This story brings to mind Bernie Madoff and all the financial suffering he has brought to many lives. There were many who entrusted their entire life savings with Mr. Madoff and the outcome was financial ruin.
I am 53 and have retired early because I made myself become responsible in saving and spending (I am the absolute opposite of the US government). I went through all the pitfalls of life such as gambling problems, negative networth,etc.,but you have to reach a point in your life where you say “I am going to turn this around”. If you never do this you are doomed for a uncomfortable later life.
The American people just like the US government have been over-extending themselves for decades and even after this most recent major setback it would appear they still have not learned thier lesson. Credit is cheap again and the government is giving every incentive possible for everyone to go out and spend like drunken congressmen/women again.
Too many Americans who voted for Obama are now expecting the government to take care of them cradle to grave. This is socialism, and socialism with time always fails. As Margaret Thatcher once said, “The problem with socialism is that you eventually run out of other people’s money”.
