OT: The terrorists have already won
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AudiWorld Member
Joined: May 2001
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OT: The terrorists have already won
Maybe I am just having a bad day but the events of this week tell me that the terrorists have already won. The death/missing toll from last week continues to rise. Yes we will get some revenge but that does nothing for the dead or their families. The property losses are in the tens of billions of dollars. Yes, the insurance companies might pay this initially but we will all pay in higher premiums eventually or the companies will be out of business.
I have been extremely proud of the unity and strength of the average American and the leadership of government. But the business news indicates that either the corporate leaders are bailing out, or they are reacting to changes in the attitudes of John Q. Public. The losses in the stock market this week are incredible. Lots of average people and financial institutions are dumping stocks in good companies at fire sale prices. By my count over 130,000 layoffs have been announced in the aircraft/airline industry alone this week. Our inability to sit tight financially, and try our best to continue with our lives as normally as possible is evolving into a self-fulfilling prophecy of severe economic impact for everyone. The bottom line seems to be that despite our bravado, the American public and corporations have already changed their lives and surrendered. But I refuse to surrender and I urge you all to do likewise.
I have been extremely proud of the unity and strength of the average American and the leadership of government. But the business news indicates that either the corporate leaders are bailing out, or they are reacting to changes in the attitudes of John Q. Public. The losses in the stock market this week are incredible. Lots of average people and financial institutions are dumping stocks in good companies at fire sale prices. By my count over 130,000 layoffs have been announced in the aircraft/airline industry alone this week. Our inability to sit tight financially, and try our best to continue with our lives as normally as possible is evolving into a self-fulfilling prophecy of severe economic impact for everyone. The bottom line seems to be that despite our bravado, the American public and corporations have already changed their lives and surrendered. But I refuse to surrender and I urge you all to do likewise.
Elder Member
Joined: Aug 2000
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I totally disagree. I don't think it's at all fair to characterize short-term volatility as a win..
...for the terrorists. My take on this is that the short-term volatility is inevitable and healthy. The key here is that the markets are OPEN. The markets are doing what the markets are supposed to do and investors are doing what they think is best for their bottom line. I see this as a huge opportunity for small-timers like me with a long time horizon to make some real serious gains in the market. While it seems like it's been a long time, it's only been a week and a half. The dust WILL settle from this and people will see that we basically live in the same place we did before these attacks. Sure some attitudes will change. Sure some proceedures and checks & balances will change. But sometime in the near future, people are going to start vacationing again. Airlines are going to start hiring again. Airplane makers are going to start building planes again and on and on. The terrorists have NOT won!!! No way no how!! }:-|
Senior Member
Joined: May 2000
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As someone in the travel biz, I couldn't agree more. Go out this week end and buy something,
a shirt, tv, a nice dinner, let's pump some money into the system.
I place a lot of the blame of this hysteria squarely on the shoulders of local media. The anchors on the national broadcasts have done yeomans work reporting this, but the pitsy, crappy local stations and newspapers, like here in Miami, are so desperate to get in on the action that they run stories on all sorts of contrived bull****. All they succeed in doing is frightening people more. The Sun Sentinel ran a piece down here which listed their opinion of the top targets for terrorism in South Florida. How irresponsible is that? Shame on them and their ilk who continue to heap misery and fear upon a people who are just as desperate to escape that as they are the spectre of terrorism itself.
I for one, am with Mr. Vegas above. I'm not letting this **** change my life, not one bit.
I place a lot of the blame of this hysteria squarely on the shoulders of local media. The anchors on the national broadcasts have done yeomans work reporting this, but the pitsy, crappy local stations and newspapers, like here in Miami, are so desperate to get in on the action that they run stories on all sorts of contrived bull****. All they succeed in doing is frightening people more. The Sun Sentinel ran a piece down here which listed their opinion of the top targets for terrorism in South Florida. How irresponsible is that? Shame on them and their ilk who continue to heap misery and fear upon a people who are just as desperate to escape that as they are the spectre of terrorism itself.
I for one, am with Mr. Vegas above. I'm not letting this **** change my life, not one bit.
Elder Member
Joined: Aug 2000
Posts: 13,790
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The media has been terribly irresponsible in stoking this hysteria.
But the dust WILL settle. Mark my words. The markets WILL find their legs and recover. No doubt in my mind. This is not the end of the world. 
Senior Member
Joined: May 2000
Posts: 7,613
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I agree that the volatility is short term. But the damage being done in that short timespan is
pretty heavy. I too am seeking to buy stocks and take advantage of this for the long-term, just like you. We just need another few million OcTTobers and TTinGables' to share the same view. I agree with your long-term view, FWIW.
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Junior Member
Joined: Mar 2001
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I've done my bit & more...bought the TT, buying a house
Biggest purchases of my life.....and there's likely going to be more stuff bought this yr. as well. Furniture comes to mind as all I really have is the dining rm table & a couple of futons.
So my message to John Q. Public is, "Buy something dammitt!" ;-)
-Dale
So my message to John Q. Public is, "Buy something dammitt!" ;-)
-Dale
Elder Member
Joined: Aug 2000
Posts: 13,790
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Keep in mind that the Dow is only at it's lowest point in 2-3 years. It's not like we're seeing...
...20 years of equity appreciation vaporizing. Many of these stocks are still at relatively high P/E. There is LOTs of cash on the sidelines ready to reenter when the panic selling starts to bottom out. It's only as painful as it is because we're still in the midst of it. Give it another month or so and things are going to look a lot brighter. Maybe I'm an insuferable optimist, but I really believe this.