MrBowl
TSP Pro
- Reaction score
- 45
This is the weekend, the second weekend in September that in 2008 the economic world took a mighty leap off a cliff. It had been building for over a year, and the policies that got us there (not getting political) can be easily traced to the 1980s, 1990s, and 2000s.
As a meteorologist I can't help but think that the major damage caused by Hurricane Ike played a part, as it meant that an unstable insurance industry was going to take a major hit.
On Sunday I worked. Usually on quiet-weather Sundays I can listen to Bob Brinker's show, and on that Sunday his show was like a news ticker on a natural disaster day. His tone was more alarmed and panicked as he described Lehman failing, then Merrill Lynch being rescued by BofA, then how AIG and Washington Mutual would also likely be going under soon without a rescue. He went on about how that day was unfolding to be one of the most historic days in the world of finance.
For many folks it was just business news, but for those of us into this stuff it really was like watching live coverage of a natural disaster. Sure enough, the market tumbled on Monday, but the market didn't know what was next and rebounded. For those of us that were long we had the entire rest of the week to get to the G Fund with minimal damage...it seems hard to believe.
I didn't, and I watched my TSP balance tumble. It changed the way I watch financial news and the way I handle my investments. I'm much more vigilant and proactive, and I HOPE that I will use that experience and any wisdom I gained to read the signs more clearly next time a waterfall tumble becomes imminent.
For me its a "where were you when..." event like the OJ chase, the crash of 1987, Y2K, Reagan getting shot, Armstrong's first step on the moon, or some of the bigger natural disasters, but it obviously doesn't compare to Kennedy's assassination or 9/11.
As a meteorologist I can't help but think that the major damage caused by Hurricane Ike played a part, as it meant that an unstable insurance industry was going to take a major hit.
On Sunday I worked. Usually on quiet-weather Sundays I can listen to Bob Brinker's show, and on that Sunday his show was like a news ticker on a natural disaster day. His tone was more alarmed and panicked as he described Lehman failing, then Merrill Lynch being rescued by BofA, then how AIG and Washington Mutual would also likely be going under soon without a rescue. He went on about how that day was unfolding to be one of the most historic days in the world of finance.
For many folks it was just business news, but for those of us into this stuff it really was like watching live coverage of a natural disaster. Sure enough, the market tumbled on Monday, but the market didn't know what was next and rebounded. For those of us that were long we had the entire rest of the week to get to the G Fund with minimal damage...it seems hard to believe.
I didn't, and I watched my TSP balance tumble. It changed the way I watch financial news and the way I handle my investments. I'm much more vigilant and proactive, and I HOPE that I will use that experience and any wisdom I gained to read the signs more clearly next time a waterfall tumble becomes imminent.
For me its a "where were you when..." event like the OJ chase, the crash of 1987, Y2K, Reagan getting shot, Armstrong's first step on the moon, or some of the bigger natural disasters, but it obviously doesn't compare to Kennedy's assassination or 9/11.
