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tsuomela : savings   10

interfluidity » Hangover theory and morality plays
The people who have sinned are not by and large the people being punished. Some people overconsumed relative to their income, and some people invested poorly. Those who overconsumed have mostly faced consequences for their misbehavior — they are either deeply in debt, or they have endured foreclosure or bankruptcy. But the people who invested absurdly, especially “savers” who lent money but permitted themselves ignorance and indifference to how their wealth would be mismanaged, have not suffered the costs of their recklessness. ... ...But rather than condemn them for negligence and permit their claims to be appropriately devalued, we applaud them for “prudence” and ...You don’t counter that sort of villainy with technocratic arguments about liquidity traps. You point out that the motherfuckers who are calling themselves prudent, who are blocking both writedowns and government action that might risk inflation, are hypocrites and thieves.
economics  moral  morality  rhetoric  debt  savings  money  banking  recession  crisis 
december 2010 by tsuomela
Why It's Time to Retire the 401(k)
Last year's market wipeout showed the vulnerability of the popular retirement-savings accounts. But the data are telling us that even in the long run, consumers need better options
401k  retirement  money  wealth  economics  savings 
october 2009 by tsuomela
Let Them Eat Cake - Umair Haque -
So let's reframe the question. Should the Average Josephine save more when her government is hell-bent on inflating it's way out of a debt crisis, mirrored by bailing out banks without punishing bankers or bettering regulation and governance?

The answer's simple: are you kidding? Of course not.

Or at least not until bankers agree to have their bonuses taxed at a marginal 99.9% rate, and until both political and financial governance are made radically more open and transparent.

Until then, calls for savings from massively rich old dudes (especially to a generation who's watching its future being eviscerated) are nothing short of a 21st century "let them eat cake".
economics  recession  ethics  savings  rhetoric  class-war 
march 2009 by tsuomela
Op-Ed Contributor - Save Pensions - Op-Ed -
Policymakers in Washington should help Americans replace their risky accounts with new pensions more like the old kind with defined, predictable benefits.
pensions  401k  retirement  savings  economics  money 
december 2008 by tsuomela
Where have your savings gone? | Where have all your savings gone? | The Economist
That approach will be hopelessly inadequate for those who want to build a decent pension, especially in defined-contribution, or money-purchase, schemes, where the employee bears all the investment risk. The average American scheme member contributes just 7.8% of salary to his pension scheme. His employer, on average, contributes only 4.4%. He has a pot worth only $68,000. A rule of thumb is that total contributions need to be around 20% of wages to match a traditional final-salary scheme.
economics  retirement  401k  pensions  savings  wall-street  equities  investment 
december 2008 by tsuomela

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