I can't believe this company. Not a word from them to come out and say something about the recent drop, or words of encouragement/guidance. It looks like the government and Obama gang can't solve the banks from problem now. This country is ruining. All American are doomed.
I lost almost 1 million since last year so far. I got only about 10K left to invest now...and my 401K is dropped more than 60% now. My American dream is scattered.
I am sorry to hear your lose.Preserving capital is name of the game. It is topmost in wealth management. You need to have some sell discipline, I learnt my lessons from the 2000's crash with an exit strategy.
Why sell now? There is so little value left. Just accept you will lose what little is left and stop worrying. I bought in at 45, but I am not selling because I already lost 90% of the value. Why worry about the last 10%. If this company does come back...in three years it could easily be worth 45 again because it is so dominant in so many areas of banking.
I feel your pain, but it must be nice to have 50K to lose in the first place. Remeber, not all stocks go up; we were all giddy when we were making money, but want nothing to do with losses. It's like wanting your cake and eat it too! We can't have it both ways! Unfortunately, I've lost significant $$ while investing in this stock market myself! SUCKS! These MBAs, PHDs, talking heads on these business channels don't know jack! PERIOD!! They are only self glorified "self know-it-alls", who pride themselves on their own salaries and benefits! Whatever, clowns!
>>>These MBAs, PHDs, talking heads on these business channels don't know jack! PERIOD!!<<<<
actually they live quite well. They have beautiful homes in places like Greenwich,Ct., Westchester County, NY and Saddle River, NJ. They are not stupid. They told the public what to do and the public listened. So who doesn't know jack? They made money off of your money. I think they know more. You are confusing a lack of morality and ethics with a lack of intelligence.
That's how all longs and investors feel. Washington is clearly fiddling while everyone's savings burn.
If you own any mutual fund that's not a bear fund, you are feeling the pain of Bush/Obama's carelessness. So everyone gets $25 a month from the stimulus, yet our nestegg is sinking by thousands each day it seems.
The SEC can call a timeout from all this naked shorting and manipulation nonsense, while the government can try and fix things. But why they don't now under 2 different SEC chairman will be the biggest mystery.
I don't even trust the SEC now. Just look at the situtation with Madoff. He cheated investors for 10yrs and got 50 BILLIONS...that is 50 BILLIONS...and no one at the SEC knew about this!!! This is corrupted.
I'm down to drinking the Macallan 12 now. No money left for Balvanie. Pretty soon, my wife will leave me, my dog will leave me, and I'll have to buy a pick up truck and a guitar. This is horrible!
All kidding aside, I think those of us who have taken large losses need to take a look at our lives. I can't speak for the others who may have lost everything, but if you lost a million taking a 50% hit, then you still have a million. It's not a retiirement, but it's a damn good re-start.
Hang tough, and remember to have some fun. Today I finish thinking about all of this stuff, turn off CNBC, FOX, BLOOMBERG, put my head down, and go back to the re-building. After I buy a new car. My sports car only has two seats and it looks like I'm going to be back to driving customers around : - )
Just remember, you haven't lost the skills that got you the money to lose. There are plenty of opportunities out there, maybe more now than ever.
Thats what you, I get for being long and trying to invest in this country and its companies?? What a f#cking slap in the face. With no controls, restrictions, or fair play on the short selling in this market. It is so corrupt it will never end until the SEC stops this illegal selling, borrowing OF MY SHARES.
One way to slow down the short selling process is for all stock owners to have their shares in certificate form IN THEIR POSSESION. Shares left in street name are rented out by the brokerage houses and used for short selling. (Incidentally, you, the owner, do not get that 'rent', the brokerages keep it for themselves)
I know it is only money...but my 10 years of hard working and saved money are all gone now. I am not going to commit suicide or some stupid thing like that...just so disappointed at the situation in this country and the world we live in right now. Someone should have seen this corruption in the market all along and warn us about this problem...but no one said a word. I think this is all Bush's fault..When Clinton was in the office the stock market was doing great. It isn't Obama's fault as he is just in the office for a month.
It's funny, I'm with you guys and I'm pulling the plug today. Going to go buy a new car and help my local dealer out, and ramp up my work hours again starting Monday. I know it's a disaster, but oddly, I'm sort of looking forward to getting off my ass and back in the business game again. I had started to think of myself as retired, and these losses have taken away a fair amount of that retirement account. I was pretty depressed about it for a week. But now I'm working on getting my contacts back, contracts back, and moving again.
Perhaps this retirement stuff is over-rated! Although my single malt scotch budget is going to take a hit. So the shorts had best hit the Speyside distilleries now!
Sorry...that sucks. I dont understand the lack of information either. 401k will come back as that is most likely diversified. Prior to taking office, Obama was giving economic updates nearly every day. I think he's given up trying to save Wall Street and is concentrating his efforts on Main Street.