Thanks, Tom Petty, for summing up today’s news in a song.
If you have yet to peek at your 401k statements, your mutual fund balance or your brokerage account cost basis — don’t. I made the mistake of just seeing how some money I’d put away was doing, and it’s just depressing.
More so, though, is where we are. The collective we. We. Are. Floundering.
It’s telling that the dow dropped 777 points the day the House rejected the initial bailout bill. It’s more telling that it dropped 170 or so the day it finally did pass. And now today, when you’d think Wall Street would react with an ounce of “thanks, we’ll take it from here,” we get another record drop.
My fear is that it will take another decade to recover. On November 5th, we might see a small uptick in the market – but we’ll surely not be on the right path for a long while. And in the meantime?
I worry that those who’ve put away money that they’ll need in the next decade will have not come out ahead. Even those who’ve invested as wisely as possible, are struggling. And the worst part is: We might not have seen the bottom yet.
On that cheery note, I can’t help but be reminded of… Eh, forget it. There’s nothing I can say that will be upbeat. Except, that those of us socking away a mortgage payment each month — just know that even if your home is devalued now, it’s still one of the smartest investments. And that’s saying a lot.