The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca,
The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this was the latest act in the gradual erosion of the nation’s retirement system. Drawing from reams of historical and contemporary data as well as economic, social, and political trends, they reveal the system’s troubled 100year history. Beyond exposing the hoax, the authors urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game. Timely and incisive, The Great 401(k) Hoax is guaranteed to inspire debate and action-from the water cooler to the boardroom to the voting booth.
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Important Topics, Blurred Focus Today’s 401 (k) retirement plans will not fulfill the implicit promise they represent for Americans hoping to retire in comfort. William Wolman and Anne Colamosca believe they are structurally flawed and have investment biases that are out of touch with the economic realities faced by Americans in a post bubble period. Their ideal retirement plan would have greater investment options, but with less emphasis on stocks, no restrictions on the ability to buy or sell securities, and little or no…
So Many “A-ha” Moments I’d been feeling suspicious and uncomfortable for years with regards to Stock Market investing, Mutual funds and 401K’s and pension plans in particular. I never really knew why aside from this feeling that “The Street” was always trying to pull a fast one on us little guys. I applaud and thank the authors for this book and the effort to educate the masses. The patience and wisdom with which they explain the “fallacy of composition” as the basic principal behind the danger of investing in the…
manipulation investment ideas of corruption to control the public