That’s what we heard this morning at Doom North HQ around 8AM Atlantic Time when CBC World Report [1] played a clip of a commentator reacting to the first moments of the Friday Nikkei opening. Things are rough all over.
So what’s your reaction to events as this historic week grinds to a halt? As the FDIC’s big bad Bair prepares to clean up some of the carnage from this Bearish five days, please give us your best shot at making sense of our new world.
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[1] for the record, here’s the MP3 podcast of the 6?AM version.
over 25% retirement wealth gone. breaking money market accounts. no safe place for money. wars for a natural rescource that happens to be an energy source. hurricanes in an upswing. failing social programs. a…what…39% market loss in 90 days and leaders still calling it a correction. fighting failing debt with more debt. look at the graph of reset schedules. this is the “lull”. war, depression, civil insurrection, invasion or invention. the chips are falling. me and mine, focusing on keeping a job for now. this winter will be evil.
It’s all good. I just heard on the radio that this could be the bottom of the stock market. My bad….just realized i haven’t changed the station in a year and it’s tha same guys that told me the housing market was at the bottom a year ago. Bush is mumbling something on tv right now. Ohhhhhhh…..turns out there is more housing inventory than demand and that causes some sort of housing issue. Well now I feel better about everything. That guy’s informative!!!
igor says poor and i feel for and pray for them.
My reaction is like watching a good movie.
My husband is at the computer selling all his stocks. I’m just lounging outside, sipping coffee. Occasionally, I’ll check the IPOD for the moment-to-moment stock market status. Having stumbled my way through Manias, Panics and Crashes a few months ago, which is like reading the dictionary, I can say I’m rather confident that what’s happening is perfectly natural, considering the messy web we’ve weaved. We need a new world; we messed the old one up. We need to go back to talking to each other; these housing “tracts” stink. Driving everywhere stinks too. Bragging about how much we pay for something is really stupid when you think about it. I’ve followed Housingdoom and Housingpanic for a long time now and have made my moves accordingly; comments are a great guide for my own actions. I’m just sitting back and will jump into the R/E market when I think nobody wants it anymore. The time to buy is always when everyone else is going the other way. Even knowing that others are talking behind your back about how foolish it is to do what you’re doing – that’s when I know I’m on target! Then, when someone else steals my idea, bulls-eye, I’ve hit the big one.
AGENT -
I’m glad things are working out well for you, but …
This might be a good time to remind Doomers that twist and I are not experts! We are not financial advisors and indeed have no training in that sort of thing at all. As for me I haven’t had a clue how to deal with investments or markets at any time before or since I started posting at this site in July 2006.
Use this site for research, and above all use the links to go beyond Doom to the many wiser heads than us on the internet.
But if you require financial advice be sure to consult a qualified and licensed pro. We are amateurs. The only member of the Doom staff with an actual qualification is Igor
Can I ask a really basic (and possibly silly) question?
From my point of view, I’m not convinced all of this “market collapse” talk is a crisis or even completely bad. (Disclaimer: I have no real savings, my 401K is laughable, and I don’t have any investments.) The cost of gas and housing–both wildly out of line with actual incomes–are coming down.
Aside from those who invested in the stock market…can someone please explain to my why this is armageddon?? I would think the cost of housing and fuel–which both seemed artificially inflated to me–dropping down to something more reasonable would be a GOOD thing. Or are all the people complaining those who were making money off riding the crazy bubble train??
The perfect storm. A housing bubble bursting along with a credit bubble deflating the commodities bubble going pop. Inflation, a sinking dollar, lack of confidence in our government and business leaders. And lets finish up with the big bang the derivatives market that may go at anytime. I’m sure there are many more but they are the ones that come to mind.