Honestly, I’m emotionally exhausted. I’ve put my heart, might, mind and strength into a dozen conversations in an effort to help family, friends, neighbors, strangers and my children understand what is happening and how it will impact each of us. I’m pleased that the House did not pass the EESA and even more pleased to finally start seeing consumer-centric solutions as opposed to the continuation of corporate and government opportunism.
The demographic that is slated to retire in the next 5-10 years is being dishonored by the country it built. Some people want to protect endangered species, or children, or the hungry, or the disabled, or the veterans, etc. But not me. It is the current injustice being dealt to the baby boomers that makes me LIVID. Think about it. Just as they reach the finish line for retirement, the market tanks (along with the 401k, 403b, 457, IRA, values) , Social Security is projected to go bankrupt, inflation goes through the roof, and the healthiest first quarter (about 5 years) of their golden years is ripped away from them. This noble generation is being defrauded by the U.S. government. The mandatory payments to Social Security have been mismanaged and the qualified contributions to personal retirement plans are at the mercy of the markets. And why? Why did they buy mutual funds and stocks and annuities in their retirement accounts? BECAUSE THEY DIDN’T HAVE ANY OTHER CHOICES FOR TAX-DEFERRED INVESTING. Arm in arm the greedy government and greedier financial institutions go skipping into the sunset together as the betrayed, plundered, and aged generation prepares for the Dutch Hunger Winters of 2009 – 20__.
Participation in any market should be a choice. For this group, there was no choice. Now consider the schemes of the most influential forces in the market (the wealthiest 10% of individuals constitute 85% of stock ownership), who have the sophistication to absolutely understand the risks of the game and can transfer wealth at will. It appears that they are grabbing their cash and getting out of Dodge.
For rising generation, let me suggest two things:
1. Honor and support the baby boomers.
2. There is more salvation and security in wheat than in all the political schemes in the world. -Orson Hyde, Journal of Discourses, 2:207
p.s. This is for Phil: per my calculations and the 2007 Census data, $700B, if evenly distributed to U.S. citizens 18 years and older, would enrich each individual by $3,073.96; if evenly distributed to U.S. households, would be $5,472.92.