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Retirement accounts have lost $2 trillion

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Americans' retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress' top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers' nest eggs.

The upheaval that has engulfed financial firms and sent the stock market plummeting is also devastating people's savings, forcing families to hold off on major purchases and even delay retirement, Peter Orszag, the head of the Congressional Budget Office, told the House Education and Labor Committee.

As Congress investigates the causes and effects of the meltdown, the panel pressed economists and other analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.

"Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."

More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said...

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recommended by Vierotchka
Pericles1978

33 responses // Retirement accounts have lost $2 trillion

  •  

    With so much nothing to look forward to, what ever will I do with all of it?

    recommended by onechance
    huntre
  •  

    Bu$h bows, and exits stage right...

    onechance
  •  

    What can you do when the economy is going down in flames?
    Get cash, no insurance, hope for best....probably do something else too..

  •  

    My daughter's 529 college fund was hit as hard as my retirement account. I'm teaching her to say "student loan" ;)

    marcozarco
  •  

    I spent my money on beer instead of a 401k - who would have ever guessed that was the better investment?

    recommended by rabidlemur
    grease_weasel
  •  

    I don't know about everyone else but I have always been a moderately conservative investor. Important money to me like my child's college fund and my retirement money have been directed by me.

    You see regardless of how expert you are as a fund manager, no one tells me what I will do with my hard earned money - the final decision is always mine.

    I have spent hours pouring over information to learn as much as possible about what I want to accomplish so that I am in a position of strength when I speak to these people.

    This approach has served me in good stead so that I have not lost my shirt in any of this so-called meltdown. For example, I have my own rule only 20% of my portfolio is put at risk the remaining 80% is held in secure investments, sometimes as little as 15%.

    You have to rely on your own instincts and spend time learning about your money. No one ever wears your shoes and can't know how they pinch. Help yourself, take charge and use these so-called experts wisely - don't rely on them totally.

    Imagine that some of these fund managers saw these trends on Wall Street, how many of them called their investors to urge them to make changes last December when the writing was on the wall?

    Do you see what I'm talking about? You have to be your own expert, it is your money - you earned it and you stand to lose the most ultimately.

    asteroid
  •  

    It is not only American retirment funds which have collapsed - many in Europe have seen their retirement plans and savings collapse and disappear because of this.

    Vierotchka
  •  

    As a child, the blind man looked at me in NYC and spoke of my future, I knew then I had larger plans.

    I'll retire once I'm dead.

    Ride on!

    1percent
  •  

    #1 FUCK BUSCH!!!!!

    #2 Freedum - of - Speach - Biatches!!!

    #3 Spread MY word!

    --------------------------------------------------------

    Though I was born in the US.....

    "America "

    The biggest liar in the world,
    Makes you believe in things that do not exist,
    such as a "market"
    What the fuck is market?
    think about it....
    The "economy" is going bad.....

    What economy..?
    where is this economy?
    Where can I find it?
    what ever happened to watering your plants and watch it grow with the sun that provides the heat and power to grow living organisms?

    No, no, no... not in America we rely on an imaginary pool of funds that determines our countries welfare for it's residents.

    A clever sceme created by the white man to scare the whits out of honest, gullable americans, who believe in this so called "American Dream"

    so, they inflate gas prices to make some money... make you believe that there is war going on... starting b.s about war on terror..

    If our country is so great, don't you think we would have this War all rapped up with just a single phone call?

    THINK ABOUT it....

    USA is Scared of Russia!

    North Korea..

    China...

    Sure, there is War going on... of course it's real... but where did this initiate...

    Years ago there were alliances created.. and it seems there are some countries NOT involved in this Alliance.. But as far as you know,

    maybe every single continent, country, state,county, and city is involved in one big worldwide sceme to FUCK it's residents..

    to fuck it's residents!!

    You believe what you hear... what is told.. don't you think it's all pre-meditated to sooth your mind, sooth your thoughts, make you believe in something that does not exist?

    And somewhere along the line... there's this imaginary person.. up above.. watching down on all of us... to make sure we live in order...

    And in every different country they make it up to be something different.. Buddah, GOD, Jesus, Allah, what ever the fuck his fake ass name is... just to scare you into thinking...

