Stay calm: Most important job right now? Don't overreact.
Easier said than done, right?
The Dow Industrial Average drops a record 777 points and you actually dared to take a look at your 401(k).
It would be easy to justify a run to the bank.
But although Monday's drop after the U.S. House rejected the $700 billion bailout package does not seem like good news, it is not a catastrophe, not yet.
First off, investments should have a far off view -- and unless you snatch your money out at a loss, you haven't lost anything, not yet.
And what goes down must eventually come back up -- that has been proven time and time again.
So right now, rather than rush into any decisions about your money's future, wait a bit and see what comes next.
There will be an agreement of some kind to offset some of the financial pressure that this country is feeling. And if it is done carefully, it will be the right outcome and result in a much stabler future for investors, businesses and communities.
And that action will take place this week.
The financial market rescue bill is not a luxury to protect a bunch of fat cats -- it is a stabilizer to make up for some bad decisions from Main Street to Wall Street.
Something must be done right away -- and the leadership of this country seems to get that it must not just be done quickly, but correctly.
It is going to be a tough couple of days, but hold steady. This nation is strong, and it will be fine in the long run. All we have to do is suck in our breath, and wait a little longer -- and keep our leaders' feet to the fire.
Published in Editorials on September 30, 2008 11:03 AM