Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Moominoid who wrote (15206)	2/19/2002 1:05:09 PM
From: Raymond Duray	Read Replies (4) of 74559

Earnings suck - but why is the price so high relative to them... One of the drivers is the pension system in the U.S. As you may be aware, folks on defined contribution plans like 401(k)s have been herded into the equities markets and have few viable options. Many are precluded from converting holdings out of equities into money market funds, and universally, shorting stocks is prohibited within 401(k)s, IRA or other pension schemes. It's a one way street, artificially pushing too much money at too little real opportunity. Just the way Wall Street engineered the enabling legislation, so that they could pick off the hapless and naive worker bees. -Ray

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