Pluralistic: Biden wants to ban ripoff "financial advisors" (08 Nov 2023)

Today’s links Biden wants to ban ripoff “financial advisors”: Big gubmint wants to take away your freedom to starve to death in old age. Announcing The Lost Cause Tour: LA, Stratford, Concord, Simsbury, Toronto, New York and Chapel Hill! Hey look at this: Delights to delectate. This day in history: 2013, 2018, 2022 Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading Biden wants to ban ripoff “financial advisors” (permalink) Once, American workers had “defined benefits pensions,” where their employers promised to pay them a certain amount every year from their retirement to their death. Jimmy Carter swapped that out for 401(k)s, “market” pensions where you have to guess which stocks will be valuable or starve in your old age: The initial 401(k) rollout had all kinds of pot-sweeteners that made them seem like a good deal, like heavy employer matching that doubled or even tripled the value of every dollar you put into the market for your retirement. But over the years, as Reaganomics took hold and workers’ power ebbed away, all these goodies were clawed back. In the end, the market-based pension makes you the sucker at the poker table, flushing your savings into a rigged casino that is firmly tilted in favor of finance barons and other eminently guillotineable plutocrats. Neoliberalism is many things, but most of all it is a cult of individualism. The fact that three generations of workers are nows facing down retirement without pensions that will provide them with secure housing…Pluralistic: Biden wants to ban ripoff "financial advisors" (08 Nov 2023)

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