Yeah, bundling risks together doesn’t change the overall risk. It just makes you more likely to see the average case. The math behind this isn’t new since 2008.
But the people who were supposed to watch for that were instead watching for their chance to get a sweet job at one of the companies they were supposed to be regulating and Bush and Obama worked very hard together to make sure none of the banks suffered for their fraud or not doing their due diligence other than a couple of sacrifices (that might have been more of a consolidation than a sacrifice). The whole thing is rigged and it’s not so much that those in power don’t care as they are in on it.
Their gray new deal was killing off pensions and having people rely on 401ks.
And they voted for it in droves.
Honestly pensions shouldn’t be tied to private accounts, whether they’re owned personally or by corporations. There’s too much fuckery for profit.
You could say the same about the whole financial “industry”.
The entire idea of bundling debt is testament to that.
Yeah, bundling risks together doesn’t change the overall risk. It just makes you more likely to see the average case. The math behind this isn’t new since 2008.
But the people who were supposed to watch for that were instead watching for their chance to get a sweet job at one of the companies they were supposed to be regulating and Bush and Obama worked very hard together to make sure none of the banks suffered for their fraud or not doing their due diligence other than a couple of sacrifices (that might have been more of a consolidation than a sacrifice). The whole thing is rigged and it’s not so much that those in power don’t care as they are in on it.
The old idea was that you have Social Security, traditional pensions, and a 401k. Each of these has flaws, but together they can cover for each other.
Pensions can be tied to private accounts provided you also have the other two.