Bear Sterns, Freddie & Fannie, Lehman Bros, Merrill Lynch, AIG…all big names that I normally don’t care anything about.
Yesterday while I was mindlessly entering data (my new part time job) I was also listening to a Public Radio program called “Fresh Air”. Joining host Terri Gross was Michael Greenberger, who proceeded to explain how Wall Street’s woes could affect other markets, including money markets.
It opened my eyes (or should I say ears) to how the recent headlines could end up affecting me.
Click here to listen for yourself.
Spoiler Alert!!! Spoiler Alert!!! Even though Mr. Greenberger spent most of the interview describing rather negative scenarios, he did end by saying he doesn’t recommend putting your money under your mattress.
NPR also helped calm my fears by posting this article about history’s advice during a panic.
Which is, DON’T PANIC
Makes sense I guess.
On my way out a couple of older ladies I work with engaged me in a conversation about the current situation. One brought up that she’s too old for her investments to recoup the recent losses and that she may have to put off retirement. The other one said she was glad she was 62 and not 32, because she thinks things will be fine for her generation but not the ones after her.
Now even though I had just listened to 40 minutes of pretty gloomy stuff, I wasn’t nearly as pessimistic as these two were.
Should have I been?
What do you think about all the recent financial hullabaloo? Is it something that we should be collectively worried about? Or will things shake out so we can go back to being concerned about lipstick on farm animals?
At dinner Mrs. Debt Destroyer wondered what we’d do if the bottom fell out of America’s financial system. I told her we’d probably just keep doing what we’ve been doing since we’ve discovered The Happy Rock:
- Get rid of our debt.
- Cut down on expenses
- Do our best to stay afloat
Of course we’d probably have to act much faster than we currently are, but I think we’d pull through.
It’s not like I’m losing sleep over this yet…
Poor kid, I bet this week has been brutal.
Until next time,