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Published on Apr 26, 2012
In 1980, the average retiree had over $250,000 in retirement benefits through a company defined pension plan. Then, corporations put the money into expanding the company. Now, with the Republican "ownership society," workers put their retirement money into bastard stocks (options or IPO's of insiders) that are all too often used by hedge funds to buy up and truncate companies, e.g., Romney's private equity Bain. A big difference: 1980's expand manufacturing base with pension money versus 2010 reduce or export American jobs, or, 1980's capitalism versus 2010 decapitalism. Play obsessed workers have only themselves to blame for buying a sucker's bet. see www.timism.com\NecroAged\401ks.htm