Submitted by JanetP, Nov 29, 2007 06:31

I am a news junkie and an inveterate reader. I have not read a single word about what these rate cuts are doing to seniors who have acted responsibly and who depend on interest income for support. It is truly a Robin Hood scenario where the government is taking from the responsible and giving to the irresponsible.

A couple who managed to save $500,000 to provide a middle class retirement now yields less than $2,000 a month in income. This is a time in life when risks to earn a higher rate cannot be taken. The reduction in interest rates has caused many to have to draw from their principal in emergencies causing further economic calamity.

The administration as well as congress is grappling to find a way to assist those homeowners who got caught up in the sub-prime mortgage debacle. They are the people who bought houses with no down payment, no financial history to support the loan, and payments that accelerated to amounts they well knew they could not pay. Both the mortgagor and the mortgagee behaved irresponsibly in these transactions, and the government now wants to reward them by bailing them out. Apparently they are willing to do it at the expense of seniors who did act responsibly in their financial transactions and in preparing for retirement.

Ours is a failed government.

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