I've just picked myself up off the floor after fainting at actually having made a correct decision about money. Maybe I'm getting my money mojo back. I was really good with money years back, never had a lot of it but was never in debt or in trouble with the banks. I don't consider money as something to go after in a big way, just that you sort of need it to get by. It's good to have finally done something with the money I have that was a smart thing.
About two weeks ago I decided to change my Superannuation fund to a much more stable option not exposed to the share market. A bloody good decision with today's news:
Australian shares have plunged to their lowest level since November last year with $23 billion wiped off the market.The ASX200 index fell below 4,000 points amid widespread selling as spooked investors reacted to bad economic data from overseas and growing fears of a second global recession.At 1200 AEST on Monday, the benchmark S&P/ASX200 index was down 70.8 points, or 1.74 per cent, at 3,993.1, while the broader All Ordinaries index was down 74.2 points, or 1.78 per cent, at 4,042.7.On the ASX 24, the June share price index futures contract was down 73 points at 3,997, with 18,393 contracts traded.The local market dropped after major indices in Europe and on Wall Street slumped on the back of disappointing US jobs figures, slow US manufacturing growth, record unemployment rates in Europe and weak Chinese manufacturing data.Australia's market opened at a six-month low and bounced for just 10 minutes before falling again, and by noon was trading near its lows of the session, Geoff Saffer, head of research at Australian Stock Report, said."The market has taken an absolute beating," he said.
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I have just picked myself up off the floor again, after fainting at having a financial guru post on here. Cripes, I'm awestruck! Nice to know someone like that finds my blatherings helpful.
ReplyDeleteOn that old fashioned thing call broadcast TV here last night, one thing I picked up from the discussion re the latest share market panic attack, was that although the Aussie share plunge was only a bit under 2% and certainly there's been bigger falls than that in one day, what was so bad about it was that it was the latest move in a long trend over the last months. That's pretty much what you'd expect given the basic problems that aren't IMO being addressed by the Western economies; simply that the GFC was the result of a 30 year capitalist experiment that's failed.
The system needs changing. I mean FFS, there are still people in America who think the way out of all this is to give tax cuts to the rich, while half their population is poor. You gotta have people with enough money to actually buy stuff.