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Originally Posted by fluffy0000
less Ayn Rand, dude
Before Enron collapsed or the US financial collapse of 2008'. Enron and Wall St. including Lehman Bros. were driving peoples energy bills, and retirement pensions, and millions of homeowners mortgages over the cliff.
The discomfort of using foodstamps while shopping for these well-educated or former entrepreneurs of Wall St. must have been traumatic. On the other hand the 'unwashed' masses who lost their pension funds, or homes due to the 'housing bubble' constructed by the same entrepreneurship skills that built Enron and Wall St. can be chalked up to misfortune.
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There were no entrepreneurs at Enron, do you even know the definition of the word? Enron was not a privately owned company, it was a publicly traded one, and as such, it was owned by it's investors.
It was former president Jimmy Carter's Community Redevelopment Act which set the stage for the housing and bank meltdowns. No entrepreneurs were involved. The Community Redevelopment Act was begun as a way of making it easy for the residents of poor communities to obtain loans to buy homes and property by relaxing lending standards. It was the federal government who set the guidelines, not the banks, and it was these relaxed lending standards which in the last decade allowed huge numbers of people with poor credit to buy homes which they couldn't afford. Another proven example of the saying "The road to hell is paved with good intentions".
Please don't comment unless you have a clue as to what you are talking about.
As for pensions, if you aren't saving your own money for retirement, you are a fool. The news yesterday is that the Social Security trust fund will be depleted by 2037. That's right folks, for those of you in America who are getting that 15% or so extorted out of your pay each week for Social Security, you will never get it back. Of course, the same is true in Japan. According to the current formula, by the time I am ready to retire, I will only qualify about 2 man yen per month in pension benefits, which is less than what I pay into the program each month. Even if I live a long time, I will never so much as collect 1/3 back what I paid in.
But go ahead and keep putting your trust in the company you work for, or the government, see how far it gets you.