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He and his wife put three kids through college. They were patriotic and never owned a foreign car. They thought that the Republican political party was the one which was sensible and conservative about money. These people invested almost all of their retirement savings in General Motors stocks and bonds.
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They are now finding that the bonds they bought are worth maybe one tenth of what they paid for them. And if they had bought their GM stock seven years ago, back in May of 2002, they would have paid $75 for one share of common stock. It was viewed by many as a very safe and conservative way to invest your money. This stock would now be worth nothing at all. Zero. Zip.
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Wow. -Poof! --Thanks to deregulation the bubble finally burst. This is the end of their American dream. That's for sure.
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But no fear, the top executives of GM, AIG, and the Wall Street bankers walked away as multi-multi millionaires.
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