The End of the (401k) Line

“Please stay on the line, you call is important to us”

Check out this infuriating piece from 60 minutes on criminal corporateers and the 401k racket.
Yes, turns out it was mostly a racket.

So while millions of Americans have lost the ability to retire and the banks continue to cut lending to recoup their fortunes with taxpayer money I have to ask:
Where is the outrage?

Why do the banks get to walk away from this disaster without any consequences?
Why are the executives and managers not being prosecuted for wrong doing, or at least negligence?
Why are the offending companies not being dismantled?

The most infuriating thing is that we the public really have no substantive recourse.

I for one have lost what little confidence I had in the market. The financial industry is only interested in making more for themselves and a select few VIPs.
Everything else they say and do is LIES.

So, how can you save for retirement when you can barely survive week to week, have no equity, and no resources?

You don’t.

The blowhards at Fox and in the GOP say “you just have to work harder.”
That’s an insult to all the people who have been working hard all their lives and have lost everything due to corporate greed and mismanagement.
The people who say “work harder” either already have secured income or are rich or have been brainwashed by the Right.

When you see headlines like these:
“How Can I Rebuild My 401(k)?
“The Best 401(k)s In The Business
“The Ultimate Retirement Fix
“The Best Retirement Plans in America”
“Working Longer, And Liking It

“Why it Pays to Throw Good Money After Bad
“ 401(k) Savings Calculator

Remember—they are all LIES. Bait and switch sales pitches. Don’t be fooled.

Don’t believe me—do your own research.
Don’t trust one single source for anything. Get a second or third opinion from someone independent of the issue.

Here are perspectives on the 401k scam from the Consumerist, The Motley Fool, The Economic Populist and Willliam Wolman’s The Great 401k Hoax.

need more proof the whole financial system is hopelessly corrupt? NYT reports on all the sudden Bank profits.
The government has changed, but sadly, so far it’s business as usual.

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