No Time to Panic

Hi, folks. It's been a busy summer here. Not much time for blogging. Recent events, however, warrant a post. The crisis on Wall Street is one of them. I'm sure you have all read the news and heard about how jittery the market is. I don't think I need to explain that. What I do want to do is to give you some reassurance. Now, granted, we know that the reason for this happening is because many of these firms investing in things that were not good ideas in the first place, like insuring against bond defaults. Along with that, the current administration has done little to discourage practices such as these. Throw in the fact that oil is still running high, consumers don't have enough money to spend, businesses lose because no one is spending money...oh, wait, I think I had a topic about that before...anyway, no, it is not a good situation, and blame can be placed in many places, but that can come later.

The worst thing one could do right now is panic. Keep your money in the bank. Banks depend on cash assets from individuals. If people were to start pulling money out, that would cause a run...one leads to two, and so on. Give the market time to straighten itself out. After all, it took 8 years of the Bush administration to ruin it, and it will not be fixed overnight. Let cooler heads prevail. We will get through this.