As I sit here philosophically pondering, I wonder:
Are the people who never saved money, and spent money on "experiences" richer now than the people who saved their money only to see it virtually disappear in this economy?
If your parents are "old school" (like mine), if you didn't have the money for "it", you didn't buy "it". And if credit was used, you paid "it" off, and worried until the debt was paid in full... celebrating with exuberant relief when the weight of that monetary burden was lifted.
Then there is the other side of the coin; the spendthrifts. Plastic People living life for the moment and usually well beyond their means. No doubt, these individuals are somewhat panicked by the economy, NOT because they are going to lose their own money, but because their parent's savings have dwindled. They will receive a lesser amount for their inheritance, which they'd always assumed would be their retirement fund.
I sympathize with the individuals who kept their nose to the grind stone, refusing to go on lavish vacations, or purchase expensive items. These hard-working Americans scrimped, and saved, of many Wall Street executives received raises and bonuses. For those who fleeced these good citizens, shame on you.
AIG Gives Connecticut's Blumenthal Data on Bonuses
Edited by Robert Baron Ruthman
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