The Financial Crisis Gets Personal
This weekend I got very bad news from two very close friends. Friend #1 said in a phone call: “I’ve lost my house, the auction is tomorrow.”
Friend #2 writes: “My IRA has been wiped out but more importantly, Ameriprise has frozen my huge cash deposits, because the Reserve Muni Money Mkt fund has not honored their redemption. That fund did not break the buck, but has not transferred funds to Ameriprise. Hence, I can NOT pay any bills at this time as that was my cash mgt account!! It is a great financial hardship. I have to borrow money to pay my bills”
This crisis is not an abstraction. It’s ruining lives.
May God help us all.