I’ve been casually monitoring & trying to make sense of the whole Wall Street fiasco, paying even more attention since last Thursday. And before I said that Wamu would be my own personal panic signal. Well when I watched the news this morning & then looked @ the paper as well, my mouse finger got unusually itchy…
The stock market took another nosedive Wednesday as the American banking system appeared even shakier and investors worried that the financial crisis is spinning so far out of control that even government rescues can’t stop it.
The Dow Jones industrial average, which only two days earlier had suffered its steepest drop since the days after the Sept. 11 attacks, lost another 450 points. About $700 billion in investments vanished.
One day after the Federal Reserve stepped in with an emergency loan to keep American International Group Inc., one of the world’s largest insurers, from going under, Wall Street wondered which companies might be the next to falter.
Wall Street, buyouts, failures, collapses…”the sky is falling, the sky is falling“…it’s all dizzying.
After ten years @ the same gig, I finally felt I was @ a stage in life where I was somewhat financially secure. Not so much like the comfort my parents feel, but well enough to have a sense that I wasn’t living paycheck to paycheck any more & still had a little left over after each payday. Saving seemed like a option for once. “Disposable income” was finally a word I could use in my vocabulary while talking to others.
But now is anybody else thinking about drastically altering their spending & saving habits? Or is one of you wise enough to tell me that doing just that is what would only help to continue the downward spiral? Should I pull out that extra few hundred I put in savings & replace some of the shoes in my Nike boxes with $5 & $10′s?
Previously Posted — Young Jeezy, The Recession…And IndyMac