OK - here you are in the middle of this mess, and how did you get here and how are you going to get out of the worst financial collapse in modern time?
First of all, it's important to have some perspective. This little chart helps put things in perspective. The stock market has lost a lot and there's no doubt of that, but to say this is "The Great Depression" again, is overkill and in my mind spinning to sell publications or media. When we all hear on the sports channel that, "He's the greatest player ever," we know to temper that, cause the announcer is really exaggerating. He's exaggerating so that he can sell the program - so that his outrageous quote will be heard and read throughout the world - so he can have his 15 minutes of fame!
NOTE: I updated this a little cause things have changed a bit, but the meaning is essentially the same - the stock market is of course no longer at $13,000 - it's far lower, but the idea of what I'm trying to say is the same. Granted, I'm not some world-reknown economist or financial guru, and the only reason I espose the position that I do, is because I've read great types before and this is almost to a word what they all say: "Buy low sell hi!" (The famous quote from Warren Buffet when asked how to be sucessful in the stock market!!) Here's another pithy author who's fun to read, Ben Stein, and his take on the economy is equally as similar.
It's important that we look upon this "reporting" as a way to get the ratings up on the news and sell magazines and newspapers. The reality is that in 1929 to 1933 the stock market lost 88% of it's value. In the last weeks the stock market has lost about 1/3 of it's value. We had the same drop in the early 70's but people don't remember that cause we survived it - and it's really not as sensational or dramatic as saying that this is "the great depression" all over again.
Picture this: News lead in for tonite: Stock Market Drops like it did in the early 70's, which were followed by very prosperous years of the 80's.
Now try this News lead-in for tonite: Stock Market plummets amid fear of a return to the days of "The Great Depression"
Which one is going to get the most attention from you?...the second one.
So let's honestly get some perspective here.
These are not ordinary times, but we have been through times like these in the modern times. Most of us even know people who were in the stock market in those days, and survived it and succeeded during the 80's, if not having done it ourselves (and if you have done it yourself, then hurray for you, and you're an example that you can survive it).
Next, let's get our mind, brain and spirit in a good place.
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