    SHIT... I can't even wipe my ass after taking my morning shit without this guy watching me do it..

    do these gods ever take breaks? Especially during your intimate moments.. you do not want to be thinking nor chanting the name of your god while hittin' the best piece
    of american, south american, mexican, canadian, brazilian, peruvian,.........................., etc. english piece of pie that exists on this planet do you?

    Well.. I can tell u this... I DON'T!!!

    B....asic
    I......instructions
    B.....efore
    L.....eaving
    E.....arth's atmosphere... Tm

    The_Meister
  •  
    Image...

    Just look to the billionaire count -> 1,125 in Mar. '08
    up from the meager 492 eight years ago.

    Concentration of wealth is poison.
    The article is poignant to our current situation.

    drewsuf721
  •  

    wow i knew times were getting bad but i didn't realize it was quite to this extent O.O

    figalmighty
  •  

    People losing their retirement money, people losing their homes, their jobs, and on top of that, the only ones who get a bailout are the corporate rich... Good times.

    UrbanGypsy
  •  

    meister stfu. kthxbai

    Ovan620
  •  

    ...and the US just keeps hurdling towards its doom.

    TrevTar
  •  

    This is not just a US issue. It is happening globally. Countries going bankrupt, banks crying for bailouts, utility privatization, people loosing jobs, loosing their already devalued homes, savings, investments - not to mention war.

    Get the picture:

    Step 1. ECONOMIC ENSLAVEMENT
    Step 2. PUBLIC PANIC OVER ECONOMIC COLLAPSE
    Step 3. POLICE STATE

    It all points to a single agenda.

    Total ownership of all assets and wealth by the few at the expense of the many. This is sanctioned by the political process and enforced by the police and soon the military within their own borders.

    Debt Slavery - Zeitgeist Addendum
    http://current.com/items/89369758_debt_slavery_zeitgeist_addendum_released

    Aaron Russos - Freedom to Fascism
    http://video.google.com/videoplay?docid=5355374476580235299

    and just in the last couple of days
    Naomi Wolf: http://current.com/items/89367277_does_the_bailout_bill_mark_the_end_of_america_as_we_know_it?xid=76#89382554

    Inform your family, friends and neighbors who know people in law enforcement and the military about what is happening. They will soon be the ones pointing guns at YOU.

    3oc
    • 3oc
    • 1 month ago
  •  

    Now ---imagine what might have happened had the Congress been SUCKERED into replacing Social Security with 'private accounts'?

    lenhart
  •  

    There is plenty of blame to go around for this mess, so dont just blame Bush for this. Do you really think he could have caused this entire financial meltdown by his lonesome? The lead picture is awesome by the way!

    kreddig
  •  

    WOW!!!!!! Bush played every American for a 700 billion dollar severance. Why settle for a golden parachute when you can have platinum...

    FazeB
  •  

    If $ makes the world go 'round, then what will the world need to go 'round when there is none?

    shaka23
  •  

    Without trying to sound trite the world needs love.

    Love, understanding, compassion, community, acceptance and a deep knowing that we all need to support one another and the planet we live on.

    3oc
    • 3oc
    • 1 month ago
  •  

    One picture worth trillions of dollars. We are all screwed! The haves and have mores are smiling, they got the orgasm, we get the clean up. Its time for change.

    We cant afford four more years of failed policy with no accountability. Its time we stop "moving along". Accountability is what is needed, today, tomorrow and always! Shame and accountability would have stopped this mess years ago. Instead Americans were spun to believe, "nothing to see here, move along". Our leader should not have been able to be photographed giving the finger! He should not have done it!

    Its time to bring back accountability and shame. Shame on George W.! Not the leadership we need!

    Conniepae
  •  

    Yup.I'm one of those 20% ers. I moved my money out of US currency into foreign currencies and gold. that's the only way to protect the value of our assets.

  •  

    Read this out Loud!!!

    I SOFA KING WE TODD DID!

    The_Meister
  •  

    gloom despair and agony on me.ohhhhh

    deep and dark depression excessive misery.....

    ohhhhhhhhhhhh

    bigred5
  •  

    They can take this picture down. . .but I got the video copied (not the embed code) and they can't take any of them off my wesite!!!

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