Sometime ago Bill and I were talking about my fears of the present economy and I made a point that back in the 30s we had a depression and people were committing suicide because they could not handle seeing their children/wife and parents without money or means of basic survival. Unemployment was high, the banks had closed and accounts were forfeited. Long lines of people were surviving in soup kitchens. My point was that we should save money for emergencies and retirement, assuring him that it will not be as severe as the 30's because of the labor unions. Since that time the Unions have been practically dismembered which bring us to TODAY.
I do hope that your CDs were FDIC insured, along with the 401 or any other retirement plans that you might have. I do know that you all have some stocks and I know you all lost 20 or 30% of their value. Do not panic, you are still young and in a few years may well recover the losses.
The Big Question Remains:
All the loses in billions of $ ---- where did they GO?
( in the thin air? )
We all know when the banks, financial institutions and corporations were making obscene profits, the money went in their pockets. We have heard of the Golden parachutes for the CEOs and the lavish parties with their airplanes, limos, yachts , ski resorts, mansions in Europe and houses in every state, casinos and mistresses. That is where the money went, in my humble opinion.
Do you remember " let free enterprise alone and the economy will flourish, Do not let the government interfere in our business, we know better than the government."
Now they are telling us " Please Government rescue us ". Who is the government? YOU & ME, All of us who pay our taxes every year and every time we buy food, clothing, books, cars and gas.
Well here is the question you have to answer to yourselves. Where did the $ go?
We are in an opportune time to vote out the congressmen and senators and bring in a new breed for a new generation.