Friday, September 19, 2008
How about that stock market this week? Talk about a wild ride! Hopefully the free fall of the stock market is at an end with the promise of the emergency infusion of funds from the Federal government to save some companies that are too big to fail. My fear is that the worst is not over. I would like to think that we have hit the bottom but I think that is wishful thinking. I watched what few shares of stock that I have sink almost 50% in two days. So here in my lifetime I have seen my IRA value drop by over 90% during the bursting of the Internet Bubble of 2001. Then two years ago I got caught in the beginning of the Housing Market Bubble and was trapped into paying two mortgages for almost a year. I finally sold my house for a lot less than I had planned and as a result I now have a mortgage that will be paid off when I'm 95 years old. That's one reason I'm still working, to earn enough money to pay my monthly mortgage. That's not the only reason I'm working during my retirement. I enjoy my job working at a local small boutique hotel. My coworkers are interesting and fun to work with, and I enjoy meeting new people. But the wild ride of the market this week brought back to me how tenuous my security is. The terrorists have tried to bring this country down by ramming airplanes in the twin towers of the World Trade Center. However, the deregulation of Wall Street may have achieved what the terrorists couldn't achieve, bringing this country down. Can there still be any question about privatising Social Security and putting those funds in Wall Street?