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The Great 401(k) Hoax: What You Need to Know to Protect Your Family and Your Future |
List Price: $26.00
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Reviews |
Description:
"The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public," write William Wolman and Anne Colamosca in the opening pages of this book of financial muckraking. They compare this popular form of retirement planning with the Dutch tulip mania of the 17th century, the South Sea Bubble of the 18th century, and the stock-market crash of 1929--and suggest that something worse is on the horizon for people who are planning to live their golden years off the proceeds of 401(k) investing. Wrongly believing that the boom years of the 1990s were typical, "most Americans do not have the resources to ride out the bad markets of the kind that we believe will prevail for the next decade," write Wolman (former chief economist for BusinessWeek) and Colamosca (a veteran journalist). They advise current investors to put their 401(k) money into bonds and believe companies should be banned from matching employee contributions with its own stock (a lesson they draw from the Enron debacle). The authors want even more, however: "What is needed is an FDR-style New Deal for the nation's pension system." The Great 401(k) Hoax is a piece of investment populism, potentially doing for the CNBC crowd what Donald L. Barlett and James B. Steele did for political junkies. --John Miller
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