Retirement funds lost $2 trill. in 15 mos

If MCain wants to win this thing he better start talking about the failed economic policies of the Bush administration and congress of which both he and Obama are part of. He should also now say he regrets voting yes for the bailout and call for the resignation of Cox, Paulson, and maybe even Bernake. he needs to make this a Bush crisis, not his crisis. Whether taxes are raised or not, spending has got to stop! http://www.boppoll.com

So all of you republicans, keep on voting for the McSame and watch your money go down with that Alaskin ship!

Hope all those asking for four more years are enjoying this.

Just remember who controlled the Legislative branch until January 20, 2007 and what party has been in the Executive branch since January 20, 2001. Nuff said. You can't pin this on Democrats. They haven't led Congress for 2 years yet. Simply not enough time to undo 6 years of Republican shenanigans. McCain had a majority when he claims he tried to fix Fannie and Freddy. If he can't move Congress when he's working as part of the majority party....well that shows he is a failure when it comes to leading.

Please remind me, how did the market do under a Democratic president from 1993-2000? Probably just a fluke, nothing at all to do with sound fiscal policy.

Posted by: Panic? | October 7, 2008 4:59 PM

I agree, except as to Bernake - who seems to be the only one doing anything constructive. Like FDR, McCain needs to tell Americans who did not engage in deceptive or irresponsible practices that their government will help them. FDR didn't get us out of the Great Depression - he just helped Americans get out of their depressions.

this started way before Bush's admin. either way, whoever gets elected has a huge problem on their hands. Obama's policy to increase taxes to corporations and the top tier is not a good thing in this economy. without confidence in the market- not liquidity- everyone will be selling. we're halfway through to the lows

If MCain wants to win this thing he better start talking about the failed economic policies of the Bush administration and congress of which both he and Obama are part of. He should also now say he regrets voting yes for the bailout and call for the resignation of Cox, Paulson, and maybe even Bernake. he needs to make this a Bush crisis, not his crisis. Whether taxes are raised or not, spending has got to stop! http://www.boppoll.com
Posted by: Panic? | October 7, 2008 4:59 PM

Dear "Panic," specifically WHICH economic policies of the Bush administration are you referring to? Are you referring to attempts dating back to at least April, 2001, to regulate Fannie Mae and Freddie Mac, the very legislation that the Democratic congressmen and congress women have opposed ?

A few FACTS to you about the Bush "economic policy." Do you have some FACTS or mere empty rhetoric like Obama ? Please confirm.

1. 2001-April, the Bush administration, in its 2002 budget proposal, asserted that the size of Fannie Mae and Freddie Mac is a "potential problem," and that financial trouble in these Government Sponsored Entities, or GSEs, could "cause strong repercussions in financial markets."

2. 2003, autumn, the Bush administration pushed Congress to create a new federal agency to regulate and supervise Fannie Mae and Freddie Mac.

On 2003-Sep-10, then-Treasury Secretary John Snow, before the House Financial Services Committee, " We need a strong, world-class regulatory agency to oversee the prudential operations of the GSEs, and the safety, and the soundness of their financial activities."

On the same day, 2003-Sep-10, at the same hearing, the ranking Democrat on the House Financial Services Committee Congressman Barney Frank (now chairman of the same committee) said in response, "Fannie Mae and Freddie Mac are not in a crisis. The more people, in my judgement, exaggerate a threat of safety and soundness, the more people conjur up the possibility of serious financial losses, to the Treasury, which I do not see, I think we see entities which are fundamentally sound financially and withstand some of the disaster scenarios, and even if there were a problem the federal government doesn't bail them out. But the more pressure there is there, the less I think we see in terms of affordable housing."

The legislation the Bush administration put forward that day was blocked.

3. Alan Greenspan, 2005-Sep-17, to the House Financial Services Committee, on Fannie/Freddie, "Enabling these institutions to increase in size--they they will once the crisis in their judgement passess--we are placing the total financial system of the future at substantial risk."

4. Alan Greenspan, 2006-Apr-6, "If we fail to strengthen GSE regulation we increase the possibility of insolvency and crisis."

The same day, Democratic Senator Chuck Schummer, "I think Fannie Mae and Freddie Mac over the years has done a good job and are an intrinsic part of making America the best-housed people in the world. If you look over the last 20 or whatever years, they have done a very, very, good job."

5. Senate floor, 2006-May-25, John McCain, "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac... and the sheer magnitude of these companies and the role they play in the housing market... the GSEs need to be reformed without delay." In the Senate Banking Committee, the Fannie/Freddie reform legislation that McCain cosponsored, 100% of the Republicans voted FOR it, and 100% of the Democrats, including Chuck Schummer and Chris Dodd, voted AGAINST it. This bill that passed the Banking Committee on a straight party-line voted was blocked by Democrats from passing the full Senate.

