We owe oldest Americans an apology

By Bob Greene

As the country frets about extricating itself from the financial mess, there is one group of Americans to whom the rest of us owe the most sincere words of apology.

That group consists of the oldest of our fellow citizens -- the men and women who went through the Great Depression when they were young, who fought and endured World War II when they were just a little older, and who had hoped for a sense of peace and tranquility in their final years on this earth.

They don't deserve what they are going through. You hear it again and again from money experts: Take the long view of the economy. If you don't need cash from your stock market accounts in the next five to 10 years, leave it in there. Time will heal our current woes -- the economy, even when it's in tatters, runs in cycles. Just wait it out and be patient. Especially young people -- fiscal stability will arrive again in your lifetime. You'll see.

Nice words. Yet they leave out that one group of people -- the people who have a right to be terrified when they are told the economy will only be brutal in the short term. They leave out the people to whom the short term is all they have: our parents. Our grandparents. The men and women who never should have had to worry about their personal security again.

It's never wise to generalize, yet it is safe to say that, as a group, the men and women who endured the Depression and World War II played it straight when it came to putting their trust in financial institutions. They didn't try to game the system; they didn't believe in esoteric money schemes. As a group, they were cautious, because the two defining national events of their lives taught them that you can never really count on anything. They watched their own parents suffer during the Depression, they went overseas for years on end when our nation asked them to save the world, and when they came home, to the prosperity of the Eisenhower years, they crossed their fingers and hoped the good times were not an illusion.

The mistakes and tricks and reckless gambles of the supposedly sophisticated masters of Wall Street have wounded these men and women, many of whom, before the last year, had never even heard the names of the men who ran the biggest investment banks and brokerage firms. Which is why what those oldest Americans are going through is so unfair. Once more, in a lifetime that has been filled with sacrifices, they are having to pay the terrible price for decisions in which they had no say.

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Amen, brother.