Friday, June 27, 2008

Big bite yesterday in the markets, pity the fool that holds a 401K

Man, the Dow down 350, oil at >$140.

The financial crack up is in process it seems, a lot of this really has no bearing on daily life (I was out of the market completely a year ago). But a lot of folks have bought the line of bilge that their 401K was going to bring them home to the promised land of Starbucks and golf courses. I think that they are now getting a look at what the boyz on Wall street had planned for them all along.

The 401K was the biggest boondoggle ever conceived. Wall street used your money to pump up prices on everything, pay themselves absolutely obscene salaries and bonuses, and then got out. You will note now that the folks who have put the most into this crackpot scheme (The boomers) are now lining up for their payout.....what's that you say Wall street?.....The money is gone?.....

I don't know that it was conceived in malice, but our financial system seems to have figured out how to use a poorly thought out plan (the 401K) to best set up the lumpen in order to strip them of the bulk of their money.

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