At the time of this post, we are headed for a breaking point. The issues that arose in the banking and housing industry back in 2008 have only been expanded and become more unstable. It’s beginning to look like the black swan event that many have been expecting since then is nearly upon us. That black swan soon crossing our path couldn’t be any more ominous if it were a black cat; and bad luck has nothing to do with this situation. The problems that had been building since the 1990’s have gotten worse, more wide-spread, and have intruded into every economic crack and crevice.
It is becoming apparent that the Covid-19 virus may affect the business and manufacturing supply chain around the world. As key components in manufacturing fail to be produced or shipped due to displaced or sick workers, the productivity of many businesses will taper off, some to zero and eventually failure.
Add to that black swan event that the American worker has largely been railroaded by Wall Street for decades at the cusp of when the largest group of baby boomers are beginning to retire and we’ve got a watershed moment. When those baby boomers begin pulling assets out of the markets and their kids and grand kids avoid investing altogether, Wall Street is in for a rough ride.
I wrote this blog entry Friday afternoon (scheduled to release Monday, March 9). Saturday morning I listened to kingworldnews.com’s featured interview with David Stockman, Budget Coordinator under Ronald Reagan. I’m not feeling vindicated in any small degree. David Stockman Interview, March 7, 2020
Wall Street pitched a shift from defined benefit to defined contribution pension programs back in the late 70’s and the greedy and covetous lined up for their slice of the pie. Employers contributed less, Wall Street controlled more, and when workers don’t follow the rules, even government claims more in penalties and taxes. Pretty slick con… Oh, it’s legal; but it’s still a con. With the corruption we’ve seen rear its ugly head over the past few years, I’m certain it comes as no surprise.
There are alternatives to the defined contribution 401(k) and IRA system, but these programs aren’t being promoted to working-class Americans. There’s less profit and taxation associated in other wealth building vehicles than with 401(k) and IRA. Is it any wonder most people have not been informed of the alternatives?
The 401(k) and IRA system is promoted to the American worker because that is the system that sheds so much profit to those promoting it. I’ve been publishing facets of this story for several years. Robert Kiyosaki today released a synopsis of the same topic. The average worker simply won’t come into contact with this information in common news channels. Listen below and you can hear the story from someone other than myself.
When you’re ready to discuss solutions to these issues, start with the information on my Services page. Is it too late? Is it ever too late to find an exit in a burning house?