[mitchntx]

Since about 30, I've been saving, scrimping and hoarding pennies, working 2 jobs, 3 sometimes, all so that I could retire at 55.

Everything ... mortgage, debt, housing amenities, shop, tools ... everything was set up on this idea that I could retire with reasonable comfort and then work as I wanted, when I needed and do what I liked.

The last year has seen that dream slowly dwindle into the reality that I will have to work at this stinking job till I'm a hundred and 55. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/unsure.gif)

My job is great ... been there since March of 1982. I really like what I do. Unfortunately it comes with it's share of migraine headaches, mostly with the title of Manager attached somewhere.

I was talking with a very good friend yesterday and he made some really good sense. Might as well pull all the money from market accounts and buy a new car. The drop in value couldn't be any worse.

Oh well, just thought I'd rant a while ... kind of feeling sorry for myself. So I want all of you to feel bad, too. (IMG:http://www.frrax.com/rrforum/style_emoticons/default/drink.gif)

[FBody383]

Any one read or watch Richard Fuld being grilled over his "severance" from Lehman?
The arrogance of these CEOs ...

I'm a little closer to this than most of you; be glad to add some color in person. Waxman put up a slide that showed his annual earnings over the last several years. Fuld's testimony was that the majority of his compensation was in Lehman stock. Fuld is a self admitted "Lehman Lifer" having started at the company in the late 60s. Helped build a formidable company until the company's actions and the weight of market dysfunction around mortgage lending blew it up.

Astronauts, surgeons, quarterbacks and CEOs typically are "big" personalities; it is part of what makes them great. Doesn't mean they're not worth what they're paid. Do they make more than you or I? Probably. Anything wrong with that? Probably and usually not.

That is exactly the problem. People, CEO's included are taught to buy buy buy and live right now, never thinking about the long term. CEO's and sales people live for bonus' without regard for what the future holds.

Certainly a generalization, but probably fair.

In the late 1920s on a few percent of houses had mortgages on them, today only a few percent don't. Your great grandparents probably would not have borrowed money for anything. Today's college graduates will use credit for fast food.

You are dead on that people are taught to consume and use debt to do so. It is a great failure of our public education system and our society. It is our collective fault for putting legislators in office (PTA, school boards, city, state, federal) that perpetuate deficit spending.

Everybody comes to their own decisions; I'm a saver by nature and have sacrificed other lifestyle choices to make contributions for my retirement. My current DD has 173k on it and will be on the road for several more years. Only debt the wife and I have is the house.

I didn't get there overnight and I ain't going back.