Benny's World

Monday, October 06, 2008

Paying Twice for the Financial Services Industry

Your fearless blogger has turned more risk averse these days. After watching my nest egg losing over 25% in the past month, I had to take some drastic actions in the past two weeks. One, is that I had to stop contributing to my 403b plan. For every month I was contributing funds, I lost all of the months from this year and most of last year. It doesn't make sense to me to throw precious monies into a sink hole. The funds I had left in the account, I put into a fund that makes no money, but doesn't lose any either. But now I will put any contributions into the savings account at my bank since we will have to brace for the hard times coming. And at least, I know they will be insured.

The second step is that my almost matched contribution for my other nest egg, I have changed my largest mutual fund from a diverse account into a quasi-money market portfolio that again, will make no money, but it will stop the bleeding.

I resent the fat cats who did large sells which hurt my accounts because they wanted their golden parachutes and still expect to do the FWTW. They want to retain their yachts. I want a retirement. My parents had no retirement, other the little social security they accumulated, and at that, I help out my mother in order for her to survive. I don't mind, but when I'm losing money, I have less to support her. My taxpayer dollars are bailing those asshats/fat cats out, and yet, Congress or no one did anything to rescue my hard earned dollars. I'm not likely to lose my home anytime soon, but I feel badly that what I do will hurt the little people who have lost jobs or will lose jobs and Congress refuses to extend unemployment benefits.

McCain is proposing cuts to Medicare and Medicare. Lovely. That does a lot for my mother.

I don't get it. Our country is so screwed up, and it affects the rest of the world. We've lost our moral leadership around the world, along with our small wallets. We cannot pull up our bootstraps all of the time anymore, and it's not for the lack of trying either.

Labels: ,


Post a Comment

<< Home