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13 December 2007

The 401(k) Myth, By Marie Cocco

Or: don't think that this privatized version of social security -- known as a "benefit" (for whom?) -- will either be there when you need it or forms a good model for the total privatization of all social security.

401(k)s are there to enrich Wall Street investment banks. If you are enriched, eventually, that's a side benefit. You won't get bailed out; they will. Evidence? Look around you; look at recent history. Wealth takes care of wealth.

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