Buffett Says “BUY American” - So, Should Baby Boomers Buy Now?
Warren Buffett has spoken. He says he’s putting his personal funds into U.S. equities. He says, “Be greedy when others are fearful and fearful when others are greedy.”
As much as I admire Mr. Buffett, I’m wondering about his motive. If I take him at his word, he just figures you should stick to the conventional wisdom of buying low and selling high. His rescue of both Goldman Sachs and GE has historical precedent:
Some of you historians might be interested in the parallels between Buffett and J.P. Morgan, who rescued the U.S. economy on two occasions:
During the Panic of 1893, he created a syndicate to supply the U.S. Treasury with $65 million in gold, and during the Panic of 1907 (when the stock market lost 50 percent of its value), Morgan pledged his own money and convinced others to do the same, to keep the banking system afloat. (Sound familiar?)
Of course, the irony is that JP Morgan’s company is today one of those in the middle of the financial debacle. I’m sure the old guy is turning over in his grave.
As you have been watching and listening to the financial news over the past few weeks, you have probably been trying to decide what to do with your depleted retirement account. Should you follow Buffett’s advice and buy stocks? Have you decided to wait it out and see what happens? What do you think? Take my poll and let me know what you are going to do.
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Tags: baby boomers, General Electric, investors, JPMorgan, Warren BuffettRelated Stories
POSTED IN: Baby Boomer investors, Boomer Businesses in Difficult Financial Times, Boomers Remember
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