Blog: Stock Market Troubles: It's Hard To Keep The Faith When Your 401(k) Is Evaporating

Added October 24, 2008 by Ilyce Glink

Print Articles

It was shocking to hear former Federal Reserve Bank Alan Greenspan admit he recognized a "flaw" in his logic and reasoning. So, he thought banks wouldn't be greedy and would rise to the occasion and protect their shareholders and their capital base.

Wrong!

Like everyone else, the CEOs of these banks were enriching themselves at taxpayer expense. When you get paid $100 million a year, or even $25 million a year -- and you believe truly that you deserve that kind of remuneration -- you lose your ability to recognize that you have a public trust. That hundreds of thousands or even millions of investors are depending on you to make the right decision.

So we are all suffering the consequences of these actions, and probably will be for some time to come.

It was the perfect storm all around. The good news is that after we work our way out of this global depression we're heading for, we'll likely never pass this way again in our lifetimes. At least I hope not.

Oct. 24, 2008

We have over 5000 articles on Real Estate Advice, Personal Finance Advice and Consumer Advice on our site. We encourage you to look at these articles. As always, if you have a comment on our articles, please post your comment below. We thank you for coming to ThinkGlink.com.

If you'd like to help us out, you can contribute to our site and keep the site free of charge. Thanks.

© Ilyce R. Glink. All rights reserved. This content may not be used, distributed, syndicated, compiled or excerpted in any medium or form without written authorization from Think Glink, Inc. For information on syndicating ThinkGlink.com please contact us.

Previous blog post Next blog post