Importance of saving
We as a country are finally waking up to the importance of savings. We have probably never believed in saving as a tool. We have always believed in making money and spending all that. We have always believed in our own ability to make more and more money. We have always believed in the rhetoric that US is a sun shine nation and that it is a super power and that we can never stop growing.
We did stop growing last couple of years.
The last couple years are going to leave an indelible mark in the psych of the nation. But, that is good.
We have discovered finally that “too big to fail” can be very very scary. And, in fact, there is nothing like too big to fail. We also understood that unless a part of what we make is saved away and saved away in a very safe manner, we can get completely bankrupt and destroyed.
We are now in the process of rediscovering all the age old instruments which have always been there but which have been relatively largely neglected so far. We are relooking at the simple instruments such as the certificate of deposit (CD). We have started inquiring about the cd rates.
