Click here to watch on YouTube Terry Savage is a national treasure. She shares her "Savage Truth" on our economy and your finances in this inspiring and instructive edition of Economics Matters - the Podcast. Our podcast covers Terry's extraordinary career including becoming first female stockbroker with a seat on the Chicago Board of Options Exchange
I listened to the podcast, but could not get a single actionable point. Too many loose rumblings. Maybe the only one (for me) will be to read L. Kotlikoff's book (which I have on Kindle) - to understand better what he means by controlled downside vs. upside open. Great concept but I am skeptical it's achievable. I am at pre-retirement age, have Larry's SW (and derived my scenarios in 2019) - and, unfortunately, will have to change many of my assumptions due to the sudden rise in interest rates, cost of RE, and cost of living (CPI = 2% in 2019, > 8% in 2022). Basically, we are heading (IMO) into 70-s, where stock market did nothing, and the economy stagnated. How to navigate times like that? There are no miracles, the truth is that US middle class will be decimated in 2020s.
OMG. What is she talking about re: student loans. I have a kid (along with my own) who has been living with us for years, but alays at risk of being a homeless youth. He got a scholarship to a state school, and he will be almost out of debt because he had Pell grants. Pell grants are mostly for low income students (not a very big voting block!! Why isn't anyone talking about how we didn't get to the culprits! the banks and schools that made kids take out predatory, usury rates. You want votes being bought? Lets talk about all the corporate welfare that should be abolished!! Then we can have a conversation about helping low income kids, who will never get jobs that can pay these loans back, about their supposed voting block influence. How ridiculous. And if one more well off person comes to me about how they paid back their 2% loans (back in the day) I will serioiusly heave. Hey Savage, show your politics much?
I listened to the podcast, but could not get a single actionable point. Too many loose rumblings. Maybe the only one (for me) will be to read L. Kotlikoff's book (which I have on Kindle) - to understand better what he means by controlled downside vs. upside open. Great concept but I am skeptical it's achievable. I am at pre-retirement age, have Larry's SW (and derived my scenarios in 2019) - and, unfortunately, will have to change many of my assumptions due to the sudden rise in interest rates, cost of RE, and cost of living (CPI = 2% in 2019, > 8% in 2022). Basically, we are heading (IMO) into 70-s, where stock market did nothing, and the economy stagnated. How to navigate times like that? There are no miracles, the truth is that US middle class will be decimated in 2020s.
OMG. What is she talking about re: student loans. I have a kid (along with my own) who has been living with us for years, but alays at risk of being a homeless youth. He got a scholarship to a state school, and he will be almost out of debt because he had Pell grants. Pell grants are mostly for low income students (not a very big voting block!! Why isn't anyone talking about how we didn't get to the culprits! the banks and schools that made kids take out predatory, usury rates. You want votes being bought? Lets talk about all the corporate welfare that should be abolished!! Then we can have a conversation about helping low income kids, who will never get jobs that can pay these loans back, about their supposed voting block influence. How ridiculous. And if one more well off person comes to me about how they paid back their 2% loans (back in the day) I will serioiusly heave. Hey Savage, show your politics much?