Skip to main content

View Diary: 60 Minutes Gets It (212 comments)

Comment Preferences

  •  There's a big difference (2+ / 0-)
    Recommended by:
    Linda Wood, emal

    between considering a house as the third leg of a retirement strategy and using it as an ATM.  It's very easy to look around at what's happening right now and provide an opinion that people who considered their house as part of their investment strategy bought into some kind of scam.  But that's not the truth.  The real estate bubble is a recent artifact.

    The people who have the most to lose are 50 or older.  These people made their investments at a time when the real estate bubble wasn't even a gleam in a bankster's eye, when computers had much less control over Wall St., and when your average working American wouldn't have dreamed of having some sort of investment portfolio.  We're talking 20-30 years ago when most working people had checking and savings accounts, a pension if they were lucky, SS, and a house.  They could expect that their house would increase in value because that's what had happened reliably since the 1940s.

    Then the corporations started stealing their pensions.  Then the banksters crashed the housing markets.  Now they're going after SS.  

    This was absolutely unpredictable 20-30 years ago, in the same way that the new outrages of 2040 will be absolutely unpredictable to you now.  What if you work your whole life, save your money, turn 60 and then find out, for example,  that giant corporations have declared that they own all the mineral rights in your state?    They turn everyone out of their homes and just take everything.  And then someone tells you that this was inevitable and you were a fool for not moving out before it all happened.  There you are, 60 years old and a refugee..and a fool, according to many.  Not wise, not prudent, you didn't see it coming.

    As for "oh your retirement!", well why didn't you save your money?  Why did you let them steal SS?  Why didn't you see the future?  It's really all your fault.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site