In early February, President Obama was looking for a place to symbolize the recession. He wanted to rally support for his proposed $800 billion bailout of the economy, a bailout that he admitted would send the Federal government’s annual deficit to $1.7 trillion in fiscal 2010. He chose Elkhart, Indiana, which advertises itself as the recreation vehicle capital of America, and hence the world. Elkhart’s economy has collapsed. There is 15% unemployment and no hope in sight. For years, the RV industry grew. The scene in About Schmidt was representative. The retired middle manager bought an RV for his retirement. … Continue reading The Fed Has Destroyed Your Retirement