Corrente

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Now they tell us: 401(k) plans a "crap shoot"

Bloomberg:

Investors had $2.7 trillion in 401(k) accounts as of Sept. 30, according to the Washington-based Investment Company Institute, which represents mutual funds. The Congressional Budget Office estimated that workers lost $2 trillion over a span of 15 months from declining stock markets at an October hearing of the House Education and Labor Committee.

“For too many Americans, 401(k) plans have become little more than a high-stakes crap shoot,” said [Education and Labor Committee Chairman George Miller]. “We are realizing that Wall Street’s guarantees of predictable benefits and peace of mind throughout retirement was nothing more than a hollow promise.”

Who knew? But let's look on the bright side!

The house always wins! After all, the brokers who handled all the accounts made plenty of money on commissions, and the banksters got trillions to piss away playing the ponies!

So what's not to like?

NOTE Rents, rents, it's all about the rents.

So what's not to like?

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Comments

lizpolaris's picture
Submitted by lizpolaris on

is actually being invested in.

I had mine in a fund called the 'Stable Bond' fund. Except it turns out that it wasn't actually invested in bonds (hey, what's a stupid worker going to know from a bond?) and it isn't stable. A more honest name might have been the 'High risk, low interest, fake out' fund.

splashy9's picture
Submitted by splashy9 on

And talked everyone into investing in their gambling, while they took a cut off the top whether the investor won or not.

Yep, gambling with their savings for old age, they talked everyone into gambling.