Yesterday, the Dow Jones Industrial Average was down more than 700 points after Congress botched the bailout plan. Banks like Wachovia bank were taken "under" and equity sharholders for all intensive purposes were wiped out.
It is painful - but our economy will get throught it !
In our industry, the longer this goes on, the longer that it will be more difficult for consumers to get credit and procure loans.
Personally, I made a bonehead move by buying Wachovia stock (listening to Jim Cramer) last week thinking that the bailout would help them. The CEO was on Mad Money on CNBC not long ago who far underestimated the value of Wachovia's bank loans.... Is almost to the point of criminal statements that were made by Mr Steele, CEO of Wachovia.
I went against my own advice and paid the price on that investment decision. The goal is to learn from the mistakes and move foward. That decision I made was not well thought-out and the writing was on the wall due to what already happened with Lehman Brothers, Bear Stearns, Washington Mutual...etc.
It is is painful, but I will get through it ! Do not dwell on mistakes that were made. Learn from them and move foward.
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