Originally Posted by
DKAwildcat
No, I’m not kidding. The drop in oil prices alone (not including the effects of the coronavirus) had a huge negative impact on the stock markets. Many of us lost the equivalent of a new car and a lifetime supply of premium gasoline on Monday alone. I agree with you, I don’t like paying any more than I have to for anything, but instability in the markets have a huge negative impact on our 401k and IRA investments. With regards to jobs, one friend in the oil business took a pay cut this week just to keep her job. Others at her company were reduced to part-time and loss of benefits, while others were laid off. I know of others in the engineering field who have had refinery design and construction projects canceled, which will likely lead to layoffs there, as well. Layoffs in turn lead to an increase in unemployment claims, which we the taxpayer pay for. Yes, it would have been a LOT cheaper for me to pay an extra 25 cents for a gallon of gas.
I guess all those warnings in the fine print about the stock market being a speculative venture, was ignored on the promise of the salesman trying to make his/her bucks. IMHO too many ppl live way beyond their means confusing needs with wants. This too shall pass! If ppl sell (which many say to ride it out) then take the losses and move on. Other words of wisdom (typically also ignored) suggest ppl have a 3 month minimum ready savings that would handle all the extravagansive wants (spelled wrong intentionally) accumulated in the quest for keeping up with the Jones's (sorry to all the Jones's out there). Just take care of #1, and let the other #1's take care of themselves. Then when stuff like this comes along all can pay the lower price of fuel with a smile. BTW, where to go in about another month or so (depending on how far CoVid19 gets), I don't think there will be many places to go besides camping deep in the woods (with its own risks from those who will take from those who have).
Good luck to all the members including loved ones, if we all do our parts (everyone) that 'peak' vs 'curve' (current news-speak) will work by staying ahead of the demand of just about everything needed for this type of thing, and the impact will be minimum. The alternative is not what anyone needs OR wants.
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