Monday, August 24, 2020

Wall Street Is Looting the American Retirement System. The Trump Administration Is Helping

The Trump administration is opening up retirement funds to private equity — at workers’ expense

The way I see it, this is all part of America's decay. There's a moral decay here, but also an economic one. If retirees become less wealthy because of this, then the economy could be affected.

Democracy just means rule by the rich.

 The Trump administration is pushing dramatic changes to the American retirement system that will benefit Wall Street but push average citizens into plans that are riskier, less profitable, and loaded with high and hidden fees.

In the past two months, the Trump’s Labor Department has introduced two pending changes to deregulate vulturous private equity firms and multi-trillion dollar retirement managers like Vanguard, Fidelity, and BlackRock. A third proposed change would restrict retirement investments with an underlying environmental, social, or governance mission — mainly to boost the struggling fossil-fuel industry.

If finalized, the result will be death by a thousand cuts to Americans’ diminished retirement nest egg, amounting to an all-out Wall Street looting of American retirement.

Rolling Stone

Wall Street Is Looting the American Retirement System. The Trump Administration Is Helping


lastgreek said...

K, I've noticed that a thread that was posted last week has mysteriously disappeared. I think it's the one where Matt goes off on an insult tirade. Any explanation for the mysterious disappearance :)

Peter Pan said...

What was the title of the thread?

Kaivey said...

That's interesting! I don't know which one it was?

lastgreek said...

It was the one where a return to the gold standard for the US was discussed, and, you know, Matt called everyone a moron :(

No problem -- was just curious :)