Those who invest in the US stock market have nothing to complain about. Stocks are on a tear in 2013 and have produced returns north of 8 percent annually over the past 100 years. What else does that well?
It has been almost impossible to avoid a lush retirement if one simply salted away money into an index fund regularly over the past 40 years.
So why do you continue to hear that Wall Street cannot be trusted and why do Congress and the Administration continue to try to crush Wall Street under a sea of litigation, regulation, and hyperbole.?
Will we really be better off without Wall Street? The average American has had the rare ability to simply plump his money down into an index fund and retire in splendor ($ 2,000 salted away in an IRA annually produced over $ 2 million in 40 years). I guess this kind of independence is too much for politicians to bear.
No one who has ever purchased an index fund at any time in history and still owns it today has a loss. In fact, it would be hard to find anyone who hasn't made an enormous amount of money in their index fund.
But, give Obama some time. Besides bludgeoning Wall Street into submission, his administration has sounded the first bugle in its war against IRAs.
Look for more of this. Obama will leave no stone unturned in his war against America's middle class. The war against Wall Street is designed, one supposes, to prohibit the average American from funding his retirement safely and force more Americans to fall back onto the US government for their retirement.