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Read other letters about this article
you wrote:
"1. Well, at least we still have Britney and Dancing With the Stars.
2. I guess it's time for us to start ANOTHER world war
3. Who's got the pitchforks?"
I deliberately avoided number 2 because, well, they can start all the wars they want but it's not going to do anything for Main Street's economy. 1941 was a long long ago in a very different land where ordinary people could be trained to build B-17 bombers in no time flat. More war will bankrupt us further. We really cant afford the current entanglements of empire anyway.
As to 1 and 3, well, you nailed it. But the American people have a long way to go before anyone starts thinking of pitchforks. Perhaps not until 50 million are out of work and we have real hunger. But Obama won't allow that to happen, right.
As for most of the environmental factors, many scientists think its too late anyway. Financially it may already be too late.
I'm still waiting for anyone to explain how Wall Street 'comes back' in our lifetime, if ever given the circumstances I've laid out.
I guess I would tell the LW not to sweat it either. Easy come, easy go and at the rate we're going most of us are going to be in the same boat sooner or later. I had only a modest IRA left before the crash and cashed it out in August before it tanked. I run a small indy used bookstore that loses money (but I live simply) so the tax hit will be a wash being a sole proprietorship.
IF my mother had unloaded all her holdings she could have retired the $40,000 outstanding in a home equity loan the bank closed out AND paid off all her credit card and consumer debt, have $15,000 cash after taxes and be DEBT FREE and still getting $4,000 a month in state teacher's retirement. Some things seem simple to me.
And I have a cash reserve now for the unforeseen.
