If they had a pretty new mortgage - lost all their equity, and more in their Home. If they had a home, fully paid - they lost 25 to 30% of the value of the home.
As for their pension plans, IRA's, 401K's ---as of today they probably lost 30+% of that Value
Is there anything being talked about today - other than "Fear of Security." Is there anything for me to write, this day - that has any significance. There were laws in place that were removed in the name of "Free Markets" that substantially contributed to these problems. Short Selling is good for the markets - it requires the short seller to locate stock to borrow, before they can sell short.
But they left a loophole for the big boys to sell "Naked Shorts" not supported by borrowed stock.
Unfortunately, those who made large sums of money on Wall St. and in Real Estate financing - have enough to retire - as all the new regulations are put in place - "No more Fun" for them.
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