Last decade was the worst ever in the stock marketJay BookmanDec. 28, 2009 |
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From The WSJ: The U.S. stock market is wrapping up what is likely to be its worst decade ever.After the 2004 election, you might recall, President Bush decided to spend his “mandate” pushing a scheme to privatize Social Security and encourage investment of retirement funds in the stock market. Many retirees — and many of those approaching retirement — lost a lot of their private nest egg in the market collapse that began last fall, but the damage would have been greatly compounded had they invested a good portion of their Social Security funds in the market as well. In addition, the political system would have been under great pressure to try to make good on some of that financial loss — i.e., a senior citizens’ bailout on top of the banking bailout and Detroit bailout and stimulus package. The Bush proposal was a symptom of that era’s attitude toward risk, with all attention focused on the possible upside and very little on the reality that big losses are inherent in the system too. |