked up and a bunch of politicians that want to bail out the people that gave them major donations. The US economy runs on consumer confidence, if the people are happy, the economy is happy.
After 8 years of the worst President in US history, two (unpopular) wars, and the housing bubble bursting, the people are not happy. Here is the good news.
Presidents change, wars come to an end and housing will go up again. Some will happen sooner rather then later.
Don't worry about the money in the stock-market ... 401k or otherwise. You may take a hit today, but in the end the market will always go up. It is just a matter of longevity, pull out your money when the market is going down and not only will you make the market go down more, there is no way of recouping the money you lost. The only unlucky people are those that planned to retire today! If they want to recuperate the 10-20% the market has lost they will have to work a little longer and wait out the current downturn.
As for a $700,000,000,000 help package from the government for wealthy bankers. I really hope they tweak it some more. Overall it would be really bad for the fundamentals of the US economy if the US government takes on more debt. It will make the value of the dollar go down which will make oil go up .. etc.etc. (the familiar thing we see in the news every day)
As odd as it may sound, the overall US economy is doing okay. Do not let yourself be talked into a depression by Fox or CNN, during the great depression there was a 25% unemployment rate, massive inflation and no FDIC. When a bank went down, everyone lost their money.
This is not the 2nd coming of the great depression ... this is just a bunch of bankers that fucked up and a bunch of politicians that want to bail out the people that gave them major donations. The US economy runs on consumer confidence, if the people are happy, the economy is happy.
After 8 years of the worst President in US history, two (unpopular) wars, and the housing bubble bursting, the people are not happy. Here is the good news.
Presidents change, wars come to an end and housing will go up again. Some will happen sooner rather then later.