As Stock Market Tumbles, Experts Say Don't Panic
The wild ride on Wall Street has everyone asking the same questions: What do I do about my investments? What about my retirement 401K? The experts say, above all, do not panic.
Americans woke up to headlines such as "Red Ink" on the New York Post, "Kiss It Goodbye!" on the Daily News, and "Market Meltdown" on the Chicago Sun-Times.
Americans lost an estimated $2 trillion in a single day!
INSIDE EDITION spoke to ABC News Business Correspondent Bianna Golodryga who said, "If you see the market tank 550 points and you're worried as to whether or not you're going to be able to put food on the table the next day, then my advice is, the market is probably not the best place to invest the bulk of your money."
All the experts seem to agree with Good Morning America's Financial Advisor Melanie Hobson.
"For the average investor right now, it does mean some short term losses. But the best thing they could do is not react to the panic and fear we've seen in the market," said Hobson.
CNBC's Jim Cramer said on the Today show, "The idea that everything is just falling apart a la 2008 is just wrong."
As stock market panic consumes Wall Street, President Obama tried to reassure a nervous nation.
"We are going to get through this. Things will get better," said Obama.
The market was topsy-turvy Friday. It opened up 170 points, then dropped 245 points into the red before stabilizing.
So even as we watch the scary roller coaster ride, it's up to the late night comics to put things in perspective.
Jay Leno said on The Tonight Show, "The market is so bad, Mila Kunis is looking for friends with pension benefits. That's how bad it is. The market is so bad the Twilight kids are biting people's necks and selling it to the blood bank."
The Daily Show's Jon Stewart saw the stock market plunge as an unwelcome gift on President Obama's 50th birthday.