Replies

"That’s a little too easy to say when you aren’t watching your retirement fund sucked down the drain."

Your retirement fund (and mine) will be fine. WS is having a little temper tantrum that their big fat LIE to the American people didn't work. Our funds will be fine. The market is not down 700. That was total market manipulation to literally SCARE UP some yes votes. The markets will be fine and gas will be low. Credit will be hard to get if you've got bad credit (wow, shocking) and for those of us who have been responsible, life will go on.

Our funds will be fine

Really? Why would that happen when now people are going to tighten up on spending even more out of fear?

This means companies will go down in value; thus, your stock gets hit. Econ 101.

If the economy shrinks, so do most retirement funds.

The broad market (S&P500) is now down 6%. That's a pretty fair hit, regardless of who you are. The only thing that has kept the markets afloat today is a huge injection of liquidity by the Fed.

The mortgage mess created by the Democrat welfare statists needs to be dealt with, period. The bill that failed today was an abomination (IMHO) and deserved to get shot down. But a real, workable solution is needed or a lot of hard-working, decent, middle-class people who played by the rules, planned carefully, and didn't expect Social Security to take care of them are going to lose their life savings.

I've been in financial services for more than 20 years, and I don't think you all understand how serious this is. We are looking at truly global consequences exacerbated by the effects of financial leverage.