Been smugly thinking that you were smart enough not to take out an interest only mortgage to finance a house at the peak of the market? Or savvy enough not to invest your savings in a mortgage portfolio or some sort of interest rate swap?
Sorry, think again. Because GWB and the US Congress have decided to force you to be an investor in crappy, devalued investments. To the tune of at least $700 billion.
Four years ago, privatization of Social Security was scuttled in large part because Congress thought it unfair to toss the average taxpayer into the volatile marketplace with his/her retirement savings. Now, the government is forcing us all to participate in the financial markets, but only allowing us to invest in the worst assets. Just great.