When will they bail us out?
Posted by grandpagowild on October 9, 2008
Due to the reduced value of 401K and IRA retirement plans, as a result of the U.S. stock market collapse, Grandpa suggests that our elected representatives should immediately eliminate all penalties and federal income taxes due on whatever is left of our retirement savings. Afterall, Congress caused this mess with their “affordable housing” initiatives and forced banks to approve home loans for people that really could not afford them. We are going to need our money and it is OUR money.
This mess is not over. Bailing out the banks is only a stop gap measure. What’s really happening is that we (Americans) are moving into a new era where we will experience a huge reduction in the quality of life in America. Incomes are shrinking our retirement savings, the value of the dollar is trending down, home equity has evaporated and energy prices are rising, Yes, Grandpa know’s oil has been down lately but overtime we all know they will trend upward.
Any nationalization of business, including campaign promises regarding healthcare, is a move toward socialism. And socialism will only make us all equally poor.
Get ready now for even worse times. Save your money and start cutting expenses. Grandpa knows you are going to need it.
