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January 09, 2009
-Megan McArdle, in a post entitled, "How to handle the crisis in your 401k"
You better look. Your broker or other financial advisor may tell you not to open your 401k, or not to worry, that it will all come back. This is not sound financial advise in my opinion. They simply want to retain your funds and keep people trading - BECAUSE THEY ARE MAINLY PAID ON COMMISSIONS.
Wall street certainly was thinking of itself, and now is the time for the American people to think for themselves. Many people are "getting flat" or "going to cash" in their 401k's and pausing their contributions until the market picks back up - and I agree.
This turn-around can take years and it's unacceptable for money managers to lose your hard earned income like this. Take the bailout into your own hands people.
We don't deserve to ride this crisis to the bottom.
By Eric Hanna on 2008 10 08