Off Topic ForumThis is the place for mature discussions not necessarily related to cars. This is however also moderated and only registred members are allowed to post. No religion and no vicious attacks.
Sorry... Dow Jones Industrial Average index... Just marveling at the state of our stock market this morning.
My fault, I was being thick.
However, I do generally find Capital abbreviations and Acronyms a bit confusing. We have a beautiful language and we do all we can to avoid using it...
Answer: Depends on whether you're drinking or pouring.
Question: Is the Dow close at 7,552.29 (11/20/08) bad?
Answer: Depends on whether you're a buyer, seller or hanging on for dear life and not sure of what to do.
The Dow Jones Industrials hasn't closed this low since 2003, resulting in paper loses for those who bought stocks at higher prices and a loss of 5 years of capital appreciation (wealth created through holding stocks) for those who bought at lower prices. This is not good, but not the end of the world, (unless you borrowed money to buy stocks (buying on margin) at higher prices and you have two big guys, named Killer & Lurch looking for you.)
Great uncertainty in the world right now. Financial suffering for those losing jobs and homes. No one knows for sure what will happen next. In my humble opinion, not panicking is the best course of action.
The world has survived tough times before and will again. If you have your health, loved ones, food in your belly, clothes on your back and a place to sleep, you're better off than many of our ancestors.
The younger you are, the better off your are. A 25 year old has many more earning years than a 75 year old.
Next year will probably be ugly. More layoffs, reduced services and higher stealth taxes. Conditions may improve in 2010.
Try to have 3-6 months living expenses in cash. Live frugally and if your employer looks shaky, start looking around for other opportunities.
Don't listen to much TV and radio news. There is only a small amount of real news each day, they keep repeating the same stuff over and over.
Economies usually cycle between good and bad times. The center point of this cycle is called the mean. The U.S. economy has generally been doing well since the 1980s, the bad time we're going through is a return to the mean.
Only a matter of time until economic conditions get better. In the mean time, go outside on a sunny day and fly a kite with your kids or friends. Life is more precious than money, enjoy.
__________________
When someone with experience proposes a deal to someone with money, too often the fellow with the money ends up with the experience and the fellow with experience ends up with the money.-- Warren Buffett
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