By Nancy Bargar
Chautauqua Institution, NY – Investors worried about the stock market's volatility the last couple of days had someone to turn to at Chautauqua Institution Thursday for some analysis. Scott Budde, representing TIAA-CREF, a large not for profit organization managing retirement assets for people in education and research, offered his thoughts on Wall Street s recent activity.
It s mainstream. It s what Americans do. They do put their money in the stock market. It s not a little piece of financial news here and there. It s something we see on the television and hear on the radio. It s everywhere you look -- some reporting on what s going on in the stock market.
"The stock market has reacted to and lived through a wide wide range of events," Budde said. "These issues of excessive executive compensation to accounting fraud -- I m not trying to dismiss them in anyway or say that we shouldn t react to them as a society or that there shouldn t be regulatory changes -- but they're not new issues."
On the remarks by President Bush this week on what's going on in corporate America?
"The stock market itself spoke its opinions about what that was worth," Budde continued. "I ll offer simply the stock market itself as a reaction to that speech."
Scott Budde said it's tempting to react to day to day events. But diversification over the long term is the better strategy.