home values plummet

Retirement savings wiped out by crisis
The day of retirement reckoning is here for less happy reasons, too. For the second time in eight years, savers have watched in horror as their 401(k)s, 403(b)s and other retirement savings were hit with sharp declines. This time around, the household wealth destruction is even greater because of the nationwide fall in home prices. For instance, from the last quarter of 2006 through the third quarter of 2008, the real value of homes and household holdings of stocks plummeted by $5.6 trillion, according to a recent report by Hoisington Investment Management Co. in Austin, Texas. It predicts that the wealth loss may exceed $10 trillion when the fourth-quarter figures are calculated. Of course, NONE of this affects MS- we have PLENTY of money! Costly construction- no problem! FORGOT hookups to bathrooms- no problem-you just charge us WHATEVER you want! Cost is irrelevent! Immaterial! 300% profits, 400% ? No problem. We will give you as much of the taxpayers monies as you want! Its NOT like its our personal monies going down the drain, now is it? Dont worry about the well ever going dry either, cause when it does, we just RAISE their taxes and fees! First we CREATE a financial crisis by irresponsible spending, then we solve that crisis by further burdening the residents with additional fees and taxes! Then we pat ourselves collectively on the back as a Council, and give all those who supported our outrageous spending MORE money! The contractors even return some of it in campaign contributions! What a racket! How SWEET it is!