According to Danielle DiMartino Booth, author, and President at Money Strong, LLC, she believes that the brain trust at the Federal Reserve is responsible for the declining wealth among aging baby boomers.
“Every American must understand this extraordinarily powerful institution and how it affects his or her everyday life, and fight back.”
As she describes in a recent article on LinkedIn titled “How the Fed Went from Lender of Last Resort to Destroyer of American Wealth.”, she states:
“Chances are pretty good that most boomers didn’t get the gist of the statement released by the Fed on that December day in 2008. A certificate of deposit (CD) now pays a hair above nothing. Those boomers—my mom among them—have taken a long hard look at their retirement accounts and realized with a sense of dread that a lifetime of scrimping and risk-averse investing has left their nest eggs vulnerable to serious erosion.
With interest rates on CDs near zero, the average boomer household would need $10.6 million in principal to safely earn $15,930 in interest, the annual income at the federal poverty-line level for a family of two.
Do your folks have $10 million in savings? Mine don’t.”
This former financial news columnist with the Dallas Morning News correctly predicted the housing crash of 2008. But it was during her nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas that she was shocked to discover just how much tunnel vision, arrogance, liberal dogma, and abuse of power drove the core policies of the Fed.
Watch as she explains what she learned and how it is affecting all Americans, and what it might mean for the future financial well-being of baby boomers and the rest of America’s working class.
Listen to Danielle explain the “Bubble Wrap Economy”: