When the market did its first 60 point drop I got online to switch my IRA/401 K , the website was "down" (Fidelity) and you had to call by phone. I got some flim-flam guy on the other end to tried to talk me out of it.After 10 minutes I had to say " I have made my intentions clear, are you going to help me or do I need to speak to your supervisor ?" I ended up losing 12-15% instead of 35-40% as others.
Oh I agree, but there also a point where the denial stops. People suddenly have to accept reality and such. As I said with my business I could tell things were out of whack ,in the spring and summer, so I didn't go on a spending spree. As Blake said, "things are in the saddle and ride mankind".
I actually knew a recession loomed back in 2003. My wife, nancyblue had just sold her home in Cornwall in the middle of a housing bubble and with an incredibly favorable pound/dollar exchange. With a lump sum of cash on our hands, we considered buying a home in Gainesville, FL. At the time, a 900 sq. ft. condo in a 20 year old building that could not withstand a moderate hurricane was going for as much as my parents' 2000 sq ft home on a half acre in the country. We couldn't account for the price-value disparity in any of the real estate we priced
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