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Good evening, Netizens…
Two days in succession David Horsey took his freshly-sharpened pencil to the sharks that run Wall Street, and in both instances, he hit his target dead-on. Of course, this might not be as popular an opinion with certain die-hard Republican mouthpieces, because they are, in my opinion, increasingly desperate to blame the current economic woes on Obama. Besides, do they really care about the small investor? I haven’t seen any proof of that in decades.
Can we even define the small investors? I submit these Americans are not really a metaphor, but simply an endangered species left to their own devices for how to bail out the super-wealthy. All I have to consider is the ungodly amount of money some of these bankers were making when the system, which they helped create and sustain, suddenly began shredding itself. All I have to do is consider the number of high-ranking CEO’s and other corporate sharks swimming in the financial water still looking for free hand-outs.
It seems so funny that David Horsey took on our economy two days in succession and each time he takes the same dismal view that many average income-earners have had for a long time.
Dave
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JeanieSpokane on May 07 at 2:22 p.m.
I believe I’m a small investor - I’ve got a savings account, a couple money market accounts, and a very pitiful, pathetic, loser, downtrodden, miserly, never-going-to-get-better 401(k) plan. I am only two years away from retirement at the minimum and in two years I will not be able to recoup what I have lost in the last year unless pennies fall from heaven in tons.
ChefGus/ John Olsen on May 07 at 5:57 p.m.
the change thirty years ago from the “Defined Benefit” plans ie a promise to pay a certain amount based on years of service and salary level… to the “Defined Contribution” plans really did a number on most people…. the average person has/will ride the stock market perambulations up and down and up and down and not lock in any profits…. and sadly as baby boomers are now retiring the “downs” is where it is at….
Some one once told me , after these plans were switched out that one should pay very close attention to the markets and to the money one has taken out of salary and tucked away in IRA/403 B-7 etc…. as NO ONE has more active interest in your money than your self….
I was fortunate to retire 9 years ago at 55… at watch with some fair horror as folks like my partner mary struggle to “get there”… sad state of affairs for those now nearing their “golden years”… john
spokelooneh on May 07 at 9:13 p.m.
Jeanie, I am sorry for your predicament, however it was clear to many, many people, over two years ago, that the market was going to tank, or “correct” if you will, to paraphrase Darth Cheney, “Big Time”.
Did your employer-run 401K not allow you to transfer your retirement investments into cash equivalents, so you could preserve the substantial gains made up until that time (and which were far outside the historical norms of the stock market)?