People Are Freaking Out On Reddit’s r/Investing Right Now
As economist and investor Tuur Demeester pointed out on Twitter, people on r/Investing are truly freaking out amid the global stock market meltdown. One of the top posts of the day on the subreddit yesterday, posted by footballissoccer, shows a number to the National Suicide Help Line in the US.
— Tuur Demeester (@TuurDemeester) August 24, 2015
In the comments individuals talk about how they are handling the volatility.
“I’ve made a decision not to sell. I’ve got little to no capital to throw into a well-time market low,” User leontes writes.“So- I’m deciding not to watch the market. Moment to moment checking just is upsetting. Whether it bounces back in a week, or a year, or a decade, so be it.” One user posts yesterday was the first -1000 point drop day he has seen.
Another post, entitled “Shit just got serious: US stock market authorities have been forced to suspend the futures market on the Nasdaq index,” underscores the freaking out. Some other notable posts include “ELI5: Why is there a panic in US stocks?” and “FUCK!!!!!!!!!!!!!”
One poster suggests the amount of freaking out demonstrates the failure of basic economics courses in public school and higher education. The poster writes:
“I know everyone is a newb at some point, but this sub today especially has shown that most people are missing the very basic principals for investing. The fact that so many uninformed people have the ability to buy/sell their 401k/IRA holdings at the click of a button is scary. Add the media hype on top of that and bring on the panic. It is like stealing candy from a baby.”
Simply put, others felt merely screwed:
The fact that small time investors like me couldn’t place orders through ANY brokerage platform this morning really pisses me off. Almost every stock was trading at HUGE discounts; big banks and institutional investors are sucking up blue chip companies like its Black Friday. Meanwhile I’m sitting at my computer looking at freaking error messages and eventually get my order executed 4 HOURS LATER when the market is flat. I’m not a conspiracy theorist but a surefire way to dishearten the larger investing public is to exclude them from a market flash sale intended only for big money firms on wall street. The stock market is supposed to be the beacon for free market capitalism and what happened today felt like the exact opposite.
Other posts focused on the positive sides of the stock market crash. One user was curious what to buy during the dip, an investor who claims to have survived three major crises says now is the time to buy, and a high schooler wished to thank God for the dip.