This is very sad.
From $700K to $10/hour
A 90-year-old man who lost his life savings to accused fraudster Bernie Madoff is forced back to work.
Video:
From $700K to $10/hour
by VM44 3 Replies latest social current
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Bubblie
Good for him. I am looking for a clerk job one of the lowest paying jobs you can ask for in an office. I am not looking for a Co-ower position/office manager, I gave up to the divorce. I'm not asking much like the guy and his wife in the video. When you get older it isn't easier to take bad news you just expect it with the territory. I haven't lost my life savings but am way out of my comfort zone since what I have has to last the rest of my life. I do want to work that is a weight on my mind at all times. I don't have anyone to take care of me anymore. I look everyday on line and in the paper. There just isn't anything here. That is a good man on the video doesn't let things get him down. Wish I was more like that. Thanks for sharing.
Kit
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VM44
90-Year-Old Madoff Victim Back at Work
Thu Feb 19, 10:31 PM ET - A 90-year-old Calif. man has been forced to abandon his retirement after losing all his life savings in the alleged Madoff Ponzi scheme. Ian Thiermann lived through the Great Depression and says he'll get through this financial crisis too. (Feb 19)
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SnakesInTheTower
I heard another Ponzi scheme was discovered this morning. I haven't had time to peruse the newspaper, internet, or tv yet to see. I heard it briefly on the radio.
As to this fellow, good for him that he had someone willing to create the job. The job didnt exist before and wouldnt have existed except for this. A small business created the job.
And in that story is the real answer to the economic crisis in this country. 75-80% of all businesses in this country are small businesses. One interesting statistic is that of the 25.4 million firms in this country, only 5 million actually employ someone. Of that 5.8 million, about half have less than 5 employees. http://www.census.gov/epcd/www/smallbus.html
There is the answer. Small business. If each small business hired one full time employee at a living wage (at least $10/hr with benefits depending on locale), the economic crisis would be over. It would have a snowball effect. If each small business paid the living wage and benefits, then the unemploymentrate in this country would only be those who don't want to work. If we reduced the work week to 32-35 hours a week, this economy could be at full employment.
We need to quit relying on these so-called "too big to fail" companies such as GM, Ford, Chrysler, AIG, Worldcomm, Enron, and their ilk. Less than 38,000 businesses in the US employ more than 500 people. I have noticed Ford is not asking for handout from the government right now. I say let the others fail. Not that I am a fan of Ford. Nor do I want to see all of those people lose their jobs. However, the economy will eventually have to come back to an equilibrium. It will be painful for a lot of people for awhile. We are moving out of the Industrial age that defined this country until the 1950s to a Service and Information Age. The large number of factories in this country is still too large. Even in China they are closing down massive factories because of this equalizing.
Sorry, got me to thinking... small business will be the key to recovery.
Snakes ()