Re: [A-List] "The Late '90s Never Happened"

["Annewilliamson" <Annewilliamson@xxxxxxx>]

People put money into stocks via 401Ks because that's the only way they
could protect retirement funds from taxation - so, once again, big gov's
rules and interferrence and high taxation of savings did in the average
Joe - along with mindboggling expansion of money and credit....if you
borrowed, of course you are doomed. -A.
PS A lot of "your" money is in your representatives' pockets, BTW.

----- Original Message -----
From: "joanna bujes" <joanna.bujes@xxxxxxxxxxxx>
To: <a-list@xxxxxxxxxxxxxxxxxxx>
Sent: Friday, October 25, 2002 6:13 PM
Subject: RE: [A-List] "The Late '90s Never Happened"


> At 05:54 PM 10/25/2002 -0400, you wrote:
> >Actually in the latter half of the 90s wages and incomes
> >rose for every income class.  Your pensions/savings
> >weren't wiped out until later.
> >
> >As you say, now is a different story.
>
> No, what I'm trying to get accross is that it's the same story. The first
> part of the story had to do with suckering the suckers or outright
> theft/fraud. In the second part,  the insiders took off and everyone else
> got left holding the bag. Where is your money? It's in Aspen, it's in
> Switzerland, it's in the Bahamas.
>
> You could say ordinary people got hurt because they were greedy but that
> would be ignoring three key facts 1) the disappearance of pension plans
and
> the barrage of propaganda on the long-term buy-and-hold-and-can't-lose
> stock market strategy....which led a large number of people to put 401k in
> stocks 2) the forced investment of 401Ks into stocks, and sometimes into
> specific stocks, which gave the employee no choice about where to put his
> 401K money, and 3) the fact that lots of people with traditional pension
> plans will get screwed anyway because the funding of those plans is
> dependent on the stock market....and on the speculation, corruption, and
> theft that continue.
>
> You don't have to feel sorry for me; I don't have a penny in stocks; I
> could see that bubble from miles away, but it doesn't matter because if
> this situation leads to a major depression...all little boats, even the
> prescient ones, will sink.
>
> Joanna
>
>
>