Read this exchange from The Washington Post:
http://www.washingtonpost.com/wp-dyn/content/discussion/2005/05/13/DI2005051301021.htmlIt's about United Airlines bailing on their Employee Pension Plan. What a jerk! (The Post writer had an article explaining the situation at UAL on this in Sunday's Post.)
Potomac, Md: You should out yourself as a supporter of John Kerry and the Democrat Party. If people like United Airlines employees are too dumb to save enough for retirement, they shouldn't look for a handout. They should go fight in Iraq and Iran and earn their keep. Not everyone is smart like I am, having gotten into Yale and paying full tuition. If you're not worthy of Yale, you don't get a free lunch from a government pension. You better save yourself, rather than look to successful Americans to do so.
Katherine Stone: It may surprise you to learn that even very smart and successful people do not always save adequately or wisely for their retirement. The Los Angeles Times just last week reported that a number of American Nobel prize economists have made very bad choices about their own personal retirement investments. These include such presumptively astute investors as Harry M. Markowitz, who won a Nobel Prize in 1990 for pioneering work in financial markets, George A. Akerlof,who shared the prize in 2001 for his analyses of markets with asymmetric information, and Daniel Kahneman, who shared the 2002 award for his pioneering work he has done integrating psychological research into economics. So clearly even the greatest minds can make bad decisions about their personal finances. Furthermore, even with the best decisions, no one can control or predict financial markets.