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dickthegrouch

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Gender: Do not display
Hometown: SF Bay Area, CA
Home country: UK
Current location: SF Bay Area
Member since: Wed Sep 7, 2005, 01:01 PM
Number of posts: 2,427

Journal Archives

An Open Letter to "The Market" in advance of Monday's Opening

(X-post from GD)

For many years we small, independent, individual investors have listened to pundits tell us in times like this "Don't panic", "Leave your money invested for the long term", "The Market will 'bounce' back", and other such platitudes.

In the meantime, as last week shows, you, "The Market" are utterly incapable of taking your own advice. The ONLY reason the market swayed by 2000 "points" last week is your PANIC.

You, just as the rest of us, have been able to predict this financial crisis along with a medical one since the movies "Virus", "Outbreak", "28 Days Later" and others were released; since the financial effects of the AIDS virus on one particular community, mine, became obvious; since the beginning of this COVID-19 outbreak in NOVEMBER.

And yet now 3-4 months in, in true Republican fashion, because it's affecting your own families and your own addiction to money, you are severely messing with all of our financial futures.

I am 63, non-symptomatic, so-far, but in multiple other high risk groups, therefore I may never get to enjoy my retirement. There are multiple reasons for that, one of which is financial. My 401K lost 50,000 this week. My independent accounts went down by more than 10,000. No, you, the MARKET will not bounce back for me (or many others in my position), or if it does, it will do so at a rate more commensurate with the gravity coefficient of Pluto, than that of Jupiter which is what us older people need.

I get it, your bonus comes from your 'clever' manipulations of The Market. Producing nothing, you, play with OUR money, whether or not you're actually doing it on our behalf. You will not look so clever when the money you stole from the rest of us doesn't buy you the food you need, the electricity you need, the clothes you need. It may not even get you to work. It certainly won't help all the small business and one-unit landlords who have gone into foreclosure because their tenants lost their jobs and couldn't pay the rent, so we couldn't pay the mortgage.

Market members, you need to start being part of the solution, rather than adding to the problem with your own greed and herd panic mentality.

Even better you need to follow the advice you give to us small investors and stop being so hypocritical.

Even better, you need to invest those billions of commissions in industries that need to stay afloat to keep all of us alive, and in sectors that can improve the situation for all of us. AND Tell us what those are so, if we have cash available, we can help those industries and maybe ourselves into the bargain.
Posted by dickthegrouch | Sun Mar 15, 2020, 02:12 PM (2 replies)
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