Lehman on the brink?

Some of the worst advice given out in 2008 was this summer or September or October or at the time of Obama's election after some big declines through that point was to not panic and not to sell. Those who did would have been better off.

Case in point of the poor advice:

stevejhx
about 3 months ago
ignore this person
report abuse BTW the Fast Money traders just agreed with me - there has been no fundamental change anywhere. What's driving this is fear. Don't jump in now, just don't exit with a loss if you don't need to.

For your perusal, cantor:

"VIX Declines Below 40 as ‘Sheer Panic’ on Wall Street Recedes"

http://www.bloomberg.com/apps/news?pid=20601213&sid=ae9eO33llEuo&refer=home

The panic is still there, it's pretty much agreed that letting Lehman go under was the trigger of what we're currently going through: they took a moderate decline in the economy and turned it into the worst financial panic since the 1930's.

"Don't jump in now, just don't exit with a loss if you don't need to."

If you think that was bad advice, then you must have lost a ton of money.

No, I have no money to invest! Some of my congregants did poorly but most are conservative, older pensioners.

Well here's some more advice: if they're retired they shouldn't be in the stock market at all.