Thursday, October 09, 2008
A typical 401(k) retirement plan investment is a mutual fund based on the value of the S&P 500 list of 500 top stocks.
- On October 8, 2007, the S&P 500 index closed at 1552.58
- On October 8, 2007, the S&P 500 index closed at 984.94
In round numbers, index funds based on the S&P 500 lost over a third of their value over the last year. The Democrats have served up this mess with their destruction of the financial markets by their insistence that banks make vast numbers of loans to poor credit risks. It's time to clear out these incompetent, crooked buffoons before they figure out how to do worse.