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Fidel
\,,/ rabble-rouser-l33t \,,/
Member: 6594
Joined: Apr 29 2004
March 18, 2009 - 11:44pm
#1

from Doc's link:

Quote:

Another factor that has led to a decline in personal wealth is what the report calls “the near zero level of savings nationally” from 2004 to 2009.

“As a result of the bubble-inflated values of their homes, tens of millions of families opted not to save during what would typically be their peak saving years,” the report said.

Savings shmavings, what do they need money for anyway? In perestroika years Russia, economic shock therapists considered Russians' life savings as pesky overhang and needed to be wiped out in order that market forces could work the magic. 

It must be that US boomers, like those lazy Russians of post-Soviet rule, all need straightening out and noses put to grindstones while Wall St. fat-cats lap up what's left of the cream. It must be a shocking experience


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