Senator Obama was silent on this legislation. He was "present." This was Senate Bill S. 190, the Federal Housing Enterprise Regulatory Reform Act of 2005.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190

As we know now, Dodd received $133,900 in campaign contributions from Fannie/Freddie (per opensecrets.org), ranking #1 in Congress. Obama received $105,949 from Fannie / Freddie (per opensecrets.org), ranking #3 in Congress.

6. 2008-Sep-25, former President Clinton indicated he AGREED with Fox News assertions that Democrats are responsible for failure to rein in Fannie/Freddie--Bill Clinton told ABC's Chris Cuomo that for years, Democrats have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

How ironic. For decades we were told to obsess over things like calories, cholesterol, and BMI. Of course that served the power-elite well. It kept us distracted so we didn't worry our heads too much about what was really important. As well as funneled billions from the middle class to corporate American via diet products. And for what??? To live old ages in poverty??? I worry far more about living too long vs. dying a few minutes early! I saw this crisis coming along time ago, as did anyone who was paying attention!

Instead of McCain talking about the economy, he should just try talking about Obama's supposed ties to a "domestic terrorist", one who has never been convicted of anything.

That should make millions of Americans forget their 401k statements they're getting in the mail right about now.

You idiots that think this is a good time to grandstand for your favorate political party had better get a clue fast. It doesn't help anyone if you close your mind and plunge head first into your parties' particular talking points. Check out:
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html
and stop the petty partisan bickering.

Hold the democrats who caused this responsible: http://www.youtube.com/watch?v=m9W_6U7GRrI

steve: "this started way before Bush's admin." I've always said that Millard Fillmore's penchant for deregulation would lead to problems down the road.

Remember Bush and McCain wanted your Social Security dollars to be in this Stock Market mess too.

Thanks for the reminder about McCain and Bush wanting our Social Security money to be in the market, too. Forgot about that one. On Obama or McCain saying they're sorry. Too late for that, several thousand people jammed the email and phone lines to the capitol begging them to vote no. They didn't listen. A bank that doesn't do good business...let it fail. Anyone who voted us into this mess needs to be sent packing...without a golden parachute. Let's get some action on getting taking back the dollars paid to the CEO's and get them into some new orange jumpsuits. That's the ticket.

That low, safe return on Social Security looks pretty good now, hey?

McCain is proposing a "Base Closing Commission" approach to ratcheting down our Social Security and Medicare benefits.

We know where that goes.

The younger demographic will always vote to disadvantage the elderly as a group.

And the "Base Closing Commission" will give them political cover to do so.

For the same reasons they will ride motorcycles without helmets.

great points by mel and morris. let's trust the free market system with everything. s.s. reform was shot down overwhelmingly and for good reason. yet those who argued against socialist wellfare for retirees now have subsidized private banking firms to the tune of 800 billion dollars. and mccrazy now wants to add another 300 billion.

Obama refuses to address Social Security and how he plans to "save it".

He can't. It will change.

McCain at least has the guts to speak the truth and face the facts.

Who wants Social Security to fail? No one.

Who failed us?

Congress, who spent the excess ("raided") Social Security that comes in each month and SPENT IT instead of SAVING IT!

It's Congress AGAIN. They didn't save the extra Social Security money that comes from our wages...they spent every last dime.

That is why this government needs to have spending CUTS.

Programs and programs and programs cost money...tax payers' money.

Cut the spending.

Posted by: Ray | October 8, 2008 6:15 AM

Thanks for volunteering Ray. We'll be cutting off all services to your neighborhood immediately. All infrastructure spending on roads, bridges and other public works projects in your area will be terminated immediately. We will no longer provide any law enforcement or pursue any national security interests that effect your neighborhood. We will not test any food or other products sold in your neighborhood for safety. We will not provide you any unemployment insurance if you lose your job, nor will we aid your family to get any basic services such as food, shelter or healthcare in that instance. We have shut down your local public school system. We will not provide air traffic control assistance to any plane you happen to be flying on. Your bank deposits are no longer covered by the FDIC.

Thank you again for your willingness to forgoe all government programs and assitance. We wish you luck in your future survival.

It is only a "loss" IF they cash it out. Then they amplify the loss by paying the taxes and penalty on what is left.
The number one rule in investing is never sell low.Unless you are retiring next year, you probably have time to make the money back and then some.My only fear is if my husband dies as his 401 is all I have to put a roof over my daughters head. But, such is life.

http://retiredebtfreeandhappy.com/