A Generation Suckered Into Believing "Buy and Hold" Gets Ready to Start Anew
Article Submitted By: AronLiv
Most folks in their 30's and early 40's now realize that we have lost everything that we worked so hard for as a result of the excesses of the baby-boomers.
There is a lot of resentment among those of us entering our middle years. It is palpable.
For years, we watched those a few years older than us, the baby boomers, do well in the booming economy of the 1990s. We were told to follow their steps and we too would experience their wealth just as easily. We were told to "buy and hold".
We invested in the market. We cheered when the Dow crossed 10,000. But, it did not come easily. we lamented the burst of the tech bubble. We lost a lot of our money then, but we attributed it as a once in a lifetime event. We learned from that experience and stuck with the market through the trials of the following years. We vowed not to be left exposed in the same way - we put our money in blue chip stocks like pharmaceuticals and defense stocks and consumer durables and even bank stocks.
We also bought houses at ridiculous prices in the middle of this decade. After waiting for years, we gave up waiting for them to go down. We couldn't wait any longer.
We build businesses or worked our way up the ladder to high paying jobs. We believed that we could make it happen.
The global economy has collapsed and we have lost everything now. We are starting over. We are so angry that we are going to elect a man with no experience other than as a community organizer to be our next president. We are going to put our money under the mattress and cry for now. And, in the future, we will probably all be fine. But our destiny is settled. We will always be the skeptical generation.