Friday, October 17, 2008

Old and not so bright

I can see a new bailout being brewed up to save these new "victims".

"I have to tighten my belt a little," said Cecilia McBride, a 67-year-old widow whose IRA is down $100,000. To save on expenses, she no longer drives her car but instead uses her golf cart to get around Sun City Center, a retirement community located 30 miles south of Tampa.
Uhm hello, McBride, anyone home? At 67 you do not put all your money in stocks. That is investing 101. Somewhere in your 50s you start slowly moving away from stocks to bonds and CDs. You do that so if there is a sudden downturn, you don't have to start eating cat food. If your retirement loses 30% when you're 30, no big deal, you have time to make it up. If it happens when you're 67, well you're screwed.

But since personal resposility doesn't count for anything anymore, I'm sure Bush and/or Obama will make things right with this moron and send her a check for $100,000 soon enough. McCain will buy her a brand new house too.

No comments: