What would happen if millions of Americans cashed out their retirement accounts and bank accounts at the same time? Let’s say around 5-10 million?
> “What would happen if millions of Americans cashed out their retirement accounts and bank accounts at the same time? Let’s say around 5-10 million?”
There would be PAIN, every which way.
The scammers on Wall St. hold America retirement accounts hostage. They are in effect saying “screw with us and the retiree gets it, capisce”?
And just like kidnappers, any rescue attempt of hostages risks murder of the innocent. The same human vice behavior is in play here.
But the scammers wear suits and get nice haircuts, hang out with the Bush league, country clubs, elite memberships, and so on. And they are expert at talking gobbledegook. They are the used car sophisticate class.
Retirement pension funds, at least the private ones, have been trashed and put down in favor of Wall St. scam schemes.
For many, many, many decades, the retirement system shut Wall St. out for good reason and based its pension fund investments on solid investments like gold-backed insurance bonds or US 30-year treasuries. Ordinary employees couldn’t purchase say a $50,000 treasury on their own so employers pooled employee retirement funds so that the employee group could afford the valued investment instruments. This system worked well when there were moral standards and reputable actuarial firms that would oversee pension funds. But employers appointed themselves as executors, as representatives of the employee’s pension funds. When a company would flounder, the appointed pension executive would siphon funds ostensibly for survival of the company while granting themselves special dispensation. In other words, they stole it fair and square.
Instead of legislating to allow Wall St. to eat the retirement carcass, Congress should have passed draconian law on the executor class that in effect would say “you touch it, you die.” A company could go belly up but at least employees would have their pensions in a safe status.
So what we have today is a bunch of Wall St. knuckleheads pressing a gun on the retiree saying “move and he gets it.”