Complete powerlessness
A feeling of complete powerlessness is unusual. We all like to feel that life is moving along in a positive, predictable fashion. For most, a sense of control over his or her own destiny is important. Unfortunately, savings, investing, and speculating are all affected by elements beyond our control.
At times, these elements produce extreme results. When the stock market dropped 90 percent between 1929 and 1933, the sense of powerlessness was so great that a whole generation vowed never to buy a single share again. Those left out of the great tech bubble that ended in March 2000 felt equally powerless as they saw friends or acquaintances become instant millionaires.
Powerlessness is most extreme in stock investing, but it is found in real estate booms and busts, bond defaults, and other investments. Powerlessness is paralyzing for the majority of investors. Market shocks cause a few investors to panic; most sit on the sidelines experiencing a sense of powerlessness as prices gyrate wildly. Anxiety, numbness, and depression are common manifestations of the sense of powerlessness.
