The Honourable Bruce Stanton Simcoe North MP
December 7, 2008
Dear Sir:
We as seniors / retirees, are forced to sit back and watch as our savings continue to erode despite the fact we have been prudent in managing our financial affairs. Parliamentary members need to understand that, although lessening the requirement for liquidating RIFF assets during this depressed market is a very desirable option for us, it is not the whole issue. For many seniors, our monthly RIFF incomes going forward are already reduced significantly due to the depressed values of our savings. Where is the fairness when we have worked hard to pay off our mortgages and save wisely so we would not be dependant on others including our children and our government. We also have bills to pay, and our savings were for this purpose. We, too, need help.
Because of the lack of satisfactory regulation in the investment market, our investments continue to be extremely depressed due to the actions of others in the investment community. Predators and manipulators have been permitted to unduly influence the market through their unregulated purchases and sales for their own gain, leaving the small retail investor, i.e. seniors / retirees, to suffer. There will be no recovery soon if these manipulations are permitted to continue as they are. Our life savings have evaporated thereby placing us in a very vulnerable position financially. That we may become a burden to the social system is a grave possibility.
We know this has been brought to the attention of the government before now. Why have these concerns not be dealt with? This needs to be attended to aggressively through government intervention and regulation so as to limit the rapid turnover of investments of large transactions by day-traders, the investment community and large investors.
We are most disappointed that parliament did not deal with the devastating economic issues facing all Canadians sooner. Our government might have been more proactive and summoned all parties to round-table discussions on the subject rather than, several months ago, suggesting we needed not to be overly concerned.
While “bail-outs” and “prop-ups” may be arranged for large corporations / employers and the financial community, we seniors and retirees, who have lost our life savings, need to be recognised. Help for this segment of the population must also be addressed.
We look to you, as our parliamentary representative, to work vigorously to ensure these matters are included along with other measures dealing with the our economy.
Sincerely;
Cliff (Last name withheld) Orillia, ON
cc. CARP Georgian Bay Chapter
