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401stay

 
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jabailo



Joined: 20 Mar 2006
Posts: 1273
Location: Kent (East Hill), WA

PostPosted: Sun Mar 01, 2009 1:09 pm    Post subject: 401stay Reply with quote

Recently Americans have watched their nest eggs decreased by up to 60 percent by being locked into 401k mutual funds. Most of these funds seemed designed to soak up "sucker money". Let's face it, who knows who manages these funds and what their game is. They basically are interested primarily in their own salary and net worth and will do what it takes. Secondly, these funds are like battleships fighting in an air war. They are easy targets for the real players who can bet against or for them but end up making the lion's share of the money.

It struck me today, as I realized I was asked while walking out of a supermarket whether I wanted to buy some Girl Scout cookies. Now normally I either buy a box, or if I'm in a bad mood, grouse to myself about wishing they wouldn't bother me. But today I thought -- why not? Why not hand money out on Main Street rather than automatically funneling it to Wall Street?

I mean, wouldn't we all have been better off if instead of siphoning our incomes off to nameless financial personages, we had put it into say a Town Account -- where neighborhood people could use it to buy homes, or fund projects or start businesses? Then we could at least know where it was and what it was being used for...and hopefully it would be tied to productive assets not overleveraged ones.

We need to get out of these multi-level schemes that automatically sap the life out of people, our property and most of all our mindset.

I say we need a 401stay...where money stays close to home.
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