Just Checked My Mutual Funds

[Ben]

I wish I hadn't... I'm 25% in the negative since this whole BS started. Hooray. But, this is a long term retirement account, I didn't really expect to see any different from the events of the past few weeks. Just sucks!

[julie_m]

Aw, give it a chance, this whole BS will fade, and you'll be in a lot better shape with MFs than high risk stock. I really don't believe this is permanent.

[Thrash13]

If you are under the age of 30, you shouldn't even look for another 10-15 years. Chances are, you won't be happy with what you see unless you wait it out for awhile. That's the approach I take anyway.

[golf_junkie27]

The losses this week have completely wiped out the gains Wall Street saw over the past 12 years.

Although this is serious, we seem to see this once a decade. We saw this in the late 80s with the S&L; Scandal, we saw signs of a recession at the end of Clinton's administration and now, this.

The consumer needs to take responsibility, period. Yes, we can make the banks and some unscrupulous mortgage brokers, responsible. However, no one forced the consumer to lie on applications or inflate some figures in hopes of flipping properties. When that failed, they were stuck with a mortgage they could not pay. Shame on all of them, creditors, too. They can't keep passing the buck.

It's unfortunate that those that work hard, are fiscally responsible and do the right thing are getting punished.

My hope is that the former CEO of Bear Stearns and Lehman Bros go to jail. Although I don't condone violence, I was glad to hear the Fuld got knocked the eff out while working out at Lehman Bros.

[julie_m]

The losses this week have completely wiped out the gains Wall Street saw over the past 12 years.

See, I don't think that's a good metaphor. Building a house and watching it burn to the ground is "wiping out the gains of 12 years." Wall Street is more like a rollercoaster, you fall, but you haven't burned the thing down.

[golf_junkie27]

See, I don't think that's a good metaphor. Building a house and watching it burn to the ground is "wiping out the gains of 12 years." Wall Street is more like a rollercoaster, you fall, but you haven't burned the thing down.

Well, the guy who lost $4 million when Lehman Bros went kaput might disagree. He had planned for an early retirment and was told that finding a buyer would not be a problem. This is why Fuld should go to jail. He had offers but refused to accept them because he wanted to maximize his own personal losses. He put his self-interest before those of the 24,000 that worked at Lehman. (Never mind the fact that one Wall Street job creates three jobs, elsewhere) He also refused to agree that bonuses for top execs should be postponed to show fiscal responsibility and improve morale. His crying the he lost $800 million is BS. He lost it because he got greedy and his emails prove it.

[Voiceontapex]

i have 3065 in my 401k lol just started doing it not to long ago but i have yet to contribute to it, the 3065 is profit sharing money my company just added to the account call me stuipid but i just dumped all that money into the highrisk stock contribution, it wasnt my money and i looked up the stocks and they have dropped more than half so im just assuming things will get better and when they do they will go up to same price and ill double everything? lol i hope im thinking this rite, =] eh o well if i fail i fail, if i succeed woo hoo?

[julie_m]

Well, the guy who lost $4 million when Lehman Bros went kaput might disagree. He had planned for an early retirment and was told that finding a buyer would not be a problem. This is why Fuld should go to jail. He had offers but refused to accept them because he wanted to maximize his own personal losses. He put his self-interest before those of the 24,000 that worked at Lehman. (Never mind the fact that one Wall Street job creates three jobs, elsewhere) He also refused to agree that bonuses for top execs should be postponed to show fiscal responsibility and improve morale. His crying the he lost $800 million is BS. He lost it because he got greedy and his emails prove it.

That's Lehman, not Wall Street as a whole.

I'm not criticizing anything in your editorial. You seem to know quite a bit about the issue, so kudos! I am thinking, though, that the average Joe with some money tucked away in Mutual Funds for retirement isn't going to lose his proverbial shirt.

[ClairefromClare]

Every decade we go through the worst financial disaster in history. People have VERY short term memories. Remember the Mexican bailout 15 years ago? The S&L; crisis 20 years ago? The third world debt crisis 25 years ago?

Back in the 1820s, Andrew Carnegie's father (he made the real money) observed that of every seven years, five are up and two are down. The beta has increased, but the overall pattern hasn't.

Stick with your asset allocation and rebalance. It's a really scary thing to do, but I guarantee that in five years, you'll be bragging at parties how you bought into the market at the bottom.

[Long_Ball_Bogey]

I wish I hadn't... I'm 25% in the negative since this whole BS started. Hooray. But, this is a long term retirement account, I didn't really expect to see any different from the events of the past few weeks. Just sucks!

Crap! I wish I hadn't read this post--I've been avoiding any such discussion like the plague. I still haven't checked any of mine & I don't think I will. Although I do think I'll fatten my mattress for the next year or so...

--LBB

[michaeljames92]

My dad worked in a bank for 20 years, doing broking and whatever and he said that 15 years ago not many loans were given out, now almost anyone can get a loan and some irresponsible banks lend money to people who can't afford to pay it back. I say bad lending the financial institutions should take responsibility

[golf_junkie27]

That's Lehman, not Wall Street as a whole.

While your point is true, WS, like everywhere else, has a residual effect. People start to panic and start looking for weaknesses instead of strengths. Sadly, this is the case with AIG. There are divisions that are printing money and are extremely possible. Same with certain divisions of Lehman. This is the part that stinks. I wish people would look at the strengths and positives of the situation. There is still money being made and it's a great time to buy property.

I just hope people are patient and have diversified their portfolio.

[DDBowdoin]

Holy CRAP! I just looked up my 401K balance summary... my annual return is -47% and I have 100% of my contributions allocated in a balance 2050 retirement fund (I'm 23).

I'm not worried because I have a long way to go and I only have roughly 5 grand invested but its kind of a shocker. Things will rebound...

[Ben]

I've still got a long way too, being 32 now. But, following matters of finance is new to me, I can't go back to the memory bank and remember a time when this happened to me before and feel comfortable in the fact that this will all turn around. I demand satisfaction, now!

On top of all this, the Dodgers just lost. POOP!

[Shindig]

I just hope people are patient and have diversified their portfolio.

Not just patient. I'm buying and adding to it. I just wish the buy-in for the mutual fund I want wasn't so high, or I'd be able to diversify a bit more. But since it's for a Roth IRA, there's a limit to what I can contribute.

[hawkeye]

I'm glad I didn't take that stock option in my company last year. I didn't have enough money to divesify - just a small amount (a bonus actually! - not getting one this year...) and could have put it into stock.

It's going to be another shocker today - Asia is going nuts selling.

[ganjagolfer]

i've cashed out my portfolio and bought gold bullion and have buried it my yard in a tin can

[Lemay427]

I am down 33%.