It’s still up too. But. To hear the super-capitalists of the world it’s a great time when the market falls. Those with money are never hurt by these things. It’s their attitude that bothers me.
raybbr wrote: “It’s their attitude that bothers me.”
In my opinion, they have every right to be happy about it. A bunch of people foolishly invested in high risk, sub prime mortgages. They loaned money to people who should have never qualified for credit in the first place. Now, those lenders are going to be taught a lesson, and they will likely invest their money (what’s left of it) more wisely in the future. Unproductive investments are eliminated, productive ones are encouraged. That’s a good thing.
As for your own 401K, it’s all paper until you cash out. Then you lock in your real gains or losses. Some people feel they can time the market so they can get out and back in at the right time to maximize profit. I’m not that smart. I can’t predict the market, so I let it ride. History is on my side. Although I might lose ground temporarily (NO stock is 100% safe), I’m betting on the long term. For all I know, the market could make a major upswing today. It really doesn’t matter so long as I’m in it for the long term.