Today is being called Black Monday by Conservative types who are having a fit about the 4% drop in stockmarket. The scary news broadcasts are sure to mention how much the average 401(k) has lost, but they're careful to tell people not get out of the stock market as it always comes back. This is a bald faced lie as it concerns managed 401(k) accounts as they always burn through a big wad of your cash even when you're making money. When the market goes down you really feel it. If you're stuck in one of these traps put your money into an index fund so there are fewer fees and no losses from the fund manager trying to beat the market.
The last Black Monday was October 19, 1987 when the market dropped 22.6%, almost 6 times today's drop. Saint Reagan was in charge then so you don't hear anyone talk about that particular Monday. Reagan was cheerleading the switch to 401(k) but they were new and the amount lost was relatively small. Reagan didn't actually invent the 401(k), but he sure thought they were swell. The tradition of defined benefit pensions was converted to simply dumping your money into Wall Street. This was great for Ronnie's corporate buddies who were getting all manner corporate behavior de-criminalized, and they granted him Sainthood for it as he absolved them of all their sins.
Twitter @BruceEnberg - China is putting a lot of former high level officials in prison for corruption, we should import that instead of crap for Walmart.