Savings in Wall Street and Dow 9,000
I'm listening to the news and the pundits are all decrying how so many people have lost their savings that were invested in stocks.
It occurred to me that there was the problem.
Since when, in America, did the stock market become a place for a family's savings?
I thought that Wall Street and the Stock Market was a place for speculation and investment, not savings.
It used to be that in America many common citizens felt the stock market was a form of gambling.
Now the illusion is unveiled and that illusion is that American citizens should ever park their money in the stock market and let it ride. The average citizen does not have the access to information needed or the time needed to monitor the markets closely to play this game.
If Americans actually had savings in bank accounts, the banking failures would be less likely and economic impact from market corrections would have a less severe impact on our total economy.
The scam going on in this country is so deep that there should have been calls from DC politicians over the last several years encouraging Americans to SAVE! SAVE! SAVE!
I never heard that call from a so called leader in DC. Anyone else hear it? Did I miss it?
W