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Economy and my dads life savings

This morning I was eating breakfast with my dad, looking at stocks and the DOW J had just gone down another ~650 points. I told my dad this, and he said “yeah, we’re having a problem right now. I’m watching my life savings go down the drain.” HIS LIFE SAVINGS!!! Does anyone else feel everything they have ever rightfully worked for, is being taken away to be used as government money to then be given to huge companies like AIG, and spent on things like vacations in CA?

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Answer #1

you’re an idiot. They money is being spent to try to save the american economy from collapsing. This is the worst thing that has happened to the world since 9/11 brought everything down, and before that was the stock market crash.

They are taking you’re money right now to stop banks from going bankrupt, and if they don’t do this everyone in the WORLD is screwed. Businesses and banks all over the world are suffering now, Pakistan has filed for bankruptcy … ya, a whole COUNTRY has filed for bankruptcy. Iceland banks can’t pay the money that people have stored in their accounts because they’re going bankrupt too. This is affecting the whole world and your you’re selfish enough not to care about the rest of the world, but only how you and your dad are doing.

They aren’t spending it on vacations in CA, look this up before accusing them of something like that.

Answer #2

There are quite a few shorter term investment options your Dad can make during this bear market. The important thing is that he NOT sell his stocks. The market will, as phrannie said, go back up, and since your father is nowhere near retirement age, he has time to wait.

Answer #3

I don’t blame them, might as well have fun one more time before everything crashes. but I’m right about everything else ;)

Answer #4

Wow, get your facts strait. AIG spent $440,000 on vacationing in CA. Here’s a link to one of the articles written about it: http://www.abcnews.go.com/Blotter/story?id=5973452&page=1 It’s titled: After Bailout, AIG Execs Head to California Resort Rescued by Taxpayers, $440,000 for Retreat Including “Pedicures, Manicures Yeah, they didn’t spend any money on vacations in CA…

Answer #5

Every person who has a retirement program thru their work, is in the same boat…the market WILL come back up…The “Bail-out” was to try and protect the market from completely collapsing (we’ll see on that one)…if your dad is 45 years old or less, he’ll recover his losses. It’s the people who are in their late 50’s and early 60’s who will have to revamp their retirement plans…

AIG is damned nervey (they say they got this money from a “different” source than the bailout money)…so why didn’t they just kick it into the pot, and help bail out their own a**es? Because they didn’t have to…that’s the only reason.

p

Answer #6

I feel you 2 my dad just withdrawed 30 grand incase bank tries 2 take it all

Answer #7

He’s still young enough to see a full recovery…

p

Answer #8

if your dad has lots of money in the stock market he would be losing money bail out or no bail out

Answer #9

it’s not just happening to your dad, the entire country is in a depression…

Answer #10

my dads 48! but thanks for your advice

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