Anytime I talk to people in random social situations and the conversation veers towards finances, I hear the same mantra: “All of the bankers are a bunch of crooks!” To that I reply: “Why do you continue to give them your money?”
The initial response invariably is that they have no choice, their employer has their 401k managed by Fidelity or TD Ameritrade or Edward Jones, or any of the other big banks. Of course this is incorrect. They do not need to leave their money with the big crooks, whoops, I mean banks, in most cases.
The other common thing that I see all the time is people spending more time analyzing the pros and cons of a particular TV set or internet provider than their retirement plan. This is crazy, but such is the nature of the human mind. We spend too much time concerned with trivial things and too little with life’s most important decisions.
So, to answer my own question: “Why do people continue to give the Wall Street criminals their money?” – because they lack the knowledge that they have a choice, and they lack the fortitude to face the real issues that affect their future.
I may sound harsh in my analysis, but I can come to no other conclusion.
Certainly the big media propaganda and collusion plays a factor. After all, big media gets paid big bucks by the big banks to put out investment “news” that paints a rosy picture of the stock market and the associated banks.
The herd mentality doesn’t help, nor does the mindset of “Oh yeah, most investment advisors are nothing more than used car salesmen, but my broker is great!” That’s the same state of mind that gets us the same representatives in congress elected cycle after cycle, even thought these guys and gals have a 16% approval rate.
How can this be? Congress has a 16% approval rate, and Wall Street banks continue to get wacked with hundreds of millions in fines for duping investors, yet the same clowns will get re-elected to congress and the same criminals will continue to live in mansions on the hill while stealing from old ladies’ retirement funds.
Please, pull your head out of the sand and explore the options you have, and for Pete’s sake don’t re-elect someone or give them your life’s savings just because their name sounds familiar!