I'm really tired of the media trying to make it out as if the market is in horrible shape. Every time I turn on CNBC, there is some expert talking about doom and gloom in the markets. Now there is no doubt that certain parts of the market are bad, particularly the financial sector. My own long-term portfolio has taken a beating since I own ETFC as well as some energy stocks which have done poorly as of late, but please stop trying to paint the market as bad. The S&P 500 is positive for the year by a few percentage points. Come talk to me when we are negative for the year. Despite what the "chicken" is saying above, the sky is not falling. The way my portfolio is structured, I've been waiting for the sky to fall, but thus far, it is still up there.
THANK YOU, THANK YOU, THANK YOU!!!! I am also *very* sick of hearing about this "worst thing since the Great Depression" that we are supposedly heading into. My retirement accounts still look pretty good!
ReplyDeleteHey I agree that the media overhypes the poor state of the economy, in fact I think that to some extent they contribute to it's decline even further through their overly negative reports. Not that I am blind to the problems, the decline in the value of the dollar, the housing market and energy prices. But they fail to really consider the benefits of some of the problems we're having. For example, because gas prices are so high, I and millions of other american's will look for alternative transportation and ways to lower energy costs. This need to find alternative energy sources could end up driving new products and even markets. My mom, for example has replaced all of the light bulbs in her house with energy efficient bulbs. See, she didn't stop spending, she's just spending differently.
ReplyDeleteThanks for the comments guys.
ReplyDeleteI'm generally sour on the economy. I can't believe the consumer is holding up facing high energy cost and high housing cost. But that being said, yeah, I think the media is overblowing it a little bit. The market is positive for the year, yet somehow this is a "bear" market. Hate to see what happens if the market goes negative by 10%. I think people would start jumping off buildings.
As of 3/16/2008 Bear Stern's for $2/share by JPM... Fed drops the rate to 3.25%...
ReplyDelete...So what was it you doubters were saying again? The worst is even here yet...
The market is starting to look pretty bad now. It definitely wasn't when I wrote this, but things are going to be interesting with this Bear Stearns news.
ReplyDelete