Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

46 of 65
BACKNEXT
Joe Ross: 'Fools' for saving
Joe Ross: 'Fools' for saving
Joe with his wife, Celeste
Consultant, 59, Eugene, Ore.

My wife and I have been saving our money for many years in hopes of buying a retirement home and living off our investments. No matter how much we saved, it seemed that housing prices continued to escalate beyond any reasonable bounds. We feel like fools for saving our money, which only gets eaten by inflation.

We are absolutely disgusted by government fiscal policy which provides cheap money to investment banks. The loose fiscal policy essentially robs savers and rewards people who borrow and speculate. Anyone with a pulse knows that the current housing fiasco is the result of loose fiscal policy and a complete failure to regulate fraudulent behavior of everyone in the real estate business, including the investment banks, realtors, appraisers and buyers.

Loose fiscal policy is a primary cause of inflation, and inflation is simply a silent tax, as it lowers the purchasing power of money that we have saved as surely as if the government had simply confiscated the money via taxation.

NEXT: Ron MacQuarrie: $35,000 in debt
Last updated November 15 2009: 6:21 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Sports teams want you back in the stadium Stadium attendance is down so pro sports teams are using technology to win back fans and get them in their seats. More
Homes in these ZIP codes are selling like crazy Strong job growth, growing interest from Millennials and affordable home prices are attracting home buyers to these cities. More
Working class whites & the government: It's complicated These Clearfield, Pennsylvania, residents are mad at D.C., but want more help. More

Special Offer