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In reply to the discussion: (Illinois) State Supreme Court says retiree health benefits are protected by constitution [View all]LovingA2andMI
(7,006 posts)Interesting. You forgot the rest of that quote. Specifically, how the 401K market was introduced by President RONALD REAGAN to transfer monies out of Public and Private Pensions (which were historically better protected from losses) than the 401K Marketplace. Also, how most Americans who are NOT educated in Economics or Finance have little to no idea how their 401K works -- with the exception of a Statement they might read or not 4 times a year.
Or how the 401K Marketplace needed revenue to "play" with from America's Consumers which they manipulate at will by insider trading to met profitability expectations of their highest shareholders. Finally, how the 401K marketplace in reality is a ponzi scheme which Generation X in particular will face SHOCK and AWE when they realize the monies they believed where in these "accounts" disappeared or have been greatly diminished.
Considering the FACT the 401K system is not protected from excessive losses and it is unknown if the Federal Government in 20-30 years will be able to cover any massive losses from 401K's via its' Pension Benefit Guaranty Corporation.....it's amazing you and folks like you defend a system that was started by a REPUBLICAN President to erode the Public and Private Pension Annuity System.
Meanwhile, continue if you must to reply as I have little to no time for the defenders of Austerity. Have a lovely day .