Speaking of savings and shell games.
My friend Rich worked most of his life for one of the phone companies going around testing and fixing whatever the hell goes wrong with them. Spang came nigh unto getting runned over by out-of-control cars, getting electrocuted, all the dangers of being a working man.
But he was prudent. Constantly did the wise, advised thing every month, investing in 401K and IRAs just as wise advisors said a person ought to so’s to have some security in old age retirement.
Had himself a comfortable pile of money in there when it came retirement time, looked forward to his remaining years without financial worries or woes.
Then he noticed his money was going away without him touching it. Spang, suddenly the value of his 401Ks and IRA shrunk, then shrunk some more, vanished into the Twilight Zone.
Hell of a bargain for him because he didn’t have to go to the trouble of spending it. Whatever the hell happened to that money, evidently someone somewhere else who didn’t go to the trouble of saving it must have stuck in his pockets, bought a new Mercedes, snorted some really good stuff.
So now old Rich draws his Social Security pension and tries to live on it, same as so many others. Doesn’t have to worry about what kinds of things he might buy if he had that money.
All he has to worry about now is whether the US government will keep paying him his Social Security pension, or whether they’ll turn it over to the same people who handled his 401Ks and IRAs.
Life goes on.
I sat there one day talking with a professional money guy. I explained that just as the wealthiest generation (the baby boomers) were getting ready to retire 1/3 to 1/2 of their wealth disappeared. Poof! It was gone!
I told him it was stolen. He got very frustrated when I was not able to understand Poof! it was just gone what was really happened.
Then before you know it the big time bankers have a bad run at the table with everyone’s mortgages. They have gambling debts to cover (no ‘Poof!’ for them). The US “people” borrow it (TRILLIONS of US dollars) from the Chinese and give it to the banks so they can cover their gambling debts and give themselves massive bonuses.
Yes they want a big cut of your social security too,
This is NOT a Republican v Democrat thing, there has been zero substantial change in anything since the swap. We have theater, distractions & widespread arguing amongst the people about minor differences while the same pockets keep getting filled.
Follow The Money
sorry… I get carried away when talking about those theives
Hi Rob: You and I think a lot alike, seems to me on the subject. Lucky we were born when we were instead of later, I’m thinking. Could get plenty worse, the feeding frenzy, given time. Gracias, Jack
Don’t get me started on banks…
Tess: I don’t have enough money in a bank to feel qualified to have an opinion, I reckons. Gracias, Jack
I know what you mean, but, banks make sinful loads of money and pay what? Pittance.
Hi Tess: Evidently the Federal Reserve is just a bunch of banks, a sort of consortium. They’re holding the note on about 90% of the Federal deficit. [According to the guy up the hill, who might be right about it.]
So, they’re drawing 4% interest on more trillions of dollars than you and I can imagine. You might say they have a vested interest in encouraging as much Federal debt as can be stacked on. Meanwhile, they’re paying out less than one percent, which suggests that’s what large amounts of money in their hands is actually worth to them. So they’re drawing 3 and some change percent on enough money to buy most countries in the world.
Lot of money, those banks have for sure. Pretty good racket when you think about it. Gracias, Jack
Racket about says it.
Tess: Growth industry. Jack