Economic Turmoil: A RED LETTER DAY

by CJFosdick on March 7, 2009

Red as in the stock market plunging even lower into the red. Yep, March 2, 2009 is one to mark on our calendars. The stock market has lost 2000 points since Obama was elected. Today, it went below 7000. About fifteen months ago, the market was nearly 14,500 points; today it has been cut more than in half.

In the midst of this economic turmoil are the folks, you and me, watching our old-age nest eggs, our college funds to help our children get an education, and mortgages formerly payable now out of our reach. Many have already lost jobs and for the rest is the grim specter of losing a job hanging ever heavier over our heads. Many of us are in a blind panic and scared to death, and the only thing standing between us and total alarm is … is… no, not government intervention solving economic problems … but rather our faith. Faith in our God to get us through this economic chaos.

Like me! When I was still working, month by month I set aside funds into a tax-preferred Presidential Annuity, so that my husband I would have a nest egg for our retirement. It was hard, oh so hard, to put away that money when we could have used it then just to get by. It seemed that the paycheck always ran out a couple of weeks before the end of the month. Even something as minor as a bake sale to help my kids’ athletic teams would become a mountain needing to be climbed, but I would usually finagle around and get something made for the bake sale. So I skimped and saved, and got a fairly decent annuity together, decent for that time; I retired fifteen years ago and the amount I saved has dwindled in value today because of inflation, but I still had my fund and it was growing because the market was mostly strong through the years. It has now lost 50% or more because of the drop in the stock market and I cringe everyday, wondering how much my money dropped again as the market plunges. I hate to call and find out.

Then, I read in the newspaper that PERA, my husband and my pension plan, has lost billions of dollars in 2008 and may have trouble paying pensions. More blind panic! And quite a bit of anger!

But I refuse to worry. I pray instead. I know my husband and I can survive and that the good Lord will take care of us. I trust Him. How many more Americans are out there trying to keep the faith and praying? How much more will the stock market drop? One pundit said this morning it might go to 3000. Does he know something I don’t know? Growing terror!

To all of you reading this, pray with me. “Dear Lord, Please watch over my country and bless America. Help lead us into better times and give us the strength to weather this economic tsunami. Thank you for all the blessings we still have and keep fear and anger out of our hearts. Amen.”

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