Pop! Goes Your Retirement
The collateral damage from the collapse of Fannie Mae and Freddie Mac will soon be reaching Main Street. These two semi-government corporations were the lenders of last resort, and when they go, it will be no exaggeration to say that there will not be a single truly solvent mortgage lender remaining in the entire USA. The mutual funds that form the cornerstone of America's retirement plans are loaded up with these two collapsing financial juggernauts, and when they go down, down go all the private pension funds and investments attached to them like remoras riding on a shark. To wit:
Capital Research Global Investors 114,960,866
Capital World Investors 85,406,317
FMR LLC 50,064,653
Barclays Global Investors UK Holdings Ltd 41,356,629
State Street Corporation 31,457,288
Vanguard Group, Inc. (The) 30,160,589
Lord Abbett & Co 25,957,091
Pzena Investment Management, Llc 23,829,736
Brandes Investment Partners L.P. 21,606,200
If your pension or stock portfolio is involved with any of the above, as are 80% of American pension funds in some way, say bye-bye. On Capital's website it declares, "The Capital Group companies manage.assets for institutions around the world - corporations, governments, retirement plans and nonprofit organizations such as endowments and foundations. We manage, distribute and support mutual funds, investment funds and other investments for millions of individuals." In a matter of weeks or even days, they will be as busted as a wino on the street corner begging for change, because all of their assets are backed by worthless paper from people who can no longer pay their mortgages or who have already thrown their keys down on the bankers' counters and walked away.
You have to wonder, how qualified were all these experienced investment analysts who missed the risk in holding 115 million shares of a company without an audited financial statement?
By the time we faithfully obey the media and elevate the Funky Monkey unto the heavens in November, as no doubt we will since the Repuiblicans aren't running a candidate this year, many of the morons who are now shrieking for Obama like brain-dead oysters will no longer have their homes or their jobs.
Explain to me again how electing a bubble-lipped Chicago street nigger who can barely tie his own shoelaces as President will fix all this? I didn't quite catch it last time