Oct 20, 2008
More and more people are losing their life savings to the financial crisis. Everything is dropping fast, house values and 401(k)’s. Even pension funds, which are invested in all kinds of risky stocks, bonds and property, are taking a great big hit and might, one day, go under. As for bank accounts, they pay almost no interest – and they are not even really safe in a financial crash, despite all the talk about government “guarantees.”
We’re going back to the way it was in this country a century ago, when the bulk of the elderly lived below the poverty line, depended on family or lived in the poor house.