And I can't shake the belief that the events since Sept are all manipulated to discredit capitalism. Not long ago people hoped that Social Security would be transitioned away and citizens could keep control of their own money, invest it wisely in the stock market and retire comfortably. Hey, do you think that idea would be popular now??
It's all gone to smash, largely because of disreputable politicians and financial con men -- and the solution is going to be socialism and Russian-tyle oligarchs running our lives for us. Then we will all be happy.
You are right—these are sad stories. Each person was “investing” as responsibly as they knew how. The complexities of investing, like completing contemporary income tax returns, are overwhelming to the minds of most Americans despite the necessity of facing those complexities to manage one’s money. You cannot prepare for retirement and not engage in investing.
I draw a link between this scandal and the popular discrediting of social conservatism. Decades ago, personal ethics and integrity were widely accepted virtues as part of our conservative American culture. Now, such ethics are not of much interest to people who reject the moralizing and religion-originated value systems that were once widely accepted.