Well, as sister Pat would say, no one could argue the fact our stock market has experienced a "Bad MoJo" this week!
Two weeks ago, I told my boss I thought the market would drop to 8800 - he just looked at me like I was crazy. Woe is me - the market passed 8800 like a rocket!
Scary times - I hope SOMEONE took my advise to move stocks, etc., into cash. I took my own advice - I was up 13% in my state retirement, and now I am even. I spent hours moving my asset allocation into their money market two weeks ago. I still have some stocks left, and they got beat up (you can only make a certain number of adjustments in your account per quarter).
I lost almost $10K in my ExxonMobil stock - I have been happily waiting for it to split so I could diversify - but I know that stock will be one of the first to bounce back. My favorite stock (which paid for my driveway last year) BHP - well I bought a few shares at $63 (great price), and now it is down to $38. Actually I'm thinking about buying more....
Our economy is based on buying - if you can't afford it put it on your credit card, and if you can't afford that refinance your house. For now, this is a part of the past.
We can only hope our employers have credit available to them to keep the paychecks coming in this downturn. I read where WalMart shoppers are only buying staples. It's a good thing gas prices are down, but so are commodities (wheat, corn, etc.).
Many people will be hurt - and third quarter earnings haven't been posted yet.
My advice is to keep the expenses to a minimum. I wonder if we could get tax credits for saving? Interesting thought - but saving doesn't equal jobs either. I never thought I would see the day where I am looking over the (grocery) shopping ads to find the best values for my small grocery list - and I am not bad off at all. I have discovered Grocery Outlet, buying in bulk, and soups! (Remember Pat's soups.....oh my gosh!) The good thing about soups is you can always make enough to share - I've been taking the bulk of mine over to Deb's mom, who is terminally ill.
It will be interesting to see the long-term effect this has on people and their spending / living habits. I think no more cell phones for 9-year olds!
Lastly, it wouldn't hurt any of us to pray for stability in our economy and jobs. There IS power in prayer!
Love to all - Mo
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