777 Point Drop on the Dow,
09/30/2008
Racing will have to wait a day.
I was busy at work yesterday and when I went online to print the news clips from the weekend, I saw that the financial bail out plan didn’t pass the House. I don’t know how I feel about this: I don’t want to bail out a bunch of dirty rotten scoundrels, but I don’t want the economy to suffer anymore either.
It sure is a huge mess, the stock market dropped 777 points on the news yesterday and there was 1.2 trillion dollars lost (best estimate I could find) yesterday by investors and the average person. That means that almost every investment tool lost money on paper yesterday. It scares me that this lack of a bail out bill is having a global impact, banks and markets all over the world are scrambling and restructuring.
I sure wish my Grandfather was still alive to give me some financial advice. Grandpa was a stock market wiz, he was in the markets for years and he was always a good judge of the markets. He would stop each afternoon and listen to the stock reports on the radio. He was a pre-internet trader and managed his money quite well. I am sure he would have been considered a day trader long before the term came into vogue. He wasn’t a computer guy, but he sure was a trader. He and I would talk about finances; he didn’t do that with many other people. It always made me feel special; I know he was proud of how I handled my money. He was a good teacher. Today will be a day to watch the markets: it is going to be a very scary Tuesday in the financial markets all over the world.
