It seems as though any time a pile of money gets big enough to notice, someone comes along to take it. The savings & loan debacle was one of those deals. The savings of millions of U.S. families was “loaned” to a gang of developers who managed to make the money vanaish faster than Harry Houdini. Fortunately the money was insured by the U.S. Government so all the government had to do was demand that millions of U.S. families fork over the missing money so it could be restored to the S&Ls. Sounds fair.Now with individual retirement accounts (IRAs) and 401K (savings invested in stock) plans, thousands of millions of dollars each week are placed into retirement accounts. It doesn't matter whether the market is up or down, all that money will be used to buy stocks and securities. It doesn't matter how crappy the stocks are, the investment managers don't have any option to just sit on the money until the investment climate is better, it goes directly into corporate coffers. Then, BANG! Suddenly, the money in corporate coffers is all gone and so is everyone's retirement account... go figure.
But wait... there is a solution, well two solutions actually. First we put our Social Security tax money in the corporate coffers because the corporations have shown such outstanding stewardship, next we'll fix the U.S. constitution so our children can prey about the problem whenever they are told to do so.
Now if we can find a legal basis for silencing all critics of the U.S. administration, all will be well.
- Mark