David Korten: But What About My 401(k)?

[marmar]

from YES Magazine:



But What About My 401(k)?
Credit cards, mortgages, insurance, retirement: How to fulfill our basic financial needs without Wall Street.

by David Korten
posted May 31, 2011


The first reaction of most people to the call to shut down Wall Street is one of jubilant enthusiasm. The second reaction is, “But what about my 401(k) retirement account?” The same question might be raised about our credit cards, mortgages, and medical, homeowners, and auto insurance.

Money may be nothing but a number, but survival in a modern society is impossible without basic financial services. There are, however, better ways to deal with our very real financial needs than those presently offered by Wall Street. Here are some examples.

Credit Cards. Credit cards have two distinct functions: a convenient means of clearing transactions and an open line of credit. The first is a straightforward and beneficial service if properly regulated and transparent. The second is an enticement to debt slavery and predatory lending.

The solution to wages inadequate to provide for daily needs is not easier, cheaper, or fairer credit; it is to restore living-wage jobs, to tax the rich to provide a floor of essential public services, and to reduce household expenses by restoring the household as a center of production. Financing for large, durable purchases like a home, car, or major appliance can be arranged on a case-by-case basis with a local bank, savings and loan, credit union, or even the local merchant from which the purchase is made. ................(more)

The complete piece is at: http://www.yesmagazine.org/blogs/david-korten/but-what-about-my-401-k

[Common Sense Party]

1. So...his answer to how to save for retirement is...don't???

Just trust the younger generations will take care of you?

That's not wise. At all.

[badtoworse]

2. I had the same reaction. Only a moron wouldn't save for retirement.

[marmar]

3. Only a moron would entrust it to Wall Street.

nt

[Common Sense Party]

4. Please define "Wall Street." n/t

[closeupready]

5. Yup. If you have learned ANYTHING from this recession, it's

you can't trust them with your money.

[Common Sense Party]

6. Who is "them"? Please define "Wall Street." n/t

[closeupready]

7. This isn't a Private Placement Memorandum; it's DU. I'm sorry if you are in the finance

industry, but we all know who Wall Street is.

[Common Sense Party]

8. Then who is it?

[closeupready]

9. A community college can help you out.

Or an encyclopedia...? Wikipedia?

[Common Sense Party]

14. Doubtful.

[closeupready]

10. It's funny how you portray yourself as wiser than the economist who

wrote the article in the OP, and you also portray yourself as ignorant of what "Wall Street" is.

When you are ready for a little honesty, let me know.

[Common Sense Party]

12. I'm definitely more comfortable than the "economist" who wrote the

article about how to invest and prepare for retirement.

I'm just curious how some around here define Wall Street.

How do YOU define Wall Street?

And how do YOU plan on preparing yourself financially for retirement?

[badtoworse]

11. I've done quite well with my investments, thank you

Mutual funds, stocks and bonds. Where do you put your investments?

[Common Sense Party]

13. I knew lots of people 10 years ago who wouldn't go near securities

(funds, stocks, bonds) with a 20-foot pole. Real Estate was the ONLY way to wealth for them.

Yeah, my funds have had a rocky 10 years, but they've fared a whole lot better than some of my friends' real estate investments.