Keep Your Money Safe - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Keep Your Money Safe

A drop of nearly 778 points makes it a day for the Wall Street history books. Today's DOW Jones plunge makes it the worst single day drop ever.

The steep drop on Wall Street was triggered by the house overwhelmingly saying no to the financial bail out plan. An ominous beginning to a dark day on Wall Street... The opening bell didn't sound thanks to a glitch in technology, perhaps a sign of things to come."Bill fails 205 to 228." Representative Mac Thornberry was one of eight Texas representatives to vote no, saying "it's one of the most difficult decisions I have faced during my time in congress...700 billion dollars of tax payer money should not be used as a hopeful experiment." Julia Gregory thinks Thornberry should have said yes. "Those Republicans. I don't know what they were thinking this morning. They should have done it."

But Alma Carroll supports his decision. "It's good because now our kids won't be over indebted when they grow up." Whatever your opinion, there's one thing you shouldn't be doing, according to Edward Jones Financial Advisor Kyle Vest. "The worst thing you can to is to freak out." And that means being smart about your investments. "Invest in worthwhile stocks. Don't make long term decisions based on conditions in the short run." Short run being the key words... Vest doesn't expect this money mess to last long. "Most downturns last around 6 to 12 months."

Before you make any drastic money moves, remember the cardinal rule of Wal Street. "You want to buy low and sell high, not buy high and sell low." When all else fails, Vest says just relax. "We all just need to take a deep breath. We will get through this." President Bush will now meet with his economic advisors to decide where to go from here.

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