Just heard on the news that the stock market is down below 7000. Things are looking BAD! We don't quite know what to do. We are among those who are not that far away from retirement (at least that's what we thought six months ago!). I worked all those years and followed all the advice about putting as much as I could into my IRA. "You can't just SAVE your money," they said. "No, you have to GROW your money."
Well, now I know I would have been better off just putting it all into a savings account (or even under the mattress! At least it would still be there!). My grandmother was right... a good, old-fashioned savings account! I can't even stand to look at my IRA statement now... the last I knew it was down by 40 percent. Should I take out what's left, before it goes down to zero? If I do that, I will be accepting the loss, they all say. But what if I lose it all? I don't have years and years to wait for it to go back up.
And... AIG... don't get me started! What on earth did they do with all that money? I used to work for AIG and I saw how they treated their policyholders and their employees. And I saw how those in the highest positions lived. I saw their ethics. They claim they are "too big to fail". I say let them fail. I am willing to take that chance.
As if you couldn't tell, I am frustrated today. There are some in this country who have cheated and manipulated the system to their own advantage. They have millions in secret accounts, they have riches the rest of us can't even begin to imagine. And so many families are suffering. Something is very, very wrong.