Photoessay #471 - Down, Down, Down

So I could laugh off my 6K Wamu debacle of last week. I tried to get a little tricky and buy that bargain-based stock and lost the whole thing.

But it's really not very funny these days. My main investment account has lost almost 9% of it's value in the last month. I'm very glad that I took a chunk of that money and ploughed it right back in muni bonds, wish I had done more.

Granted I don't need most of that money until retirement.

But it bring into focus another axiom that we have lived under in my generation. Which is....save and invest your money for the future. The interest will make your money grow.

But what is safe these days??? Our checking account is at Washington Mutual which was seized by the FDIC and sold at a bargain price to Morgan-Chase. My investments are at AGE Edwards which was bought by Wachovia in the last year or so. A few days ago, we hear that the bank at Wachovia was sold to Citi Bank. But today, I hear that the whole Wachovia operation was sold to Wells Fargo. Now on CNN, I see that Citigroup is now challenging this. Aaack!

Even for a time, I worried that the money I had as cash at Wachovia was safe, they assured me that it was not in a Money Fund but deposited in a bank with FDIC insurance.

Seriously, this week, my husband and I have considered a spending spree. If we went out and bought another Prius, at least we would have a nice new car, instead of a trail of paper losses. Especially with a credit crunch, maybe we could get a real good deal with a cash purchase.

Even my new window coverings seem like a more providential investment than mutual finds.

I could not see why this congressional 'rescue' bill was necessary. To quote a popular saw "Are we privatizing the profits and socializing the losses?" And what can the republicans say when they have insisted on deregulation of financial institutions. Only to have those professionals greedily squander the money on bad mortgages which they could sell off?

Saving and investing your money? Why do I feel misled?

Picture from Time.com used without permission