Will this stock market madness affect cards?

[Rich Klein]

Originally Posted by Johnny630

I see ZERO CHANCE of US Unemployed going to %20 Won’t Happen......thankfully it won’t even get close :-)

For ALL of us Johnny, I hope and pray you are correct.

Rich

[Johnny630]

Originally Posted by Rich Klein

For ALL of us Johnny, I hope and pray you are correct.

Rich

Rich,

I hope and pray too :-) we all have to stick together and Keep America Strong

[Exhibitman]

No one is going to go bankrupt...the courts are closed.

Look on the bright side:

--Lots of old people won't have to worry about outliving their retirement savings.

--Full employment in the health care sector is guaranteed.

--Spirit Air might go out of business.

--Might kill a Kardashian or two.

--No jackasses pestering me to buy March Madness squares.

--More people are washing their hands after they pee...or finish other things.

--We won't have to go to Atlantic City.

Thanks, you've been a great audience. Enjoy REO Speedwagon.

[packs]

This crash is only damning for a small percentage of people: people who were looking to cash out their 401K's or other retirement accounts this year or the next. I have almost 30 more years to go before I'm retiring.

The crash won't affect my purchasing power. Everyone is always very sunny when it comes to discussing the future of the hobby. Only those nearing the end of their financial planning are really doomed. Let's see what happens.

[Rich Klein]

Originally Posted by packs

This crash is only damning for a small percentage of people: people who were looking to cash out their 401K's or other retirement accounts this year or the next. I have almost 30 more years to go before I'm retiring.

The crash won't affect my purchasing power. Everyone is always very sunny when it comes to discussing the future of the hobby. Only those nearing the end of their financial planning are really doomed. Let's see what happens.

If you had a significant amount on money in the 401K and nearing retirement you should not have been in an aggressive mode. Now those with 30 or so years to go should be fine.

[packs]

Originally Posted by Rich Klein

If you had a significant amount on money in the 401K and nearing retirement you should not have been in an aggressive mode. Now those with 30 or so years to go should be fine.

I don't know what an aggressive 401K looks like. If you owned anything you took a huge hit. But it only matters if you don't have time to recover. Anyone looking to retire this year is probably rethinking that. Anyone who planned to cash out their accounts won't have enough time to recover before they need the money.

[Rich Klein]

Originally Posted by packs

I don't know what an aggressive 401K looks like. If you owned anything you took a huge hit. But it only matters if you don't have time to recover. Anyone looking to retire this year is probably rethinking that. Anyone who planned to cash out their accounts won't have enough time to recover before they need the money.

In many 401K's you have the option of how you want to put your money. Back in the day at Beckett we had something like 10 options from something akin to low risk/low reward investments to ultra aggressive investments. And many options in between. You had the choice of where to put your money in terms of percent. I will still say, if you are approaching retirement age and have a large sum in the 401K to pull back from being aggressive and go to basically stable places to put your money. if you went conservative and are in your early 60's you still have last money this month but not nearly as much as being uber aggressive.

Rich

[packs]

By the way, since it's always advised that you look on the bright side of things, a crash like this could be good for people my age. It may be an opportunity to build future wealth.

[japhi]

Originally Posted by packs

By the way, since it's always advised that you look on the bright side of things, a crash like this could be good for people my age. It may be an opportunity to build future wealth.

It will be for sure, as long as you can keep your job. Travel and Entertainment is getting wiped out, that is 20mm workers plus all of the ancillary businesses that support them.

RE is going to get smoked as well.

Basically the economy is about to go dark for 30-60 days. I think people will understand how deep this is over the next few days when millions of people get layed off. The bankruptcy filings are going to be epic. Hilton was down 20 points today and is headed to zero Delta down 25% in one day....60% of 52 week high.

This is unprecedented. Card prices will be the least of anyones worries.

[bbcard1]

Originally Posted by packs

This crash is only damning for a small percentage of people: people who were looking to cash out their 401K's or other retirement accounts this year or the next. I have almost 30 more years to go before I'm retiring.

The crash won't affect my purchasing power. Everyone is always very sunny when it comes to discussing the future of the hobby. Only those nearing the end of their financial planning are really doomed. Let's see what happens.

I'm more like five or ten out. It was a bitch, but it would have been worse if the Dow had been languishing around $10K when this all started.