I am Hurting! Why did they do it?

I have GOOD NEWS - bad news - GOOD NEWS. GOOD NEWS: The market drop short term will be temporary. bad news: The longer term decline is not over and will resume after a short term bounce back up. GOOD NEWS: Yes, the stock market will fully recover, but it is not going to be in month or two. We are looking at more like a year or two. Do you have an adviser where you have your IRA? You need to have your IRA at an institution that provides some advice. I say this because you can 'roll over' your IRA. It is entirely legal to take your money out of the stock market and put it into safer bank CD's without a penalty and without paying taxes. Ask at a local bank about how to do the paper work to 'roll over' your IRA into safer investments like bank CD's without having to pay taxes or penalties. Unless the law has changed, you can do this. Most banks want to sell CD's bad enough to help you out on this.

Many voters are understandably angry and were against the bailout plan, feeling that this would simply reward rich bankers for their mistakes. The problem however is that failing to do anything will hurt us even more as we are staring into the abyss. I think this is a classic case where you have to do something you don't want to do but you know you have to for fear of something even worse. Let's hope Congress comes back to its senses and votes a rescue package later this week. It would also be nice if the partishanship was put aside just this once.

I know how you feel I am in canada and I feel the same way I am fighting for disablity and you would think I was asking them for a million dollars, I am just as asking for a few measily hundred dollars a month to live on.

True, not all investors are rich "fat cats", but if we have IRAs or other investment based retirement plans, we live the roller coaster too.

This is a scary time for our economy...but this is what I have noticed just by watchign the news and hearing the news. When the first announced all this the public on the street kept saying they did not trust wall street and were pulling their money out of it (most I should say) That was over the weekend or so I heard this and then this morning a woman at work told me about how fast stocks were dropping....kinda makes sense with people freaking out and pulling out their funds. Honestly I am no expert on investments, and I only have a 401k-which I know in the past some have collapsed. So is the risk of money investments. The problem is when people freak out and pull their funds out of course the stocks will drop. I was not alive during the depression and the whole black friday thing, but I do recall it was caused by panic. And when people panic they do not make sound decisions. And also I realize I am still young and jus started investing in my retirement only 2 years ago...so I have little too lose in comparison with others who have a lifetime and have a longer time to bounce back (hopefully). But I am not stopping my 401k because of this buzz that is creating even more economic dispair. It's funny cause I kept hearing about how the mortgage rates were low and anybody could buy a home...yadda yadda yadda....not too long ago...and wonder how people could accept this. These institutions are just encouraging people to extend credit lines without ever being able to pay it off in a timely manner...and it makes me wonder why people do not think. But then again I have burned by myself as well as by the credit card people. But unlike them I have learned my lesson and only buy what I can afford and live meagerly

yeah tell me, i'm on disablty socail securty and my wife too. we just got enough to pay our bills, we often go three weeks without food. i ended up going back to work. but i got lucky to get something that pay under the table, people tell me i need to get another part time job. but i have no time, and if i get a normal job and i can see them cut my socail securty back or i lost it, when my condition get worst then they won't give it back.. this country is going down deeper and deeper

For what it is worth (but I don't claim to know much), some say not to have too much of a knee jerk reaction to yesterdays dip. This is somewhat supported by the rise seen today, and of course that can change every day. It is not good that retirement accounts in IRA's and 401k accounts are based on the stockm arket. Many people have been screwed with this new way of doing things. The former idea of a company pension was much more sound, but I guess that was a different time. Remember when they used to say - only invest in the stock market money you can afford to lose. Most people would not put their retirement funds in that category. My IRA has decreased 11% this year, but my financial advisor told met that is not too bad,since the market is off 20%. djbtol

You are definitely not the only one. It is crazy. I heard this morning that if you need your money in the near future, you may want to take your money out of your 401. I am not sure what to tell you on an IRA. You may want to check into it.

Hey w39, You have a good right to be po'd-I'm sick of seeing these bail outs from the government too but whacha gonna do we really have no say we only must suffer b/c of others decisions +'s |:)

I totally feel for you my friend. It seems like the ones that are responsible and do the right thing by saving and paying bills and not spending frivilously are the being punished. What it tells me is that the government, banking establishments etc. dont know jack! They dont care about us. At the end of the day its all commissions. Someone is making happy with your hard earned 10%. It makes me so mad that this country cant even help its loyal customers. They treat us like dirt. ALl their worried about right now is making sure their 10% is still in tact. My grandfather never used a bank a day in his life. He had is own bank at home. A shoe box. It wasnt the safest thing but he kept his personal, financial business tight lipped. When he passed we found seven large shoe boxes. On the top of each on was our name and the words SAVINGS. In each box was 20 thousand dollars. Maybe he had a point. He wasnt charged ridiculous fees or penaltys. He took a risk but as I said that was in his day. I think today I would buy a safe. Same idea though. I am sorry for your loss. Its just another victory for the "FAT CATS"(as you put it). Normal people are the stepping stones for the rich to walk on. I believe this with all my heart. Maybe we should take some advice from my grandfather. I think he had a point. dl

I'm sorry your IRA dropped, but I do think it will bounce back. You've received some good suggestions. I told someone on another forum that the losses in the market didn't just affect the rich, but he didn't believe me.

Politics, politics, politics. My husband and I are also retired. We also took serious losses. The need to pass the "rescue" bill seems a slam-dunk to us. Too often, our politicians can't see beyond their own rhetoric. I suspect that this may be one of those times.

ohh ..i feel sorry to you but do not lost heart lose hope ,come on . you can dream it ,you can do it

yes,we are working hard for economy,we should get what we deserve to have,we do not want to pay for the stupid market war by tax,business could not be league with offical bodies.