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duffyduff

(3,251 posts)

35. I have been calling b.s. on 401(k)s for thirty years

Reply to Evasporque (Reply #7)

Mon Sep 16, 2013, 07:16 PM

Sep 2013

I warned people they were scams and offer absolutely no protection for their accounts.

I have been right all along.

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How America�s 401(k) Revolution Rewarded the Rich and Turned the Rest of Us Into Big Losers [View all] xchrom Sep 2013 OP

I see a different byproduct of the 401k, that soem people scoff at wercal Sep 2013 #1

Executive pay is out of whack mainly due to Bill Clinton Bunnahabhain Sep 2013 #2

I tend to agree gopiscrap Sep 2013 #4

I think maybe the word you want is "averse"? Jackpine Radical Sep 2013 #51

yup, you're right. English is not my original language gopiscrap Sep 2013 #52

Well, native speakers are always screwing things up Jackpine Radical Sep 2013 #53

I was born in Germany gopiscrap Sep 2013 #54

My mother was born to German-speaking immigrants. Jackpine Radical Sep 2013 #55

I love it! gopiscrap Sep 2013 #56

Currently in the country near Chippewa Falls, which is near Eau Claire. Jackpine Radical Sep 2013 #58

I've been to those places gopiscrap Sep 2013 #59

I spent a lot of years in school at Madison. Jackpine Radical Sep 2013 #62

He should also be horsewhipped for allowing the repeal of Glass Steagall. Squinch Sep 2013 #26

It also funded Hostile Take Overs FreakinDJ Sep 2013 #28

Another way to look at it, is the millions of dollars once WestSeattle2 Sep 2013 #3

My sense is that the big problem with 401k's is that participation is voluntary badtoworse Sep 2013 #5

Some companies out there, and mine is one, SheilaT Sep 2013 #8

That is very wise; keep doing it. badtoworse Sep 2013 #9

From my side Hydra Sep 2013 #30

The big problem is they are completely inadequate and inferior in every way to pensions. duffyduff Sep 2013 #33

Unfortunately, pensions aren't coming back badtoworse Sep 2013 #36

CORRECT Skittles Sep 2013 #41

Unless that pension is from one of the many companies that have gone into bankruptcy hughee99 Sep 2013 #44

And if you lose your job and can't get hired again or take a giant cut? Well, there it goes. duffyduff Sep 2013 #34

If the same thing happened and you weren't vested in a pension plan, you'd be in worse shape badtoworse Sep 2013 #38

+ underpants Sep 2013 #6

Someone else finally gets the 401k lie... Evasporque Sep 2013 #7

The first time I heard the 401k hard-sell, I sensed it was bullshit Orrex Sep 2013 #11

I have been calling b.s. on 401(k)s for thirty years duffyduff Sep 2013 #35

"Fund managers make tens of millions" A HERETIC I AM Sep 2013 #46

My parents did not earn a lot of money. They really struggled. JDPriestly Sep 2013 #10

I'd rather gamble my money in Vegas than on Wall St. CrispyQ Sep 2013 #63

Agreed! JDPriestly Sep 2013 #65

401ks also turned citizens against their own public workforce. SleeplessinSoCal Sep 2013 #12

401 k's are Wall Street snake oil. JEB Sep 2013 #13

It wouldn't have been created if it hadn't rewarded the rich. nt valerief Sep 2013 #14

You guys do realize Jimmy Carter signed this law Bunnahabhain Sep 2013 #15

what 'we' realize is that both political parties have had the fingers in the process of fucking the xchrom Sep 2013 #16

So you feel Jimmy and the 95th Congress Bunnahabhain Sep 2013 #17

i hink president carter was a good president -- xchrom Sep 2013 #18

It got thread jacked Bunnahabhain Sep 2013 #19

'free trade' is also a 'liberal' idea. xchrom Sep 2013 #20

You are 100% incorrect. Bunnahabhain Sep 2013 #25

There's no reason not to have a 401k, but DEPENDING on it is a disaster. SleeplessinSoCal Sep 2013 #21

I never said DEPENDING on it was wise Bunnahabhain Sep 2013 #24

You asked if Carter created a "boondoggle". SleeplessinSoCal Sep 2013 #29

That's Washington for you. They left a loophole a mile wide for companies to exploit. duffyduff Sep 2013 #32

401k's aren't loopholes! SleeplessinSoCal Sep 2013 #40

401K's and IRA's were not intended to replace defined benefit pensions. LongTomH Sep 2013 #22

I did not say 401ks were intended to replace defined benefit pensions Bunnahabhain Sep 2013 #23

My statement was intended as historical background, not as a personal attack! LongTomH Sep 2013 #27

That's like saying "Cell phones are the cause of NSA overreach" SleeplessinSoCal Sep 2013 #39

I did not attempt to identify "the problem" Bunnahabhain Sep 2013 #42

It's here in black and white . . . SleeplessinSoCal Sep 2013 #45

You think that was me saying it was a problem? Bunnahabhain Sep 2013 #47

Apology accepted. SleeplessinSoCal Sep 2013 #49

Worth a thousand K&Rs duffyduff Sep 2013 #31

I think I asked before Lurker Deluxe Sep 2013 #61

One of the great fleecing schemes of all time. marmar Sep 2013 #37

Right on ^^^^^^ sarcasmo Sep 2013 #43

K&R. Our resident right wingers and their sophomoric arguments crack me up. nt PETRUS Sep 2013 #48

i'm investing in cat food. nashville_brook Sep 2013 #50

K&R Jefferson23 Sep 2013 #57

K&R YoungDemCA Sep 2013 #60

401k's are an accident of history, policy makers didn't decide anything. Sen. Walter Sobchak Sep 2013 #64