pardon my ignorance....

[luscinia24]

But I am confused about the whole stock market thing. It is plummeting- what exactly does that mean to me? Do I need to get my money out of the bank? Hide it in my mattress? Is this another Great Depression moment? Should I be freaked out or what is what I want to know. Do any of you understand the situation? Do tell....

Comments

[cherubrock01]

I don't know! It sounds like all these lending institutions have given too much credit to too many people who can't pay them back, which got them into financial trouble so they're afraid to lend any more, and we all know that our economy revolves around debt. But non-banker types don't want Congress to spend our tax money to bail them out because we're not responsible for their mistakes.

That still doesn't answer the question of how it affects "ordinary people" like us. I'm with you; I don't know whether or not I should be nervous. I'm aware that my 401(k) could be affected since that money--what little there is--is being invested in the stock market. Other than that it all seems like it's happening far away.

[sachideathblade]

Well, somehow it will impact us in the future. My 401k has lost 15.5 percent since the start of the year. Not like there's much in there, but I'm sure that could hurt a lot if there was!

I heard oil prices dropped substantially today, so that means gas will come down, which is good for those of us in LA who have to drive everywhere!

...trying to look on the brightside?