Great story about your Grandma. That said, Obama is doing us a favor - he encourages liberals to "buy stocks" in sucker rallies - in essence separating them from their money. Less for them to give to political campaigns.. :)
Good point.
I think that the smart money is going to start getting back into the market pretty quick, though. Regardless of what Obama says.
Usually when the weeping and wailing and gnashing of teeth is at its apex, is the best time to buy. Just like when everyone is jumping in with both feet is the time to sell....
I look for the phrase "This time it's different" to show up. I went conservative in summer of 2007 (not enough to shield all losses, I've merely lost my shirt, instead of all my clothes, shoes, house, and farm) when I started hearing "We're going to the moon! This time it's different!" from the financial chattering classes.
Haven't heard "This time it's different" too much - yet. Just a lot of talk about depression, which may be roughly the same.