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I've been waiting for over thirty years
for someone to write this book.
It's not the full story, but it's an important
beginning. Essential viewing.
The financial "services" industry is
not your friend.
From our friends at Real Econ TV.
Video:
http://www.realecontv.com/page/24719.html
- Brasscheck
“Financial Industry” Flim Flam
Book: “Pound Foolish”
Book: “Pound Foolish”
Pound Foolish:
Exposing the Dark Side of the Personal Finance Industry
For the past several decades, the personal finance industry has convinced Americans that we are the sole masters of our financial fates. Even as stagnating wages and rising costs of necessities have eaten away at many families' bottom line, voices within the industry chant that enough grit, the right advice, and the latest tools will cure what ails their financial lives. In Pound Foolish, journalist and former financial columnist Helaine Olen argues that, instead of an elixir, the American people have been sold a bill of goods.
Olen critiques the personal finance industrial complex and makes the case that our systems and structures for achieving financial security are broken or badly damaged, and that profiteers have exploited the desire to for personal financial control and turned it into a profit center for their own benefit.
The New America Foundation's Asset Building Program held this conversation with the author as she shares her story of America's love affair with personal finance and the challenges we all face in dealing with and talking about money.
PARTICIPANTS
Helaine Olen
Author, Pound Foolish: Exposing the Dark Side of the Personal Finance Industry
Blogger, "Where Life Meets Money," Forbes.com
Justin King
Federal Policy Liaison, Asset Building Program, New America Foundation
Exposing the Dark Side of the Personal Finance Industry
For the past several decades, the personal finance industry has convinced Americans that we are the sole masters of our financial fates. Even as stagnating wages and rising costs of necessities have eaten away at many families' bottom line, voices within the industry chant that enough grit, the right advice, and the latest tools will cure what ails their financial lives. In Pound Foolish, journalist and former financial columnist Helaine Olen argues that, instead of an elixir, the American people have been sold a bill of goods.
Olen critiques the personal finance industrial complex and makes the case that our systems and structures for achieving financial security are broken or badly damaged, and that profiteers have exploited the desire to for personal financial control and turned it into a profit center for their own benefit.
The New America Foundation's Asset Building Program held this conversation with the author as she shares her story of America's love affair with personal finance and the challenges we all face in dealing with and talking about money.
PARTICIPANTS
Helaine Olen
Author, Pound Foolish: Exposing the Dark Side of the Personal Finance Industry
Blogger, "Where Life Meets Money," Forbes.com
Justin King
Federal Policy Liaison, Asset Building Program, New America Foundation
Exposing the Dark Side of the Personal Finance Industry
This is a book I’ve been waiting for for at least the last thirty years.
Thank goodness someone - in this case Helaine Olen - wrote it.
There’s a lot more to be said, but this book is a very important start.
The idea that the average person can “invest” their way into a healthy retirement is and always has been a sick joke.
When you invest, you’re competing with Wall Street. Even people who spend their entire lives, 50 to 70 hours a week full time, working on Wall Street have trouble developing profitable portfolios.
What chance does an uninformed amateur who who barely pays attention to the markets and doesn’t really understand what’s going on have?
The financial services industry exists to skin you and every word that comes out of its mouth should be treated with maximum skepticism.
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