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Little Advise to those still workingPut some money into FDIC protected CDs, now. The reason I tell you this is that some of us predicted two years ago that our debts were far and above what could keep our economy from failing. Personal and corporate debts, and state and federal debts also, were at such an extreme that it was bound to fail soon. Well it started last year when it was discovered that the assets of banks were made up of junk loans. A domino effect started large companies into failure who laid off many people. OK, so here we are----except it is not done yet. Not by a long shot. Federal money has temporarily slowed the rate of decline but will soon not be nearly enough, and I don't think much more is going to be provided. Another 10-15% of you workers are destined to be laid off when retail construction starts getting foreclosed, and those houses in severe dep trouble that the banks are still carrying as assets are required to be foreclosed. The federal and state bank inspectors have been told to foreclose gradually so as not to cause a national panic! That will soon be stopped and will cause massive foreclosures and bank closings. I don't know who is going to buy the cars next year that is supposed to save the car companies! The federal loans will never be paid back. In a neighborhood of say a hundred houses maybe 20 or more of those workers will not have a job. Now you may lose your home and not be able to pay your bills when this occurs, so save sufficient money for your family to have some cash for food when it happens to you. Even if you think you will not lose your job it is not a bad idea! Stop the spending non-sense until jobs are plentiful again--maybe in five years or so. I kinow that eating out and traveling and new clothes all of the time and toys galore and $100 bar bills per week are hard to quit--but you better do it! I put what I had into guaranteed funds two years ago and my pension is SS and investments. The last administration told you to put your money into 401-k for retirement! Cancel SS and Medicare! Many did. Bonkers's blog | login to post comments |