Save Democracy and open a savings account

[Phoebe Loosinhouse]

The United States (and the world) are threatened with encroaching Fascism and corporatocracy where the power of the rich and powerful and corporate interests trump the interests of the common man, the common good and the common welfare. These interests have power because they have money.

They have money because you gave it to them. You gave it to them when you opened your IRA and 401K and invested in mutual funds because they (every financial planner in the world and every magazine and every TV show) told you you had to or you would be the biggest schmuck in the world and plus, they were no longer going to pay long time loyal employees "defined benefits" (pensions), they were going to LET you (force you) to pay for your own retirement with your own money and maybe a company match if you're lucky.
(Privatizing Social Security -their ultimate wet dream- is just one more step down a path already embarked upon.)So now, a huge percentage of average Americans are heavily invested in the stock market - that's how they got so much of our money.

That they ill-use. That they employ for lobbying for their interests and against yours. That they contribute to sympathetic lawmakers and corrupt the system with. That they will later hire lawmakers and their families with. That they will divert to themselves in their gigantic bloated executive compensation and bonus packages as they effectively loot their own companies of the dollars you provided that you should be getting a better return on in the form of dividends.

That they COULD have used for: better wages, salaries, benefits for ALL their employees or to deploy new and better environmentally responsible technologies and products.

I have believed for a long time that most of the current stock market is a Ponzi scheme designed to transfer wealth from the poor and middle classes to the wealthy. I also believe that this house of cards cannot be sustained indefinitely - that the rotting carcasses of many companies who have been plundered by their executives and boards are ripe for failing in a faltering economy.I don't believe that this was always the case, but I think this is the case now. The upper tier of irresponsible, unethical robber barons found that they could get away with this shit, so they did and in the process are taking down the whole game.

So, I plan to withhold my money from them for the indefinite future. I am in the process of converting most of my IRA mutual fund accounts into bank IRA CD's - boring but safe in a volatile time. I will invest again, but I will be a lot more careful of the companies and funds that I invest in and will look for socially conscious companies that treat their employees, their stockholders and the environment in a socially conscious fashion. I will scrutinize their executive compensation and see how they are contributing to the general welfare.

Someone in another thread asked - "how can we get our country back and get our lawmakers to listen to us again?" We get them to "follow the money" and find that it leads back to US - your average American wage slave.

We have more power than we know and we control the purse strings. Stop funding crappy corrupt companies that work actively every day to dismantle your life and your country. As far as politics, I also will be contributing to the ACLU and probably Feingolds Progressive Patriot Fund as I have in the past. No more money to the DNC (sorry Howard - you're great, but we have a lot of duds) or the DCC.

It's a plan. Who knows, it might work.

[hobbit709]

1. To do that, first you have to have more income than outgo.

I haven't been able to get a real job in 7 years. I'm not disabled enough to get disability and not fit enough to work 40 hours a week. My wife got terminated in Feb after 32 years. $311/wk unemployment don't go far. Her COBRA is costing her $400/mo-she's a diabetic. I make a little money working part time out of my house but if it wasn't for the hush money paid by her former employer we wouldn't make it. We have enough money in the bank to squeak by until after the end of the year. We still have an IRA(or what's left of it with the stock market) but it would take an absolute emergency to touch that money. Both of us are over 50 so that makes job finding even more difficult.

[Phoebe Loosinhouse]

2. I wasn't telling people to dismantle IRA's

which we've all seen drop like rocks due to the stock market - I was suggesting moving them into another IRA account in bank CD's and then making wiser choices about funds and stocks instead of just mindlessly contributing to the often horrendous choices that a lot of companies have in their 401K's.

And, I am really sorry about your personal situation. 32 years! Hush money? Sounds like there's story there.

[Marrah_G]

3. I have 2 savings accounts- no 401k and no retirement funds........

Do I still save Democracy even if both accounts are down to pennies?

Sadly in this economy there is little left to save and emergencies eat what little there is up quickly.

[Phoebe Loosinhouse]

5. And while I don't know your particulars, you are not alone

and in fact, you're ahead of a lot of people in that you at least made an effort to save and not to spend.

You and all Americans should have the opportunity to earn enough to have food, shelter, healthcare and education with some leftover at the end of the day to put away. That's kind of my whole point. The large corporations have no compunction about paying ginormous compensation to the top because they take it from the bottom.

Single payer universal health would be a godsend to employees and small businesses and would unleash (in my opinion) a tidal wave of creative entrepreneurialism once people are free from being enslaved by benefits to larger corporations. This is the single largest factor that hampers the growth of small business.

[Marrah_G]

7. I agree with you completely.

There are so many things that would turn this country around quickly, yet none are even being considered.

Each day I am getting more irritated with the Gov and with my Party.

As for the saving: I am fighting to get some bills caught up quickly so I can save some money up to replace the oil burner with something more efficient before winter.

The 1000.00 per month predicted heading bills may indeed break me. Looks as if I will be getting a second full time job just to pay for that. My kids will have to fend for themselves and I'll have to cross my fingers that they stay good kids.

My particulars: Single working mother of 3. Income: 40,000. Location: South of Boston, just north of Providence.

[KharmaTrain]

4. The End-Around

There's a lot of good in what you've posted.

Many "smart" investors saw the problems of this economy a while ago...the housing bubble was one of many out there that was a big shell game that kept the market "booming". As long as the bubbles didn't burst, all looked good...401ks and other porfolios looked golden. People wanted the 10% or more returns...dare to keep it in a CD or Savings account and you were called a fool. But that was then. The dark clouds were long over the market and knew that it wasn't if but when that the ponzi scheme would begin to crumble...and that day came when the first housing defaults started to jar the market...around the time it was hovering near 15,000. The dollar was already weak ("smart" money went into foreign currencies) and many started to head to the sidelines...thus the accelerated rate of the market's collapse. Many cashed out and either are stuffing it in mattresses or in secured investments...the poor suckers are those who don't have the ability to move their funds or aren't aware of or don't want to be concerned with such complicated things.

Remember, when you put your money is a savings account you're still giving it to a bank...and while they guarantee you a return, it's not known how they get that return. A good bet is they will be giving it to those same corporate purses we both agree shouldn't be bailed out or funded.

What eventually is needed is a better fiscal policy that once again enforces regulations on speculating, stops bailing out failing companies and ends a war that drains billions daily that we'll have to pay for later.

[Phoebe Loosinhouse]

6. Many of today's problems can be traced back to old fashioned greed

The calls for "de-regulation" "privatization" "small government" were just the masks employed by those preparing to run in and do their smash and grab larceny on the economy.

I really think they went too far and have literally killed the golden geese (us) with their relentless greed.

Smedly was right when he said "War is a racket". It enriches the few (like Cheney) and kills and impoverishes the rest of us.

[Marrah_G]

8. Yes, and I am not sure it can ever be fixed without a radical changeover in the Gov

[Phoebe Loosinhouse]

9. Phil Gramm - Grrrr!

He and his wife Wendy were both Enron profiteers. His stupid outlandish statements today just reinforce my feelings in the OP. You silly people with plunging home equity, no jobs, astronomical medical and tuition and utility bills are just whiners!!!!! Suck it up and invest more!!!!