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September 23, 2009, Guest Column, 401(k)/IRA
Like Lambs to the Financial Slaughter
Part 1 of a two-part critical essay on how the American retiree became hostage to volatile markets.
In the years immediately following World War II a fairly new life form rarely if ever seen in world history had emerged in America-the retired person.
Throughout human history, the question of what to do with a person who was too old or infirm to work productively in service to the community was settled very simply—you buried them, since they had probably been working, most likely in small family farms or other small trading enterprises, right up to the day of their death.
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