Economic Crisis: Get Ready

Here’s something to think about:

  • A few weeks ago, millions of Bear Stearns customers received a very rude awakening.
  • Last Sunday, millions of customers who had retirement accounts with AIG – including a few acquaintances of mine – found themselves WITHOUT A RETIREMENT FUND.  That’s years or even decades of scrimping and saving for retirement gone down the fucking toilet.
  • Today, the Consumerist reports on the first money market fund to ever “break the buck” – that is, to have a per-share value lower than $1 (the “definition” of a money market fund).  Even your high-yield savings account is a risky investment now.

There is nothing certain in this world.  How do I know the companies and banks that keep my money aren’t going under anytime soon?  I don’t.  But I do know that whatever happens, I am at peace with myself and (somewhat) ready for what is ahead.  Are you?

Update: The Consumerist is making me feel a bit better with a post on what to do in these uncertain financial times.


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