Andra_Jenny
Mentally Divergent
- Joined
- Dec 4, 2000
- Posts
- 2,865
401k’s lost value,
http://www.nytimes.com/2001/07/09/business/09INVE.html
For the first time in the 20-year history of the popular 401(k) retirement savings plan, the average account lost money last year, even after thousands of dollars of new contributions. And despite some strengthening of stock prices in the last couple of months, recent estimates show, the declines persisted in the first half of this year.
but then go on to distort the news in a political statement.
The trend is exposing years of mistakes by employees, raising some questions about proposals to permit Americans to manage part of their Social Security accounts and clouding the future of many employees' nest eggs for retirement.
It goes on in this manner.
What the Times does not tell you is that they missed the call (which Andra_Jenny was shouting about to the high heavens and managed to put he/she/its family’s investments into secure growth areas, e.g., bonds, land, and other real estate) which would have saved their readers.
What they also do is absolutely scrap the reality of 401k’s, in that they are a very long-term vehicle, for the most of people. Hence this is just a scare tactic since most 401k’s are busy buying shares of mutual funds (which is good to do in a time like this, it is where all of my new money is going) they look like they are decreasing in value, but in 3, maybe 4 quarters, when the economy world-wide gets its act together, then they will increase dramatically in value.
This is how the media tries to scare you from handling your own money.
But again, the point is, the Times did not call this because at the time (October-November) when I was screaming the loudest, they needed to get Algore elected and hence had to perpetrate the myth of the best economy in X number of years (I forget what they were saying exactly, but 8-10 is what they wanted you to believe.)
It’s true! You cannot make this stuff up!
PS remember in the 70’s or 80’s, they lost a lot of value too.
PPS I still think seeing 7,000 again is not out of the question.
PPPS As I told you earlier this weekend, Asia continues to slide, Europe is sliding now, our markets open in a few hours and futures are down.
http://www.nytimes.com/2001/07/09/business/09INVE.html
For the first time in the 20-year history of the popular 401(k) retirement savings plan, the average account lost money last year, even after thousands of dollars of new contributions. And despite some strengthening of stock prices in the last couple of months, recent estimates show, the declines persisted in the first half of this year.
but then go on to distort the news in a political statement.
The trend is exposing years of mistakes by employees, raising some questions about proposals to permit Americans to manage part of their Social Security accounts and clouding the future of many employees' nest eggs for retirement.
It goes on in this manner.
What the Times does not tell you is that they missed the call (which Andra_Jenny was shouting about to the high heavens and managed to put he/she/its family’s investments into secure growth areas, e.g., bonds, land, and other real estate) which would have saved their readers.
What they also do is absolutely scrap the reality of 401k’s, in that they are a very long-term vehicle, for the most of people. Hence this is just a scare tactic since most 401k’s are busy buying shares of mutual funds (which is good to do in a time like this, it is where all of my new money is going) they look like they are decreasing in value, but in 3, maybe 4 quarters, when the economy world-wide gets its act together, then they will increase dramatically in value.
This is how the media tries to scare you from handling your own money.
But again, the point is, the Times did not call this because at the time (October-November) when I was screaming the loudest, they needed to get Algore elected and hence had to perpetrate the myth of the best economy in X number of years (I forget what they were saying exactly, but 8-10 is what they wanted you to believe.)
It’s true! You cannot make this stuff up!
PS remember in the 70’s or 80’s, they lost a lot of value too.
PPS I still think seeing 7,000 again is not out of the question.
PPPS As I told you earlier this weekend, Asia continues to slide, Europe is sliding now, our markets open in a few hours and futures are down.
