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Old 10-26-2020, 07:52 AM   #141
Thinks s/he gets paid by the post
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I remember the vivid realization for the first time ever that money is not actually real. The only reason we trade it for goods and services is because we all agree to believe in the illusion that it has inherent value. The dramatic actions of the Fed, Treasury and Congress were as much about maintaining citizens’ confidence in the system as doing anything tangible to the ocean of digits and paper we all rely on. To wit, the day Congress first failed to pass TARP the curtain was pulled back to show that, not only were the “wizards” all confused, fallible humans, behind them...there was nobody there.
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Old 10-26-2020, 09:11 AM   #142
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I was just beginning to gain some financial literacy, and at a breakneck speed since I was single, I had no TV, and I couldn't get enough of these Personal Finance books from the library.
When the market crashed I considered myself "lucky" that I had put my 20K Cadet Loan into a 4.75% CD instead of putting it in the market like some of my peers. Once I realized how smart THEY actually were, it was too late! If only I had poured it into the market...if only.
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