By Wolman W., Colamosca A.
How the 401(k) has come to dominate the yankee family's long term funding portfolio, why it's inadequate-and what to do approximately it.The American public was once hoodwinked: 401(k)s have been proven to meet enterprises, now not the pursuits of operating american citizens. Portrayed as a perpetual wealth computer, the 401(k) used to be intended to meet the desires of each worker. but, it used to be an very unlikely promise to meet: It used to be the nice 401(k) hoax.According to William Wolman and Anne Colamosca, this used to be the newest act within the slow erosion of the nation's retirement method. Drawing from reams of old and modern information in addition to financial, social, and political developments, they display the system's stricken 100year historical past. past exposing the hoax, the authors urge every body to take cost in their funding portfolio and suggest ideas for beating Wall highway at its personal video game. well timed and incisive, the good 401(k) Hoax is absolute to encourage debate and action-from the water cooler to the boardroom to the balloting sales space.
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Extra resources for The Great 401 (K) Hoax: Why Your Family's Financial Security is at Risk, and What You Can Do about It
I found him to he very straightforward and trustworthy. I was able to get a sense of his soul. I share many values with him. He is a family man who loves his wife and children. —President George W. Bush, speaking of Russian president Vladimir Putin after their first meeting in Slovenia, June 14, 2001 The 2000 election witnessed much talk of faith as being central to American society, but, in truth, it was not the God of our fathers, but the god of Wall Street, that had long since moved to the center of the American psyche as the fit subject for serious worship.
Glass-Steagall was passed because the Great Crash of 1929 had shown that severe conflicts of interest had undermined the American financial system in the years leading up to that debacle. With Congress lubricated by generous campaign contributions, the financial service industry argued that it was being hampered by legislation that prevented its companies from competing across the board, by simultaneously offering investment banking, insurance, and commercial banking. If the barriers between these three activities were not struck down, said its lobbyists, American finance would be unable to compete effectively with the financial giants of Europe and presumably, Japan, where there were no such barriers.
It continued with a discovery that the middle managers of the prosperous 1950s and 1960s—the organization men in gray flannel suits—were no longer vital, needed, long-term employees of the great corporations. Of the many consequences of that great slowdown, the ones most important to the evolution of what was to become the new relationship between the Street and the family was the burning desire of corporate America to get out from under its long-term commitments to its employees. And if this meant chopping away at the employees' social safety net, so be it.