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Re: The clowns do not remember . . . 

By: oldCADuser in FFFT | Recommend this post (3)
Tue, 25 Feb 14 1:11 AM | 66 view(s)
Boardmark this board | Food For Further Thought 		Msg. 61458 of 65535
(This msg. is a reply to 61449 by Zimbler0)
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"Tell me, OCU, how brutal was that on your 401K?"

Yes, my 401k did take a hit, along with everyone else, but since I've always spread my contributions across several diversified funds, this somewhat mitigated the overall impact. And since I continued to contribute the maximum allowed by law and with my company matching, I was able to purchase additional 'shares' at reduced prices (and 'catch-up' contributions were introduced in 2001 for those of us who were over 50, just in time to take even more advantage of the lower 'prices'), which have paid handsomely in the years since.

Same thing happened in 2008 and again, my mix of small and large cap, domestic and international, indexed and money market/bond funds, have done well for me and again, I never wavered in continuing to make the maximum contributions allowed. So if you were to look at where I am now compared to where I was in 2000, I'm in damn good shape. My current net worth has reached a level that if someone had told me, when I was back in high school working for 50 cents an hour stocking shelves in the local grocery store, that I would be worth that much by the time I retired (which is still better then 18 months off, if all goes well), I would have asked them to share whatever it was that they were 'smoking' Wink




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The above is a reply to the following message:
The clowns do not remember . . .
By: Zimbler0 in FFFT
Mon, 24 Feb 14 9:43 PM 		Msg. 61449 of 65535

The clowns and half wits do not remember what
happened in 2000. But, I remember.

In 2000 the Clinton tech stock bubble crashed -
wiping out trillions of folks retirement monies.

Tell me, OCU, how brutal was that on your 401K?

In the meantime . . .

http://www.marketwatch.com/story/dow-will-repeat-2007-2008-peak-crash-cycle-2012-09-24?pagenumber=2

December 1999: Larry Wachtel, Prudential. “Most of these stocks are reasonably priced. There’s no reason for them to correct violently in the year 2000.” Nasdaq lost over 50%.

. . .
September 2000: Jim Cramer, host of “Mad Money.” Sun Microsystems “has the best near-term outlook of any company I know.” It fell from $60 to below $3 in two years.
. . . .
April 2001: Abby Joseph Cohen, Goldman Sachs. “The time to be nervous was a year ago. The S&P was overvalued, it’s now undervalued.” Markets fell 18 more months.
. . .
June 2002: Larry Kudlow, CNBC host. “The shock therapy of a decisive war will elevate the stock market by a couple thousand points.” He also predicted the Dow would hit 35,000 by 2010.

The Dow didn’t bottom until October 2002 at 7,286, down from 11,722. The Iraq War started in April 2003. Soon after, Enron, Spitzer and Sarbanes-Oxley were distracting us from all the insanity of the 2000 crash, the bear market and the 2000-2002 recession.

Warning: In the next four years — no matter who’s president — Wall Street will keep repeating the B.S., piling it on thicker, deeper, until they finally trigger a new meltdown bigger than 2008, worse than 1929, driving America into another Great Depression, like the 1930s.
>>>

Zim.

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