The financial news on CNBC today is frightening for retirees and those nearing retirement, as it has been for the past week. If you switch over to CNN, the news is depressing. That’s really all you need to know. Don’t watch Cable TV news unless you feel strong. Cable TV news can only bring you down.
The financial news and the stock markets can be particularly toxic for senior citizens and people on fixed incomes. People nearing retirement often have significant investments in the equities markets, which can be volatile. Few people, if any, know when it’s time to get in or get out. People with too much invested in stock markets can lose a lot of their retirement nest egg in a few days.
People who are already retired are all too aware of the fact that retirement incomes are often fixed. That is, you’re not going to get raises year after year, except cost-of-living increases in Social Security, and COLA increases don’t even necessarily keep up with inflation.
On other cable news channels, talking heads often repeat the most violent story of the day, all day long, with constant replays of the same appalling film clip. Or in the absence of violence, they’ll chew over the insignificant political development of the day, or the most inane comment by a presidential candidate. The frequency of mass shootings, or any kind of shootings, is particularly saddening.
If you want today’s basic bad news, without the gory details, you can read the following indented paragraphs. If not, skip to the closing paragraphs that aren’t indented.
Bad news today, Wednesday: In the middle of the trading day, world stock markets continue to be chaotic. China, India, and Russia have another losing day. The Shanghai Index ended down 1.3 percent for the day. Generally speaking, stocks in Asia and Europe were down Wednesday. Developing economies seem to face a great deal of uncertainty. That’s practically today’s ONLY story on CNBC.
Meanwhile, the killing of a news reporter and photographer dominates the news on the other cable TV channels. That shocking tragedy took place live, on the air, early Wednesday morning. The two journalists were working for a Roanoke, VA, television station, filming a story on location. The alleged killer is a former employee of the same TV station. The shooter was cornered by police several hours later on a Virginia highway and took his own life. New details of the story were reported all day. It was practically today’s ONLY story on CNN.
The financial losses in China, especially, are shaking markets all over the world, including the developed Western Countries, where economies are said to be relatively strong and continuing to grow out of the 2008 recession. Billions in value have been lost in the past week, especially in China. But even in the West, the economic picture is uneven. Greece and Puerto Rico are in deep debt.
In the past two days, markets in the U.S. and Europe have been trying to rally. But the rally failed in New York in the last hour yesterday. U.S. stocks had a good morning today, faltered in early afternoon, staged a rally in mid-afternoon. Market experts are saying: DON’T PANIC. Sounds like good advice to moi.
Now it’s 2 p.m. Wednesday, which is like the witching hour. (Something about margin calls.) U.S. markets are now up for the day. People holding their breath from now to the closing bell. The takeaway, don’t watch the hour-to-hour stock fluctuations. Do as I say, not as I do 🙂 If you must, you can see the latest numbers from CNBC here.
On CNBC, analysts are naming stocks they say are down so far that they’ve become bargains. I’m not paying any attention to that. But then, I don’t have any money in the stock market, and I don’t have any to invest. Meanwhile, some experts are speculating that the market might be turning into a bear market. This stuff can drive you crazzzy!
I usually avoid giving advice, especially specific advice. I’m not qualified to give advice on most subjects. And even if one is qualified, unless someone asks for advice, I avoid volunteering it. Unsolicited advice is usually unwelcome.
The exception is advice from your health care professionals They need to give you advice, even if you don’t want to hear it. It’s for your own good; sometimes it can even be a matter of life or death. Listen to advice from your health care professional. Of course, when there are decisions to be made about treatment, the patient has the right to make the decision. Usually, the patient is wise to consult with health care professionals and family and friends. If you like, get a second opinion from another doctor.
Another exception is weather news. Often, knowing the weather news can help you stay safe.
Regarding news, I’m a retired newsman, so I claim a degree of expertise. Having been close to breaking news all my life, I hope I’ve built up some resistance to bad news. I also know when to shrug off news as irrelevant or silly or simply incorrect. I understand the effect that too much bad news can have on people. Older people have a tendency to watch too much television news, and are more susceptible to depression from the news, at least sometimes, than younger folks.