raybbr wrote: “It’s their attitude that bothers me.”
In my opinion, they have every right to be happy about it. A bunch of people foolishly invested in high risk, sub prime mortgages. They loaned money to people who should have never qualified for credit in the first place. Now, those lenders are going to be taught a lesson, and they will likely invest their money (what’s left of it) more wisely in the future. Unproductive investments are eliminated, productive ones are encouraged. That’s a good thing.
As for your own 401K, it’s all paper until you cash out. Then you lock in your real gains or losses. Some people feel they can time the market so they can get out and back in at the right time to maximize profit. I’m not that smart. I can’t predict the market, so I let it ride. History is on my side. Although I might lose ground temporarily (NO stock is 100% safe), I’m betting on the long term. For all I know, the market could make a major upswing today. It really doesn’t matter so long as I’m in it for the long term.
Do you really believe that? I don't. I believe there will be a finacial bailout if not at the federal level then at some states. What they did was not illegal so they won't go to prison. Our tax dollars will be used to bail them out (read; buy votes).
When it comes to our society today it's all about making a buck today. I am almost sorry I had children. With the politicos encouraging an invasion of uskilled labor, the rape of our tax money for private investment benefits, the lack of honesty that is pervasive in elected officials and the incredible apathy of the American people it's sad.