On Tue, 07 Oct 2008 16:57:30 -0400, Boater wrote:

wrote:
Well, all that money I put away in that plan is prob gone but I wasnt
thinking of retiring for another 15 yrs at least anyway. What the
hell, work is fun.


Except for some share I have held onto for sentimental reasons, I got
out of the market a long time ago, when I finally realized it was a
fraud, along with the accounting practices of large, publicly held
corporations.

That became a Ponzi scheme when they got into workers pockets via
401k's. Used to be a viable savings/retirement instrument with blue
chips, but utilized mostly by the upper middle class and higher due to
disposable income and risk.
Before the 401k auto-extraction, equity investors could usually be
identified by their dress - golfing shoes or yachting caps.
When that garb became commonly worn by the populace, you knew
something was out of whack.
Too many golfers and yachtsmen, and not enough workers.
Like the Ponzi deal, early investors who pulled out cash did well.
Now it's time for the rest to get screwed.

--Vic