Forum Post: Screwed Us W/ Our Own Money
Posted 13 years ago on Nov. 6, 2011, 6:42 a.m. EST by aahpat
(1407)
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Banks like Goldman-Sachs make countless billions of $$s from the collapse of the U.S. middle-class, the theft of our home equity and the default of our student loans and other credit.
And they have done it with OUR money through retirement and 401-K program funds passively handed to the Wall Street predator bankers by Vanguard Group and Fidelity Investments and other large no-questions-asked retirement fund administrators. Fidelity and Vanguard passively invest trillions of dollars of our money in banks like Goldman Sachs without ever questioning what Goldman and others do with OUR money. Then, when Americans like us raise questions about the efficacy of Wall Street bankers the right-wing throw it in our faces that this is being done with OUR money making us responsible.
We need to identify responsible activist retirement administrators of retirement programs that do not blindly hand money to Wall Street and get caring Americans to move their retirement programs out of the passive predators like Vanguard and Fidelity.
The vast majority of Americans just want their 401K to go up. They don't care how that happens. How many people buy conflict free diamonds? Not that many despite the fact human lives are being lost. You really think people care about strangers loosing their homes or defaulting on student loans?
It will surprise you but yes, civilized human beings do care. It is only fascists who have no compassion.
The funny thing is my original post is about self interest not compassion or caring about others. Banks, investment managers and corporate America should see it as a fiduciary responsibility to their investors to care about the long term growth of the U.S. economy. They all depend upon it. Henry Ford understood this in 1910. How come right-wingers are so stupid about this enlightened self interest today? All that you care about is short term capital gains without ever considering the value of long term growth. Economic and intellectual myopia compelled by greed and avarice. Stupid. Flat out stupid.
I am not a right-winger, but if I was I definitely wouldn't take you seriously because you call people stupid like you are 10 years old.
I was just pointing out how the vast majority of investors care more about their retirement account going up than a total stranger loosing their home. I mean think about it. Joe comes home from work and his wife tells him his 401K lost 15% last month. Bob comes home and his wife tells him that some complete stranger 500 miles away lost their house. Honestly, who do you think cares more?
Your complete failure to comprehend how the two loses are intimately interconnected says it all.
I can see your point. I'm just saying it is not something that many American's won't know or care enough to do anything about it.
You do know that Fidelity and Vanguard have passive as well as active managed funds don't you?
Learn to read for comprehension and you will see that your question is already answered.
I will take that as a "I don't really understand investments" response. Moron.
LOL!
You know what they say about assumptions.....
I didn't have to assume. I already knew that two things are infinite - the universe and human stupidity. LOL!!!
You present yourself as a monkey crashing a Mensa cocktail party.