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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: GraceZ who wrote (161107)4/20/2002 10:45:17 AM
From: Joan Osland Graffius  Read Replies (1) of 436258
 
Grace, Re: americans savings

I do a lot of work analyzing 401k's and other savings plans for the legal system. I rarely see a plan that does not have a loan. The 401k asset and other savings plan asset numbers you see in government numbers are false as these 401k plans assume the increase in capital from investments will pay off the loan and the loan value looks like an asset in these numbers.

On top of this mess these people have used their 401k's and other savings to buy houses and then they have gone to their local bank to get a 2nd and 3rd mortgage. IMO, this is a house of cards.

We do know the American does not have savings in the S&L's and banks.

Joan
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