A few minutes ago, the value of a share of stock in Citigroup plunged below one dollar. For all practical purposes, those who invested in that stock are effectively wiped out.
To those who, in the past, have asked why we shouldn't privatize Social Security by letting it be invested in the stock market, you are looking at the answer. There is a reason to wall off, not only Social Security from the market, but also to wall off different sectors of the economy from each other. Why Phil Gramm came up with his nutty plan to dismantle the Glass-Steagal Act, and why Bill Clinton signed it, is beyond me. We are now paying the price for that foolish decision.
Article is here.