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QuoteQuote>I have a 403b and have not much say in where it's invested.
Which means you may have been one of the millions of people who invested in MBSes, hoping for a good return.
A 403b is managed by the employer, not the employee, and the employer, not employee, gets to choose where the money can go. I have almost no say where the contributions go. The rules are more restrictive than for a 401k
so you provided ammunition to those that did wrong (in your opinion).
billvon 2,396
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>I have almost no say where the contributions go.
Agreed. But you certainly do have _some_ say. And thus you did have some control over where the money was invested.
BTW my point is not to claim that you did something stupid. You did something that millions of other people did, all of which slightly contributed to the problem. It is all those slight contributions multiplied by millions that, in part, led to this problem.
Agreed. But you certainly do have _some_ say. And thus you did have some control over where the money was invested.
BTW my point is not to claim that you did something stupid. You did something that millions of other people did, all of which slightly contributed to the problem. It is all those slight contributions multiplied by millions that, in part, led to this problem.
kallend 1,623
Quote>I have almost no say where the contributions go.
Agreed. But you certainly do have _some_ say. And thus you did have some control over where the money was invested.
I get to choose annuity or mutual fund. Don't get to choose which annuity or which mutual fund, or what they invest in.
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The only sure way to survive a canopy collision is not to have one.
The only sure way to survive a canopy collision is not to have one.
rushmc 18
QuoteQuote
But if the Gov had not pushed lenders in the first place, the slide would not have happened the way it did. And it may not have happened at all
The MBS market place was very stable for decades prior to CRA enforcement. That, in the opinion of many (myself included) is the root of the rot that has occurred.
Yes it was
but the gov started to double down on CRA during the Clinton years
They even had the different Depts threatening banks about ratings and how mergers would be treated if they did not toe the line
"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln
billvon 2,396
>I get to choose annuity or mutual fund. Don't get to choose which annuity
>or which mutual fund, or what they invest in.
Exactly. And you can choose to not invest at all. But you wanted a good return in your retirement account, so you chose a plan that you thought would benefit you.
And again, there's nothing wrong with that, But that decision you made is what other people (say, the Wall Street protesters) label "greedy rich people wanting to line their pockets." If no one invested in MBSes there would not have been the credit crisis we saw.
>or which mutual fund, or what they invest in.
Exactly. And you can choose to not invest at all. But you wanted a good return in your retirement account, so you chose a plan that you thought would benefit you.
And again, there's nothing wrong with that, But that decision you made is what other people (say, the Wall Street protesters) label "greedy rich people wanting to line their pockets." If no one invested in MBSes there would not have been the credit crisis we saw.
The MBS market place was very stable for decades prior to CRA enforcement. That, in the opinion of many (myself included) is the root of the rot that has occurred.
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