Apparently people should not have more than $100K in the bank..so sez Geo Bush

[SoCalDem]

"Yer money is safe...accounts are insured up to $100K, so it's all ok"..

and YET....


people are expected to somehow amass millions for their retirements, and we are routinely and roundly chastised for NOT saving...but we are somehow expected to not have more than $100K in the bank?? or are we expected to have multiple accounts (thereby reducing the interest we can earn) or to spend all our spare time running from bank to bank, opening accounts all over the place??

I fully understand the FDIC rules, and know that this is :sarcasm:, BUT the underlying fallacy of Bush's thinking is once more revealed..

Our 401-ks are invested in the "market" which is tanking hourly...Our savings are stashed in banks that may or may not stumble & crumble, our equity in our homes is evaporating fast, Social Security is always a target for looting, slashing, "reforming", companies are retracting pensions (if any were lucky to ever HAVE them)..

Apparently even our "feckless leader", now seems to have admitted that no one (or not many) even has more than $100K net worth :rofl:

[Virginia Dare]

1. The sad part is, most people don't...

I read an article this weekend quoting various experts saying that most baby boomers will run out of money before they die unless they drastically cut back on their lifestyle. Looks like we won't be living the good life into our golden years afterall...:(

[BridgeTheGap]

2. Another great argument for privatizing Social Security... ;-> n.t

[exothermic]

3. How do multiple accounts affect interest earnings?

??

[SoCalDem]

4. Compounding interest on higher amounts

and some accounts have minimum limits for even opening them..

a CD we have got us a full 1% more interest by upping it $1000, when it matured, because we jumped to the next tier..

Most people don't have that much anyway, but it his THINKING process that always amazes me:(