Tuesday, September 30, 2008
What kills me is that I took economics as a minor. We were always told that the stock market is a gamble not a guarantee, but lately people used it as a secure investment that would ALWAYS pay out profits. No one “expected” it to fail, nor the banks, nor the insurers. And because consumers were blind and gullible and greedy they allowed unwise practices so they could get what they wanted. Lower taxes, higher profits and no oversight. And see what that brought us to?
The Republicans are running scared, and that’s harder to do when you’ve shot yourself in both feet. So I hope Obama has some kind of “new deal” plan that will be able to set things right. Of course it won’t happen overnight but it has to happen or we’re doomed for a Depression worse than the “great” one.
Don’t’ be surprised if some of us are out of a job soon, we may be forced to retire if kids can’t get $$ for student loans, and businesses can't borrow money and mortgages can't be had and retirees can't spend money on trips and motor homes and so on and so on.
More and more I am glad I buy my lotto tickets, it may be my only financial salvation and to reap the reqards I only lose $3 to $6 a week, which is better than risking my life savings. And this time I'd take the money in installments instead of in a lump sum, that way I'd be receiving money for at least 30 years - unless of course, there is a lotto bankruptcy, and that too, needs a bail out.