For my dad.
A lot of people are watching the news about the horrible market crash today. I think.... I may be wrong.... that I heard them (the news) say that it was the 6th worst crash in history. Ok, that I can handle. It's the stock market. Ride it out. But....
I think that one of the biggest reasons (again this is my opinion, not necessarily fact) that these companies are going under is because of the awful thing called the ARM loan.
A few years ago, I almost ignored my dad's advice on getting an ARM loan on a house that I wanted so terribly for my family. Can you imagine where I would be right now if I had ignored his wisdom???? I would be bankrupt and homeless with a husband, three kids, a dog and a cat. Well.... maybe the animals wouldn't be with us. We may have made chinese one night. Hee hee.
Thank God fro my dad. He was adamant that we didn't need the house that bad if we would have to take an ARM loan. I really can't explain to you how close I was to saying my normal "Let me learn from my own mistakes, Dad". But, I didn't. Thank God. And I still have a roof over our heads and not near the worries that thousands of jobless people who worked for these companies have now.
Who is the jerk that thought of ARM loans and why did ANYONE think they would be a GOOD thing?!?!?!? I may have to research this a bit more. My mind is boggled.
Make sure you add the people who lost their jobs today in your prayers. And the stock brokers. Poor people. I can't imagine. Thank Goodness I live in podunk Nebraska where things of that nature are so foreign.
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2 comments:
I'm glad we have been relatively untouched by it too. But can't help but worry a little...
What about our retirements? What about our social security? And 403B plans? Yikes, it gets me a little freaked. Then I asked Jay if our bank is at risk for going under. Wouldn't that just be a nightmare!!!
OM-- I agree about the retirement plans. However... we are young. The market will more than bounce back by the time we are needing to dip into it. Relax. Look at the big picture, not today's picture. That's why I said "It's the stock market. Ride it out". All will be fine. It will take some time, but that's what the stock market is really about.... ups and downs.
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