U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-29-2013, 03:30 PM
 
3,763 posts, read 3,801,717 times
Reputation: 5198

Advertisements

Just another example of the facade of social mobility in the US. All the laws on the books are written to protect the uber rich and Wall Street banks due to the fact the government is impregnated from top to bottom with friends of Wall Street. How are the regulators supposed to regulate when there's a revolving door of employees between government regulators and Wall Street? Then when Wall Street's gambling blows up, tax payers have to bail them out so our entire way of life doesn't collapse due to financial armegeddon. Yeah, America is "the land of the free" alright. NOT.

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
Reply With Quote Quick reply to this message

 
Old 04-29-2013, 03:36 PM
 
29,419 posts, read 18,722,396 times
Reputation: 5437
Yes and dear government will have to step in and protect all your money. That is where we are heading. I believe the push is for annuities. You retire and uncle sam gives you a stipend and you nod your head and say thank you while they steal the rest. Sounds just like another retirement program they stole all the money from.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 04:11 PM
 
78,852 posts, read 33,532,796 times
Reputation: 15794
This is no bombshell. It's been noted here and other places for years.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 05:15 PM
 
Location: Minnesota
5,147 posts, read 6,337,382 times
Reputation: 1561
Link this to the other thread about how 75 percent have little retirement savings. Wall Street has harvested what they could save. Sorta like growing a garden and then the critters come at night and all your work is for nothing.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 05:18 PM
 
Location: Old Town Alexandria
14,505 posts, read 23,773,640 times
Reputation: 8838
Thumbs up good thread

Quote:
Originally Posted by fibonacci View Post
Just another example of the facade of social mobility in the US. All the laws on the books are written to protect the uber rich and Wall Street banks due to the fact the government is impregnated from top to bottom with friends of Wall Street. How are the regulators supposed to regulate when there's a revolving door of employees between government regulators and Wall Street? Then when Wall Street's gambling blows up, tax payers have to bail them out so our entire way of life doesn't collapse due to financial armegeddon. Yeah, America is "the land of the free" alright. NOT.

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
And yet, some want Wall Street to get its hooks into SSA and Medicare.

Literature here:

Richard Wolff: The Cure for Capitalism

The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It: Les Leopold: 9781603582056: Amazon.com: Books

Les Leopold: In The Looting of America, Leopold debunks the prevailing media myths that blame low-income home buyers who got in over their heads, people who ran up too much credit-card debt, and government interference with free markets. Instead, readers will discover how Wall Street undermined itself and the rest of the economy by playing and losing at a highly lucrative and dangerous game of fantasy finance.

He also asks some tough questions:
  • Why did Americans let the gap between workers' wages and executive compensation grow so large?
  • Why did we fail to realize that the excess money in those executives' pockets was fueling casino-style investment schemes?
  • Why did we buy the notion that too-good-to-be-true financial products that no one could even understand would somehow form the backbone of America's new, postindustrial economy?
  • How do we make sure we never give our wages away to gamblers again?
  • And what can we do to get our money back?
In this page-turning narrative (no background in finance required) Leopold tells the story of how we fell victim to Wall Street's exotic financial products. Readers learn how even school districts were taken in by "innovative" products like collateralized debt obligations, better known as CDOs, and how they sucked trillions of dollars from the global economy when they failed. They'll also learn what average Americans can do to ensure that fantasy finance never rules our economy again.

As the country teeters on the brink of what could be the next Great Depression, we should be especially wary of the so-called financial experts who got us here, and then conveniently got themselves out. So far, it appears they've won the battle, but The Looting of America refuses to let them write the history--or plan its aftermath.


The amerikan dream, you have to be asleep to believe it. Some Americans need to turn off the reality trash media and start researching.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 05:21 PM
 
11,780 posts, read 8,589,342 times
Reputation: 3425
I had to stop right here.

"If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street. This was the bombshell dropped by Frontline’s Martin Smith in this Tuesday evening’s PBS program, The Retirement Gamble."

2% is a high fee to pay when you can get funds that charge less than .75%.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 06:37 PM
 
Location: Where they serve real ale.
7,248 posts, read 6,665,269 times
Reputation: 3497
Quote:
Originally Posted by fibonacci View Post
Just another example of the facade of social mobility in the US. All the laws on the books are written to protect the uber rich and Wall Street banks due to the fact the government is impregnated from top to bottom with friends of Wall Street. How are the regulators supposed to regulate when there's a revolving door of employees between government regulators and Wall Street? Then when Wall Street's gambling blows up, tax payers have to bail them out so our entire way of life doesn't collapse due to financial armegeddon. Yeah, America is "the land of the free" alright. NOT.

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
This is why the US has the least amount of social mobility of any 1st world nation. Income inequality has pretty much killed off most social mobility in this country and it has become perminent. If you're born poor than you have a 90% chance of dying poor while if you're born rich you have a 90% chance of dying rich. There just isn't much social mobility in the US over the last 30 years.

https://en.wikipedia.org/wiki/Socio-..._United_States
http://www.nytimes.com/2012/01/05/us...anted=all&_r=0

Making higher education free would be the single best way to increase social mobility.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 06:45 PM
 
3,262 posts, read 3,002,974 times
Reputation: 1893
Quote:
Originally Posted by lycos679 View Post
I had to stop right here.

"If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street. This was the bombshell dropped by Frontline’s Martin Smith in this Tuesday evening’s PBS program, The Retirement Gamble."

2% is a high fee to pay when you can get funds that charge less than .75%.
Vanguard is your friend. Charles Schwab too. 80% of professional managers under-perform the relevant index after management fees are taken into account.
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 07:15 PM
 
Location: Florida
63,015 posts, read 34,311,857 times
Reputation: 10459
Quote:
Originally Posted by fibonacci View Post
Just another example of the facade of social mobility in the US. All the laws on the books are written to protect the uber rich and Wall Street banks due to the fact the government is impregnated from top to bottom with friends of Wall Street. How are the regulators supposed to regulate when there's a revolving door of employees between government regulators and Wall Street? Then when Wall Street's gambling blows up, tax payers have to bail them out so our entire way of life doesn't collapse due to financial armegeddon. Yeah, America is "the land of the free" alright. NOT.

PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
Yep, they make a fortune on fees on 401K accounts and people don't even know they are paying for it. The whole program is the bankers dream come true, but then again, they invented it. The other dream they are pushing for is the partially privatized retirement accounts, and in UK is was experimented with, and the people lost 50% of their profits to the banks in fees.

Last edited by Finn_Jarber; 04-29-2013 at 07:34 PM..
Reply With Quote Quick reply to this message
 
Old 04-29-2013, 07:54 PM
 
1,922 posts, read 1,496,381 times
Reputation: 796
Quote:
Originally Posted by KUchief25 View Post
Yes and dear government will have to step in and protect all your money. That is where we are heading. I believe the push is for annuities. You retire and uncle sam gives you a stipend and you nod your head and say thank you while they steal the rest. Sounds just like another retirement program they stole all the money from.
Create a crisis and impose their solution to the problem on us.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top