Phoenix9 From Canada, joined Aug 2007, 2546 posts, RR: 9 Posted (7 years 7 months 3 weeks 9 hours ago) and read 2799 times:
The economic situation just seems to be getting worse and worse. The Toronto stock market closed down 573 points (roughly $75 billion, www.thestar.com). DOW was down 369 points and most of the world markets plunged to record lows (Russian stock exchange down 20%).
Does anyone have any $$ value as to how much was wiped out worldwide??
I wonder how much of this is in-part due to speculators having a brain fart!
Life only makes sense when you look at it backwards.
Well, for me it doesn't really matter. I am a young guy and if I keep my investments for years I will be fine. I guess I could wait to see if the prices continue to drop (they will), but we all need to invest if we want this economy to turn around.
AF340 From Canada, joined Jul 2007, 2786 posts, RR: 4
Reply 5, posted (7 years 7 months 3 weeks 7 hours ago) and read 2726 times:
Quoting Phoenix9 (Reply 4): Don't be so sure...what if the company goes belly-up??
Quite surprising how the global economy just dived within one month!
True, but there are a lot of companies that will be just fine. Luckily in Canada, our banking system is quite different from the US. For instance, I expect the Bank of Nova Scotia to do very well (once we are past this slow down) because of their large investments in China and other nations worldwide. CIBC on the otherhand, I'd definetely stay away from.
Also, oil is down to $88/barrel on the NYMEX. I think that would definetely be worth looking into...
Praxair is another one, just before this big fall, they were up at and above $100 a share, they are know down to $70. I think they will be big in the future Hydrogen fuel market. They are also quite a steday company.
Do people still need to eat? Have heat and shelter? Water to drink? Then commodities are going to be around for a while. So will companies to provide them, and banks that finance those companies.
Will they still want computers with which to visit A.Net? How about televisions and radios through which to be entertained? Or cameras with which to take pictures? Cell phones with which to talk? Then technology will still be needed and somebody will provide it.
Will they still need medical care and drugs?
You get the point. I am 100% certain this is not the end.
If you're really young and all you can remember is the lengthy expansion we've had (post-9/11 excepted), read some history from the last century. You'll actually be encouraged by the reslience of people after some pretty nasty business. I was born in 1971 so I can barely remember the 70's, but somehow we've all survived.
I read today a comment by a sub-25-year-old that he didn't see how this was a great time for him to invest. I'll chalk that up to youth, inexperience, and nasty case of "I can't do math." At your age, this is THE time to stop borrowing for cars, big houses, and consumer goods, and plow as much money as you can into your investments!
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