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Dow Jones Biggest Hike in 1 Year!

by Patrician
11 replies
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Besides that, I am so glad I listened to people like myob and not to all my survivalist militiaist chicken little the sky is falling friends.

They told me sell whether it is low and lost 3/4 of it's value - just get out now, and that if I hold on for it to recover I would lose 100% - BS!

I am so glad I am stubborn and rebellious.

Bank of America is still hurting and I had lost most of the value in my 401k and pension plan, but through this valley of tears, it turns out that they are still one of the big monopolizers that SURVIVED, and although they are still not worth much stock wise, they actually have a much bigger presence than ever in this new 'economy' (or uneconomy - whatever).

So if I just hang on for another few years which I have to anyway since I am not old enough to retire, then while it may not be what it was 10 years ago, it will still be better than it is right now.
  • Profile picture of the author Patrician
    Now if I had just been smart and had some cash on hand, I could have also bought stuff when it was in the bottomless pit and been rich now as it all goes back up in price. Same for if I had the money to buy real estate at rock bottom foreclosure auctions.

    At least I didn't sell all my gold jewelry even though it is around $1000 troy oz right now. I have just a few pieces that are solid gold - thank heavens for 'sentimental value'.

    The moral of the story is SAVE YOUR MONEY so you will have not only emergency funds, but be able to play with the big boys.
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    Patricia Brucoli
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    • Profile picture of the author Killer Joe
      Originally Posted by Patrician View Post

      At least I didn't sell all my gold jewelry even though it is around $1000 troy oz right now. I have just a few pieces that are solid gold - thank heavens for 'sentimental value'.
      The profits on gold are taxed at 28% vs Capital Gains at 15%. You'd definitely want to sell on the QT if you get my drift.

      KJ
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  • Profile picture of the author Patrician
    yes drift, KJ. however i'm a big chicken, in that regard, (jail is one of the few things that really scares me) so no problem with that.

    Will hang on to my stuff as long as i can -

    i mean my friends are soooooo paranoid - they were even telling me people were going to smash and grab my jewelry when they are all starving in the breadlines any day now...

    my jewelry is insured, so whatever...
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    Patricia Brucoli
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  • Profile picture of the author myob
    Originally Posted by Patrician View Post

    Besides that, I am so glad I listened to people like myob and not to all my survivalist militiaist chicken little the sky is falling friends.

    They told me sell whether it is low and lost 3/4 of it's value - just get out now, and that if I hold on for it to recover I would lose 100% - BS!

    I am so glad I am stubborn and rebellious.

    Bank of America is still hurting and I had lost most of the value in my 401k and pension plan, but through this valley of tears, it turns out that they are still one of the big monopolizers that SURVIVED, and although they are still not worth much stock wise, they actually have a much bigger presence than ever in this new 'economy' (or uneconomy - whatever).

    So if I just hang on for another few years which I have to anyway since I am not old enough to retire, then while it may not be what it was 10 years ago, it will still be better than it is right now.
    Patricia,

    I am getting messages like that a lot. Many people now wish they had listened to me. I have made some mistakes, (lost a whole lotta dough on GM - thought it would be a "sure thing") but despite that, me and everyone of my boys made a nice little fortune over the past 18 months.

    Don't look it at as "if only I had done this or done that". Regrets dissipate when your overall plan succeeds. In the long term, I am very optimistic, and success to you will come as long as you remain persistently stubborn and rebellious. Put aside some money continually to be ready for the next opportunity. As it will surely come.

    P.S. I am grateful to all the fear-mongers here. General rule of thumb is to buy stocks when they start ranting about how the global economy is collapsing and the US is going to hell in a ball of fire. But when they later whine and complain how life is unfair that you have so much money and they missed out; all you can say is "I tried to tell you, better luck next time".
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  • Profile picture of the author CDarklock
    Originally Posted by Patrician View Post

    I am so glad I am stubborn and rebellious.
    The question is whether you are glad George W. Bush had the foresight and wisdom to bail out the banks, and properly appreciate all the hard work President Obama has done to finish the job.

    After all, everybody blamed the government when the problem started. Doesn't that mean we owe them our thanks when things get better?
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    "The Golden Town is the Golden Town no longer. They have sold their pillars for brass and their temples for money, they have made coins out of their golden doors. It is become a dark town full of trouble, there is no ease in its streets, beauty has left it and the old songs are gone." - Lord Dunsany, The Messengers
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    • Profile picture of the author Kay King
      I'll wait till things DO get better - in the real world, not just on Wall Street.

      "We Owe" is certainly the keyword these days.
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      Saving one dog will not change the world - but the world changes forever for that one dog
      ***
      Live life like someone left the gate open
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    • Profile picture of the author myob
      Originally Posted by CDarklock View Post

      The question is whether you are glad George W. Bush had the foresight and wisdom to bail out the banks, and properly appreciate all the hard work President Obama has done to finish the job.

      After all, everybody blamed the government when the problem started. Doesn't that mean we owe them our thanks when things get better?
      No.






      ........
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  • Profile picture of the author Kenster
    Yes, the government and bailouts did have a tremendous role in reviving the credit markets and ultimately saving out system butt. If that didnt happen, we would be far worse off right now than we currently are.

    The problem is on a longer horizon, mostly moral hazard and the like. We dont want companies to be taking extraordinary risks in the future thinking they will get bailed out if things turn to poop.

    So yes, bush and bailouts are repsonsible for stabilizing our markets and more importantly our country in the short run...the long run consequences are another story
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  • Profile picture of the author Patrician
    I disagree strongly - just for the record -

    Not that what they did to cover their ass was not good - but what they didn't do in the first place is what caused the problems in the first place - they were 'asleep at the wheel', ok?

    now you think they need a pat on the back?

    more like a spanking is what they need.

    ...but we can't make this thread political. so please let's just drop it.

    All I am saying is things are improving for the economy.
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    Patricia Brucoli
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  • Profile picture of the author HeySal
    The problem is that the people who allowed the crash to happen were not "asleep at the wheel". They completely knew what was being done.

    As far as DOW. I'm waiting for hemp to make a comeback. It's more important for me that we clean up some of the ecological damage that monster is doing than to profit from them.

    And why is it that people think that the economy is recovering? Some people are making a bit of money, sure. But this isn't 1929 and you might want to look at the long run before you get too excited. By all means - play the game to win - but there was a song once that said it best:

    Got to know when to hold em
    Know when to fold em
    Know when to walk away
    Know when to run

    The problem with wealth right now is not making it - it's holding on to it. I hope for all my Warrior pals that are playing the game, that you END UP on top, too.
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    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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    • Profile picture of the author myob
      Over the long term, the stock market has been the greatest
      wealth-builder of all time. The economy is recovering.
      Sieze the opportunities that are before you.

      Another song summarizes the overall history of the stock market:

      Through the years, you've never let me down
      You turned my life around, the sweetest days I've found
      I've found with you ... Through the years
      I've never been afraid, I've loved the life we've made
      And I'm so glad I've stayed, right here with you
      Through the years
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