Thursday, March 5, 2009

Don't Get Me Started!

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.


bb mcclain said...

I couldn't agree with you more...something has been very very wrong for quite a while. All the suffering the finanacial capitalist have caused to create their obscene wealth. It makes me very angry too.

Susan said...

My two cents worth -
we've done this to ourselves - "we" as a society. We're spoiled, shallow consumers, our lives have have been obsessed with "things". Things which replaced values in life somewhere along the line. The biggest most gas guzzling trucks and cars, huge giant homes, flat screen TVs, shoes and handbags ... Our desperate need & want for more and more things led banks to lend us credit to buy those things, things that we really couldn't afford - but had to have. It was all make believe and the bubble had to burst eventually and this "now" we're in is our rude smack of reality.

I've lost 25% of my meager nest egg but I am choosing to continue to contribute to my RRSP (401K) and to believe adamantly - that what goes down will eventually go back up.

And what an excellent lesson on excess this has been for both our countries. No matter what has happened to us, compared to so many others, we live in the lap of luxury and we still don't realize it.

Thursday rants from Black St. Wink.
xo from tout la GAng

judy in ky said...

Oh Susan, I agree with you entirely, that we live in the lap of luxury compared to those in other places and in other times. I am thankful every night as I go to bed that I have a roof over my head and a pillow to lay my head on. Maybe more of us will learn that we really don't need all those "things" that we thought we needed.
I do feel bad for those who are losing everything through no fault of their own, when plants close and entire communities are left without jobs. Contrast those people with those on such "reality t.v." shows as "My Sweet Sixteen" and "Bridezilla". Don't know if you have those in Canada, but they are disgusting!

Pam said...

Judy, big hug.I echo Susan's statement pretty much, and at least we're all in this together, keepin' fine company.It's sad to see our superannuation dropping, and people losing their jobs, but there have been times in my life when I've been no stranger to poverty,and sometimes you meet a better class of people. It can be quite humbling and an alarming wake-up call. There are lessons to be learnt here.

Natalie said...

I feel your pain and I offer my sincerest sympathy. In broad daylight, with plenty of witnesses, we are being robbed and it hurts.