Friday, March 6, 2009

Time to panic? Yes!

I've been watching my 401k for the past year trying to maintain my composure and not sell. All of the guru's tell you that the typical investor sells at the bottom and misses the rapid upturn. So I held and held and held my stocks waiting for the Messiah to turn the panic in the stock market around.

But now the Messiah thinks that the stock market is no more than a popularity poll and doesn't seem to care about it. The stock market losses since his election are the worst of any President in 90 years and there is no sign that he or his treasury sec. know what they are doing (except trying to nationalize health care, the utility industry through carbon taxes and the banks).

With no hope in sight, I finally decided to panic and sell all my stocks. I see no chance of the economy recovering for several years at this point. Looks like we are headed to European style government, growth and unemployment rates.


Anonymous said...

Do you have other investments in your 401 in addition to stocks;are you adding the proceeds to other invesments? Do you intend to pay it back,or are you retiring?

Paul said...

Yes, most of my money is now in bond funds and stable value fund. Proceeds from 401k loans are going back into the market.

Retire?!? !! Ha! I think the market took care of that for a long time.

neptune said...

sold in March? ouch!