Quote:
Originally Posted by texdav
I take it you didn't live thru the recession in the 70's. Double digit inflation ;very high interest rates;gas double in price quickly and unemployment was really high. Many peole movede because of work to areas that were not so badly struck by job loses.
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i'm only 23, but don't use my age as lack of experience. i've been trading stocks since age 13 and witnessed the crash of 2000. i was at the computer trading my dads stocks at age 15 believe it or not on the day of the tech bubble. i definitely wasn't a dumb kid then, and i'm definitely not inexperienced now.
i do acknowledge though, that we are now a country of 305,000,000 people and half of us have retirement accounts that are losing value faster then chit hitting the fan. this is sad news for retiring baby boomers, considering they're one of the largest cohorts in this country and their retirement accounts may be the bulk of their assets. how will many of them retire with our indexes down 40% off their highs? consumer spending will heavily be affected by this, and it will cripple our economy for years to come. we're poor to begin with. so sure, the 70's had its difficulties, and stagflation in the 80s was no better. but the crisis in the 00's will catch up to us more quickly then past crashes because as i said, we're now playing in a numbers game. it's not like this country only has 100,000,000 people with less then 20% invested in the stock anymore.
the dow is down 420, no phun intended