[dontworry99]

For now. The government is looking to let VCs use 401k’s as Monopoly money.

You might go to liquidate only to find that YOUR pension...er investment was lost without you knowing it.

https://www.salon.com/2020/06/16/trump-labor-department-quie...

“You accepted the rules by buying in. Can’t say you weren’t aware the market is risky!”

That’s what they keep telling grandparents when their pensions were flushed down the drain.

Let’s keep trusting political grifters of our agency to do right by it despite historical evidence though.

[nightski]

I'm confused because back when I had a 401(k) I managed it and chose what investments the money went into. So I don't see how that money would magically flow into private equity? Unless they mean mutual funds could start investing in private equity? But this would show up in the prospectus would it not? Or are they just arguing that many Americans are completely ignorant and oblivious to what their 401(k) is invested in and would accept private equity investments because they blindly follow advice?

[dontworry99]

In my experience, the latter is the case.

Look at the mathematical facts: most people live paycheck to paycheck, have no rolling cash savings let alone an emergency fund of months.

You think that is a sign most folks are paying attention there very well?

But what’s that mean if they do anyway?

If everyone has a cool million is that some sign we have enough real supplies to go around in a crisis? To satisfy that potential financial demand of cash for real product?

We weren’t producing enough TP to handle a short run on supplies. All energy spent on big finance is purposeful indirection away from truth.

[svachalek]

You probably had a nice 401(k). But they're not required to be nice.

[armitron]

You're presenting this as if investors have no choice in the matter. As far as I know, there is 401k transparency meaning that investors know what their money is invested in.

On top of that, all companies I've worked for in the USA allowed me to choose exactly how and where my money will be invested.

Nothing described by the article you posted lets me think that this will be no longer the case.

[dontworry99]

You’re assuming your behavior is the norm.

You are aware that’s possible. Not everyone is. Employers at a lot of companies just pick a default and employees forget about it.

It’s not reasonable to expect the masses to babysit ephemeral inventions that they aren’t ever aware of.

Ok, man. Yep we should all just stick in our heads this is of course proper application of agency defined “for us”. Paulo Freire is rolling over in his grave.

This culture is falling apart because it’s looking for financial efficiency above all else, not emotional resiliency. Just gonna ignore whatever immutable aspects of reality get in the way of that.

[jjoonathan]

The roaring 20s are back, baby!