Investors Express Their Displeasure with Congress: Stock Market Tumbles
September 29, 2008 by Miranda Marquit
Filed under Finance
The Dow ended waaaay down on the day today, shedding as many as 777 points at one point. The House voted down the bailout package, and investors showed their displeasure, sending the stock market tumbling. Another day like this, and the market will be below 10,000 points. The Street reports on the reasoning behind today’s stock market hemorrhage:
“This is a wholesale dumping of stocks,” said Robert Pavlik, chief investment officer with Oaktree Asset Management. “The Street is trying to indirectly send a message that if this thing doesn’t get passed, you’ll be faced with a wholesale market selloff, anything across the board.”
“Indirect”? I don’t think so. This is a pretty clear message. Wall Street is not happy that Congress has been listening to Main Street.
So, is it time to buy? Or is time to running screaming in the other direction?
I’m thinking of some carefully chosen, fundamentally sound stocks myself. And it’s time to put a little more into my retirement account, I think. The investments there are fairly conservative and likely to survive.
What are you doing?
I agree. The people who did well in previous market crashes were the ones who took advantage of the situation to buy. That includes housing. I have a friend who is buying up undervalued property. There’s plenty of it going around right now.
You are right, Jean. Now is the time to look through various investments and find the good buys. Buy them now and then sell them when the market recovers.
Yeah the market fell, but i really do not believe we can not correct this unless we have a 700 Billion (which the government made up the number) Bailout plan. If I make bad decisions, the government does nothing for me, why should we do the same to businesses?
I do agree with above, buy, buy, buy.
Thanks for sharing, Brian! I don’t think I’d mind loans so much, since they’d have to be paid back, but I don’t like the idea of the government buying basically worthless “bad assets.” Besides, what would that $700 billion do? It wouldn’t change a whole lot in the long run; it would just be a rather expensive band-aid.