Like many Americans, Arnie Johnson spent Thursday watching the stock market plunge.
Johnson, who knows a thing or two about the market as the founder of Universal Pensions Inc. in Brainerd and now Integrated Retirement Initiatives in Baxter, couldn't tell where it all would stop.
"It is a little bit of a panic," Johnson said. "We have no idea how far it's going."
UPI supported 401k plans with administration and record-keeping services. The company also offered training and consulting services related to the industry. BISYS Group Inc. bought UPI for about $85 million. Johnson's new company, Integrated Retirement Initiatives, was established to assist individuals in managing their income throughout their retirement years.
On Thursday, stocks plunged, sending the Dow Jones industrials down more than 675 points, or more than 7 percent, to their lowest level in five years.
What Johnson sees is a buyer's market. Someone with cash could find opportunities to make good investments.
Arnie Johnson
"Unfortunately, a lot of people don't have money because everything is going down so bad," he said.
The problem, Johnson said, was the announcements that some banks would fail. That was a mistake that led to a small panic, Johnson said, as people worried about their own banks.
Johnson remains hopeful, however, as recessions historically last about 18 months.
"I think it will come around," Johnson said. "Maybe in a year, maybe in a year and-a-half, but it definitely is going to come around."
MATT ERICKSON may be reached at matt.erickson@brainerddispatch.com or 855-5857.
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