@kristenwelker.bsky.social once again week in and week out Kristen gifts Republican authoritarians worldwide access to help the GOP promote and spread their destruction of America.
Uh, Mr. Secretary, as someone recently retired - yes, we do look at the value of our retirement accounts on a fairly regular basis. I know enough to discount the day to day fluctuations but when the floor drops out as it has my level of concern rises. As it should!
Says the guy who’s leadership lead to poor financial outcomes at the Key Square Group- a hedge fund that he founded. This guys’ track record bodes poorly for the caretaking of other peoples investments.
The problem is… you yank all that $$ out of the market and you might as well use it as pillow stuffing because of inflation. I am not arguing we are heading into a rosy time - it’s a disaster. And, it is wrong to minimize the effect this is going to have. But you my friend, are on a hair-trigger. ✌️
I’m 70/30, contributed for over 30 years. Lived below my means, white-knuckled through recessions, some caused by factors beyond our control. But through it all, across different admins and Fed chairs, I’ve always felt they were at least trying to be stewards. This ain’t that, motherfucker.
Cool. The 40 million+ retired Americans can just eat dirt and drink air as their working capital decreases in value while they fret their SS payments will suddenly stop.
I think their hope is we’ll have premature deaths—screw up medicare, SS, our savings, discourage vaccinations, defund disease research and trials— that’s the recipe.
People forget that the era of “the stock market always goes up” was also the era when the US working population was always going up. The Japanese stock market is just now recovering to where it was 30 years ago, when their worker per retiree ratio began declining, as ours is now.
The argument against the long term view is that what is happening is a fundamental shift in how the US economy works. Tariffs, good government and university research jobs gone, our worsening health after cuts to the CDC and CMS, are not where we have been the last 60 years. Trumps economy-gamble.
This is the same guys who said retirees who don’t get their checks should just wait for next month and hope the problem goes away. He can fuck all the way off.
F**k this guy. I’m retired and my savings are going down the toilet, and the best this gazillionaire has is ‘don’t look’? He’s the Treasury Sec’y, and hasn’t lifted 1 finger to buoy or reassure the markets. What kind of incompetent &/or scared s**tless a-hole doesn’t do his job?
-15%, so far. Interestingly it took 15 years to get back to where it was after the .com crash. If I never ever touch it, maybe in another 15 my survivors will be able tonuse what's left to buy some turnips for my wake.
I work w 401k participants every day and see their portfolios. The significant majority DO NOT have a 60/40. Most of what I see is people loaded up on the S&P w zero bonds or foreign stocks. Bessant is a fool and a guileless, inept liar.
I'm, it used to be a good investment long term, but you just broke the economy. None of those things are true anymore. And yes, I avoid looking at my account too much because it's terrifying, but don't think it isn't on my mind
Even his own putative argument he finalky settles on, supports interviewer’s point. Retirement savings are long term. I want to retire now—-i don’t HAVE longterm to recover what Rumptydumpty’s great fall has lost for me. And yes, i’m checking accounts near-constantly cuz DAMN
The Fidelity Balanced Fund (roughly 60/40 stocks/bonds), which was doing quite well until Trump started destroying the economy, is down about 13% from its December, 2024 level, and it's down over 8% YTD.
This is the attitude of wealthy and ultra-wealthy people at the top of government. Oh, it’s just a blip. Or as our senator, Ron Johnson said, the tariffs were a “bold move.” When you’ve got lots of money, you can be bold. When you’re Joe Schmoe, bold is usually dangerous, especially at retirement.
It was a good investment right up to Jan. 26, 2025. Do you really think our investments can withstand four years of destructive policy, policy rooted in nonsense? Seriously, Sec. Bessent? No wonder you are updating your resume.
Comments
iShares 60/40
AOR -8.9%
Vanguard Mod Growth 60/40
VSMGX -12.7%
Vanguard Balanced 60/40
VBIAX -14.6%
None of this applies with Trump Musk!
This is totally artificial.
This hasn't happened in over 100 years.
Prices are going up. Way up. And they are never, ever going to come down again.
Stop the testing
When you’re all set to retire TODAY and the DOW drops 3,500 pts in two days — well, you just had retirement delayed by at least 5 years.
Why are follow up questions so hard to ask?
Also, anyone nearing retirement knows the worst time to retire is just before a recession hits.
On top of that, we have to worry about Social Security being raided.