And pity the poor baby boomers! They’ve lived their whole lives with a pot of honey in their hands. Save money? Why bother? Na na na na live for today! The economy was always expanding...they were always getting richer...jobs were always plentiful...and so were credit cards. Now though, the tables are turning against the boomers. When companies lay off employees – they get rid of the middle-aged, expensive workers – the baby boomers. And since the poor boomers never bothered to save money – and since their houses are losing value – they now face retirement with no money in their pockets and no way to get more.
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What pot of honey? I earn minimum wage; the most I have ever earned in one year is $17K. And I have never had employer-provided fringe benefits. I still have student loan payments.

So how much could I have realistically saved?

And how can I earn more money?

What we have seen is not Libertarian Freedom ( Yes, Greenspan drank the Ann Rand Kool Aid ) but the law of the jungle, with the strong preying on the weak.

Even Adam Smith recognized that it was in the interest of business to deceive and prey on the public, but to know that you have to actually read the book.

Tell me how a Baby Boomer is responsible for his retirement investments being scalped by the market? And if they were managed by a company pension plan, well, the managers probably invested in derivatives because they were "sophisticated investors".

What we have seen is compensation based on performance, which encouraged high-risk high-return choices, which gave the people making them nine great years even if their company or investment went belly up the tenth. The people doing making these decisions were well compensated for this "success".

You might pause to think if the market for your myths has changed along with so many others.