> In fact, that was the top economic worry in the
> AP-Ipsos poll. Fifty-nine percent said they were
> worried "a lot" or "some" about seeing the value of
> stocks and retirement investments drop.
>
> "I really dread opening my (financial) statements,"
> Sims said.
Welcome to my reality.
It's going to be interesting to watch what happens when desperate middle class people start cashing out their 401ks. When you have no money and the unemployment runs out, cashing out that 401k makes more sense than selling drugs, knocking over the 7/11 or competing with people for low-paying temp jobs.
How many stories in the media should we expect to see that warn people about not cashing out their 401ks?
These upcoming government "economic panic" checks aren't going to help much. When you don't have any money, $300 is nice influx of cash, but then it doesn't go far. That amount will only pay a third of a monthly market rate rent on the coasts and a bit more than half of the monthly rent for nice apartments around here.
$300 =
* One car payment * Several months of electric bills, maybe two months during the winter months * One month's student loan payment for young folks, two months for us older peeps. * Groceries for two weeks for a regular size family? * 100 gallons of gasoline
Chuck