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On Sun, 15 Mar 2009 18:10:59 -0400, dxAce
wrote:

Telamon wrote:

In article ,
dxAce wrote:

Telamon wrote:

In article ,
dxAce wrote:

Telamon wrote:

In article
,
wrote:

On Mar 15, 9:56 am, dave wrote:
wrote:
Welcome, kids, to the Brokest Generation

The young aren't to blame for this mess, but they'll be paying
for it.

How is this different from Reagan, Bush (41 and 43)?

Why don't YOU explain it to us with your infinite reservoir of
omnipotent Liberal Fascist wisdom and knowledge and all.
[We wait with bated breath.]

Bush 43 in his second term allowed the Dem's in congress to
create this toxic debt crisis by allowing the repeal of the
70-year-old Glass-Spiegel Act and he didn't rein in the Barney
Frank on the banking and finance committee, who loosened the
lending rules that Fanny may and Freddy Mac were required to go
by. This was the genesis of the problems we are facing today.

Instead of being a conservative president and preventing the
over heating of the housing markets with what amounts to
unsecured debt the whole industry was screwed. Today¹s economic
conditions were just a matter of time before this house of
cards folded.

You understand that once these poorly at best secured real
estate debt was created it had to be repackaged as something
else so it could be sold and resold like most credit contracts
in the credit market. These created and inflated for crap
government unsecured real estate debt became the toxic
derivatives.

People in the credit industry were very creative packaging
together good secured loans with the heavily leveraged ones to
spread the risk. The market went down and the leveraged loans
started failing, which in the process now ruined many good
loans starting a snowball down hill turning into an avalanche.
Most of the debt was frozen in place because it was now
un-sellable.

The right answer is to wait this out. People that own the
contracts will have to wait for them to play out. Some will win
with reasonable returns, some will lose, and some will break
even. The worst thing one could do is bail anyone out of this
situation they got themselves into, which is what we are doing.

This problem which has added itself to the recession would play
out in a couple of years, which would be tough but not bad but
now we have Bush followed by the obomination making a recession
into a depression.

Bush allowed this to happen and the Dem's in Congress created
the problem so who are you going to call to solve the problem?
The obomination? You think he knows what to do with it? Nope.

The obomination is in the process of making things worse. We
are screwed.

I don't know how old you are, but myself, I'm happy to be
retired.

The folks I currently feel sorry for are those who saved our
butts during WWII and are leaving us in ever increasing numbers.

Imagine looking at the current debacle, and wondering if it was
all worth it?

We let them down.

I'm still working and wondering just how much money I need to amass
so I can retire one day. It's not looking good.

My advice: Do the best job you can. Save your money. Invest it as
best you can, being aware of risks and returns. Work overtime if
offered. Work two jobs if possible. Don't lend money without a
written agreement. Get a pre-nup. Don't trust lawyers, but use them
if you must. Take what those who lie about their academic credentials
with a grain of salt. Kick back, enjoy your hobby. Etc...

Good advice, I'm working on it.

Best of luck to ya, and I mean that.

dxAce
Michigan
USA

From most that I have read and retirement simulations, 2 million (with
minimal debt) appears to still be the magic number to retire and live
about 35-40 years very comfortably.

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