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Economy and my dads life savings

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This morning I was eating breakfast with my dad, looking at stocks and the DOW J had just gone down another ~650 points. I told my dad this, and he said "yeah, we're having a problem right now. I'm watching my life savings go down the drain." HIS LIFE SAVINGS!!! Does anyone else feel everything they have ever rightfully worked for, is being taken away to be used as government money to then be given to huge companies like AIG, and spent on things like vacations in CA?