2007-2008 americans watched their housing value evaporate, now watching 401k/pension value evaporate

[Liberal_in_LA]

:grr:

[SoCalDem]

1. Predictable, though..

Did anyone think it was "accidental/coincidental", that pensions went bye-bye as the largest generation entered the workforce, and after a lag-time, these "maaaahhhvelous" retirement plans erupted (401-ks).. Self funding (with minimal company participation), do-it-yourself retirement planning is not a "secure" way to plan for retirement, especially with greedy bastards in charge of writing and re-writing the rules.

Did any of us really think we would be "allowed" to "take our money and run" with it as we started to retire, en masse??

The only asset of any real value that Boomers could count on was our house, and since incomes did not keep pace, the "money guys" then came up with clever ways to "allow" generous equity removal techniques & re-fis so many could "use their house" to finance college for their kids or to pay off credit card debt they took on while raising families (because their wages never kept up)...and voila!..Just as the money guys reached critical mass, and the possibility of a more "investigative" administration loomed, they took the money and RAN!!

1) eliminate unions to keep pay low, then offshore jobs
2) change pensions to defined contribution/eliminate them
3) lower interest rates to encourage debt vs saving
4) push home ownership at any cost
5) change bankruptcy laws for INDIVIDUALS (so they cannot escape)
6) artificially pump up the stock market


All these things "happened" legislatively"..not by kismet.

Family wealth consists of

savings...most people have NONE
equity in their homes...many people are upside down now
retirement/pensions...many have less than zero now (old people have lots of debt these days.. ie. the NINETY YEAR OLD with a mortgage

[old mark]

2. And it only cost us how many billion dollars to do this? nt