I hear a lot of whining how Obama is too deep in with Wall Street - anyone check their 401ks lately?
It's amazing to me to listen to the bitching that Obama is too deep in with Wall Street:
So what we will get this coming election year from Obama and his Democrats, is an even heavier dose of "Obama the Populist" which is all smoke and mirrors. One only has to look at who’s in the Obama administration (Rahm Emanuel, Timothy Geithner, Larry Summers, Robert Gates); who Obama’s Senate mentor was (Joe Lieberman); and who he looks to spearhead his policy initiatives in the Senate (Max Baucus, Harry Reid) to realize this this populist is all talk and no walk.
Enough of this populist bullshit - populisim was the call for segregation and anti-abortion laws and term limits. SO WHO is really WALL STREET?
An estimated 52.7 million U.S. households and 84.3 million investors owned
equities—individual stock or stock mutual funds—
this is from 2002, so the numbers may have shifted, but we're talking 1/3 of this nation - that ain't just rich guys. And it's not just Republicans or Teabaggers or right wing assholes - it's people like us. Thank you President Obama.
Ownership of stock mutual funds in employer-sponsored retirement
plans increased significantly between 1999 and 2002. A total of 33.2
million U.S. households owned stock mutual funds through such plans
in January
So who's taking care of you when you retire? Social Security? My folks are on SS and I know (and you know) that it's not enough - my parents are both in their mid-70s and both are still working. Niether managed to save or invest - so they're scrambling. Me? I have a employer-sponsored 401k and I'm gonna need it. Thank you President Obama.
The typical equity investor in 2002 is married, employed, has a median
age in the late forties, and has a median household income in the low
$60,000s (Figure 8).
Read those numbers again and then look in the mirror. Is that you? Becuase THAT'S ME. Thank you, President Obama.
Most equity investors are saving for retirement. Sixty-five percent cited
saving for retirement as their primary financial goal. In addition, 87
percent of equity owners said they are investing in equities to finance
retirement.
It ain't fucking yachts and caviar. This is survival and some comfort in old age. Thank you President Obama.
The percentage of African-Americans with money invested in stocks and mutual funds jumped to 68% this year from 61% in 2003 ... The survey found that 41% of blacks who don't own stocks or mutual funds are "somewhat" or "very likely" to start investing next year ...
So WHO gets hurt of the market tanks? Thank you President Obama.
Here's the bottom line: 2 years ago, my 401k was worth about $165k. One year ago, it was worth $118K - two weeks ago it was back up to $165k. so, THANK YOU, PRESIDENT OBAMA!
UPDATE - all Reference to FDL is removed. They just bug me...