- Posted October 8, 2008 by
St Louis, Missouri
This iReport is part of an assignment:
Wall Street crisis and you
The Wall Street Crisis, My Parents, and Me: Devastation on the Horizon
The American dream was only a dream afterall.
The Wall Street crisis may very well leave my working-class parents financially devastated. They will now likely have to work until they drop dead because the value of their 401k's are dropping faster than McCain's poll numbers. I may end up having to financially support them since they will likely have no reitrement accounts to speak of. Furthermore, I was hoping to buy a home within the next year, but there may not be any credit available for me to do so.
I am terrified for my parents and I am beyond furious at the greedy subhuman scum who are responsible for this situation (i.e., the deregulating Republicans, especially Bush and McCain, and the sociopaths on Wall Street). There isn't a hot enough place in hell for those criminals.
After reading a number of nasty comments by uninformed people, I feel compelled to clear a few things up: my father was not "gambling" w/ his 401k due to greed. He was a blue collar worker with a high school education when he started his career with Southern Bell, and he followed the advice of the so-called "experts" re: investing and saving for retirement. He is not a stupid man, and he actually resisted the advice of his "expert" financial advisers to be more aggressive (i.e., "risky") with his investments. He worked a backbreaking job for his entire life, saved his money, and did what he had been taught was the right thing to do to prepare for retirement.
And to all of you people who seem to think that it is perfectly fine for people to engage in hard manual labor until they drop dead, well, I suspect it is not possible to reason with you. But I'll try: We do not live in a third world country (yet). Retirement is considered a natural part of the life course in the west. From day one, we are bombarded with messages from the media, our employers, and the government about the need to prepare for retirement. Most Americans unfortunately believe the lie of the American dream (and at times they have had good reason to have this belief), and they do what they have been taught is the right thing to do to be able to retire with dignity.
Several folks blame the Wall Street crisis on the so-called "liberal democrats" for "making people believe they are entitled to any government assistance." Fine. But in the interest of fairness, I would posit that the Republicans do the same thing with a twist: They are guilty of making SOME people believe that they are entitled to government assistance (i.e.,the super-rich, corporate welfare; also see: bailout). Meanwhile they deride average Americans for expecting similar assistance from the government. Funny how they have no qualms about running to the "nanny state" they claim to despise whenever THEY need assistance. The only difference is that they actually get the government assistance they seek.
Additionally, a lot of folks are blaming the folks who took out loans they could not possibly afford to repay. I agree that they made poor decisions. However, I wonder if these people would have been able to receive these loans if the Repubs (and some Dems) hadn't pursued deregulation so aggressively.
I would also like to clear up what appears to be a common misconception. I am neither a Dem or a Repub. They both share blame for the present crisis but, in my estimation, the Repubs are much more at fault in this case. I hesitate to label myself an "independent" because that word reeks of Lou Dobbs who, IMHO, is a Republican in an independent's clothing. Philisophically, I am nore attuned with Nader/Gonzalez and the current Green party ticket. I have received a number of angry private messages from Democrats who for some odd reason think I might vote for McCain. Not sure how you folks got THAT idea, but I have never voted for a Republican in my life, nor do I have any intention of ever doing so. I usually hold my nose and vote for the dem candidates, but I will vote for "left wing" third parties at times.
I would love to receive private messages from people who disagree with me. As long as you are civil and engage in persuasive argumentation, then I am open to learning more about your views. I have found that I tend to learn the most from people who disagree with me. Unlike many people, I like to know if I have made an error so I can ammend my views accordingly.
Finally, to all the angry paleoconservative commenters, please keep the hate coming! It's rather entertaining.