Well the Dow has managed to tumble below 7000 today and our retirees get to watch their years of saving tumble as well. The money they counted on by good conservative investing has been slashed in half. Just when folks were turning the corner from the 9/11 stock shock yet another loss has emerged, just when they needed it the most. They did not want the government to be the one to count on. Social Security was just a little help out, along with Medicare. The Retirees took the time to make good 401k contributions to that they depended upon themselves and not Uncle Sam. How ironic, that now the government could possibly be on the board of directors at banks like Citi and now the US will tell you how you will retire. Just what they did not want. Others have years to recoup, but not the greatest generation.
Over the weekend I met with a 75 year old man who lives the above situation. He said what is really ironic or perhaps Deja Vu, is that they can still remember the stories of their families during the Great Depression. They heard, and some saw if they were old enough, the joblessness, the hoplessness and the fact that no one had really anything. Then the War the came and saved everyone yet killed everyone. We have no War to get us out of this one. It will depend on ourselves he said.