In the past few weeks, the nation has been in the grip of a financial crisis that has shaken once mighty Wall Street institutions to the core, while Americans on Main Street nervously bite their nails.
“People are waking up from a gigantic hangover, trying to figure out what’s next,” John Schloegel, vice president of investment strategies for Austin-based Capital Cities Asset Management, told Reuters recently.
Frankly, the entire year has been one giant hangover for many Americans who have watched food and fuel prices elevate and their 401k’s and home values deflate. They’ve been whipsawed by fear that achieving affluence and a better world for their children has been derailed. According to the Economic Policy Institute (EPI), a Washington, D.C. think tank, the current financial stall marked the first time since World War II that the typical family was worse off at the end of an economic expansion than at the start.
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