zlacker

>>gwintr+(OP)
The "5. The Human Wreckage" section is probably the most interesting - on paper, everyone came out much worse (losers identified are workers, pension holders, shareholders, investors and executives which seems superficially comprehensive).

However it is important to recall that the people who actually made all the money extracting the wealth got out years before, retiring and/or selling stock. They're bystanders now and probably happy to run the whole operation again.

Although as an aside who these people are who think corporate pensions are a good idea is beyond me. People really should be in charge of their own savings in preference to their employer, expecting some random corporation to cover the cost was always a bit crazy even when it seemed sort-of possible that the system was stable. It is easy to have some sympathy but, as a practical matter, it was never going to work and it isn't a surprise that it didn't.

>>roenxi+Hd
In the 1980s there were no index funds. There were no discount brokers. There was no internet. Joe Average factory worker was not capable of picking up a phone during work hours to call his broker and manage his investments. There was not tax deferred IRS blessed retirement vehicle until 401ks were officially blessed in 1986. Before 401ks were CODAs which, again, tied a worker to investing in his employer. Retirement planning was whole life insurance and buying physical bonds down at the local bank branch, maybe investing in a single stock that paid a dividend with the hopes you could live off the dividend.

>>_DeadF+lB2
They couldn't trade options either. A huge wealth booster or income.