My gold has doubled, so I appreciate the over reaction. I will never be rich with gold, but I like my retirement chances with it
Dow got crushed today. Good time to buy? I "stocked up" when the Dow was below 10,000. I swore when it was in the 11,000 range that if it ever dropped below 10,000 again, I'm all in (really 80% but all in sounds better). I swore whatever the situation, if it goes below 10,000 I'm going on a shopping spree. But got to say I'm nervous about buying right now. I guess the Dow wouldn't be this low if people thought it was a good time to buy. Really the only way the Dow is going to go below 10,000 is on terrible economic news . . . but who wants to buy during a bad economic times and bad economic news . . . but if you beleive in the market, it will always come back . . . but then there is Obama . . . oh what to do?
I would also be nervous, I would wait a bit to see where we bottom out. Obama does not have any solutions so far. He hinted at maybe some tax and entitlement reform today.
10 billion suit from AIG Fannie and Freddie got downgraded too, and BofA is heavily involved in mortgage securities. fell 20% today. bleh..the bleeding has just started.
AIG shouldn't even be in business. I don't think BofA is going out of business at all. They've been a strong bank for years, even back in the days when south american countries were defaulting on their debts. Unless I'm missing something, they're a buy and hold and you could 5x your money in time.
well, they are "too big to fail". however they are still holding a bunch of bad mortgages and when the rates go up we're going to have a revisit of foreclosuremania.
Well I guess I won't have to cross this bridge as the Dow is up over 400 today. I was even going to start buying at 10,500. Maybe just a bounce today. Damn, should have gone all in last time. Those who don't beleive in the US economy should be quick to sell right now . . . quick, cash out.
