Apparently Bank of America wants money now.
It seems the banks that were "too big to fail" took federal money in order to buy failing banks at firesale prices and thus become "even bigger than too big to fail." See - the banks know that once the federal government owns "preferred shares" that there's no way the federal government won't continue to help - afterall - the government doesn't want to lose their "investment." Once we gave an inch - we should not be surprised that they want a mile - it is how any entity concerned with self-preservation would act.
I'll admit that I'm more enraged about this than normal. This is partly because yesterday I received my 2008 statement for my IRA. Down 40% - just like my 401K. I've been putting money into my IRA since I had a 100-house paper route from ages 11-16. I'm being fiscally responsible and doing everything the way I'm supposed and now I'm wishing I'd gone on cooler vacations and drove a nicer car for the last 10 years rather than put money down towards retirement while in my 20s.
Granted - my education will still take me far - so long as I keep my job I'll be fine. But it is obnoxious to be punished for doing what everyone tells you you're supposed to do - deny yourself instant gratification for the promise of a better future.
Compound interest can suck my compound balls.
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2 comments:
Okay, I know you're hurting now, but I cracked up a good 30 seconds just that title of this entry.
Well played.
Yay!
I don't like to complain because I know so many people have it worse - I just need to vent every now and again.
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