Wednesday, November 12, 2008

Doomed, Or Not Doomed?

Is it the end of the world?

From Time To Batten Down The Hatches by Thomas C. Scott:

My general advice to everybody is the same: Start, right now, battening down the hatches. We're in for an extended period of financial stress and readjustment. I tell clients that even if they think they're OK; even if they can pay their bills; even if their companies have no foreseeable layoffs; they should take steps right now to secure their immediate and long-term futures.

Cut out discretionary spending, downsize, think twice about that new car. If you're having trouble with house payments, give it up now. Walk away and let it go into foreclosure. This is not going to end quickly.
Or is it an opportunity to make some money?

From How Your Portfolio Will Recover by Chuck Saletta:
If anything, the Wall Street Panic of 2008 means you have an even better chance of seeing some extraordinary long-term returns.
In other words, the more the overall market has been hammered, the better your chances of profiting as it recovers.
I’m listening to the voices of experience here (the youngster at 78) and here (the other youngster at 94). I have a feeling that they know what they are talking about.

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