Monday, June 13, 2005

Economy hinges on corrupt myth

Dollar hits 9-mth highs on rate outlook

NEW YORK (Reuters) - The dollar hit a nine-month high against the euro and an eight-month peak versus the yen on Monday, extending gains after last week's U.S. trade data and comments from Fed chief Alan Greenspan' name=c1>SEARCHNews News Photos Images Web' name=c3>Alan Greenspan reinforced views of more interest rate hikes.

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(My Comments)

I watched parts of a Senate hearing on pension plans over the week-end (on CSPAN) which brought me to a level of quiet outrage I had never before reached. One of the expert witnesses made a comment that insinuated it would be wiser for workers to invest more of their retirement money in a 401K plan than a retirement fund because they would then be in control of what happened to their money.
I find it ironic that the people coming up with these programs and spending millions of dollars to convince workers to participate always seem to find a way to insinuate that not keeping their promise to pay is a result of something the workers did, didn’t do, should have done, or could have done.
When a company takes the money you invest in retirement every payday, and they invest it in the stock market, they should have no excuse to default on your retirement when the stock market tanks.
If I know that the stock market is a scam, why doesn’t everyone know? It is because the Congress is complicit in the scam, and they write whatever laws are necessary, when they are necessary, to excuse the corporate scam artists for ending up with all the money when retirees end up with the empty paper promises that comprise the stock market.
Damn them anyway!

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