The Great 401 (k) Hoax Why Your Family's Financial Security Is At Risk, And What You Can Do About It

by Wolman, William; Colamosca, Anne

• ISBN13: 9780738208527
• ISBN10: 0738208523
• Format: Paperback
• Copyright: 2003-04-03
• Publisher: Basic Books

Summary

The American public was hoodwinked: 401(k)s were established to satisfy corporations, not the interests of working Americans. Portrayed as a perpetual wealth machine, the 401(k) was meant to satisfy the needs of every employee. Yet, it was an impossible promise to fulfill: It was the great 401(k) hoax. According to William Wolman and Anne Colamosca, this was the latest act in the gradual erosion of the nation's retirement system. Drawing from reams of historical and contemporary data as well as economic, social, and political trends, they reveal the system's troubled 100year history. Beyond exposing the hoax, the authors urge everyone to take charge of their investment portfolio and recommend strategies for beating Wall Street at its own game. Timely and incisive,The Great 401(k) Hoaxis guaranteed to inspire debate and action-from the water cooler to the boardroom to the voting booth.

Author Biography

William Wolman is senior contributing editor at BusinessWeek magazine, where he served as chief economist during 1990s. An economics commentator for CNBC, he was recently named one of the leading business journalists of the century. Anne Colamosca is a former staff writer and reporter at BusinessWeek magazine. They live in New York City. William Wolman is senior contributing editor at BusinessWeek magazine, where he served as chief economist during 1990s. An economics commentator for CNBC, he was recently named one of the leading business journalists of the century. Anne Colamosca is a former staff writer and reporter at BusinessWeek magazine. They live in New York City.

Table of Contents

Acknowledgments	ix
PART ONE: Straddling Two Eras	1	(56)
Introduction	9	(8)
The Anatomy of a Hoax	17	(20)
``Family Values'': How the Hoax Was Perpetrated	37	(20)
PART TWO: The Lessons of History	57	(72)
Rhyming the 1990s with the 1920s: Politics and Culture	61	(20)
Rhyming the 1990s with the 1920s: Economic Comparisons	81	(22)
The Postmillennial ``Hangover'': Why the 2000s Will Feel Like the Brave New World's Version of the 1930s	103	(26)
PART THREE: The Elusive Search for Family Security	129	(36)
Power Play: The Attack on Social Security	131	(20)
Pension Power: Who Has It, How They Got It, and How It's Used Against the Family	151	(14)
PART FOUR: Beating Wall Street at Its Own Game	165	(58)
Stillwater Investing: Drowning Out the Noise	167	(22)
Stillwater Investing: The Positive Program	189	(26)
The Political Agenda: De-Hoaxing the 401(k)	215	(8)
Afterword	223	(18)
Notes	241	(8)
Index	249