Because their IRA or other retirement investments underperformed, washed down Wall Street into the pockets of the over-bonused executives, your father or your grandmother has to go back to work their retirement is officially over.
This scenario deserves a “Main Street” check up, call me the pundit of Main Street reality.
Grandma, feeling the squeeze thinks it is best to go back to work again, maybe a part time job at the grocery store. She figures by now those girls should be earning a decent wage. Concerned that a woman her age can’t find much work, she takes the job in spite of finding out that the hourly wage is at odds with the cost of living.
After a week or two of work, Grandma deduces that the amount of taxes that government takes out of her paycheck makes a big dent in her take home. Doing the math, she factors in her travel expenses. Accustomed to filling up her gas tank once a week or longer she now finds herself at the pump two times a week. Travelling back and forth five and six times a week, she decides that Grandma better pick up more hours at the grocery store to cover the cost of gas. Grandma is living the life of the American dream, I don’t know about retired, but she certainly is tired in her old age.
Meanwhile in Washington and in the executive offices on Wall Street Henry Paulson, Goldman-Sachs, and plenty other fat cats are toasting with 12 year scotch and Cuban cigars. “We did it!” Here we are on Main Street, losing our homes, our investments, our futures. And what proposal just past?… One that rewarded bad business. These executives failed their companies, but more importantly the economic stability of America and around the globe. And now they are being rewarded with continued million and multi-million dollar salaries and bonuses? Why? They failed miserably! Why are they being rewarded is the question that should and hopefully is brimming up and down the pavers on Main Street! Why have there been no arrests, no hearings? The language used is “predatory” lending practices. Predatory, meaning bloodthirsty greed stricken mortgage companies and their brokers preyed upon us. And then these packaged bad debt loans were traded, bought and sold with full knowledge of their worthless value. They knew full well that they were inflating a delicate soapy bubble bound to burst. This was only possible through the de-regulation of banks. And the same blame traces back to the same architects of this pork barrel bailout plan.