But many people came out of the Great Depression with a lot of experience that helped them manage their money and their lives well.

There have been comments that make it sound like only one side of the political equation is at fault. I have concluded that the entire Washington pack of politicians shares the blame. Those that deregulated the banks and those that insisted that banks had to give home mortgages to people who couldn’t afford them. And those are only two of the issues involved.

Well, SOME of us have learned! A friend of mine recently told me that she and her partner are looking to buy in the next 1-2 years, while the market is still good. They want to put very little down, or possibly even get an interest-only mortgage. They have almost nothing in savings, and only one of them is actively working on paying off her debt. I wish them all the best in life, but I had to chime in and explain why I didn’t think this was a good idea, or even feasible.

We are socking money for the car loan. I’m determined to keep that car until t dies and put the payment savings toward my student loans and savings.

My retirement portfolio has lost over $100,000 over the past year — that I know of. The 403(b) providers rarely send statements, and they make it difficult to get onto their online sites, with a PIN number that at the outset was never provided. I was ready to retire and probably would have by now, if the Bush Economy hadn’t collapsed on our heads. Now, assuming I don’t lose my job in the next round of layoffs (not a safe assumption), I will need to work at least until I’m 70. But it will be wildly lucky if I can hang onto my job for even another year.

IMHO, the thing we should be learning from this fiasco is to refrain from voting for ideologues and doctrinaire fools. Not to be too strong about it: but that’s the crop we sowed here. We’re seeing the result of a political movement that put unwise people into our country’s leadership and now is affecting the entire globe’s economic well-being.