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...portability often impedes efforts to save for retirement. As today's job hoppers move from one employer to another, most succumb to the temptation to cash out their 401(k)s and spend the money, a practice hardly reflective of a serious retirement system. Today $2 trillion is invested in those accounts. But to understand why the 401(k) is no substitute for a defined-benefit pension, look beneath that big number. Earlier this year the airwaves crackled with announcements that the value of the average 401(k) had climbed to $61,000 in 2004. Noticeably absent from many accounts...
Outside our borders, Alberta's tar sands contain 180 billion bbl. recoverable with current technology, and Calgarians are pumping that oil today. A total of several trillion barrels of oil soak the sands of Canada and Venezuela alone--a century's worth at the current global rate of consumption. Then there are methane hydrates. The U.S contains some 30 trillion bbl. worth of those frozen hydrocarbons off the shores of Alaska, the continental coasts and under the Rockies. There's little doubt they too can be extracted economically. If we try, we'll certainly find cheap ways to transform North...
...PASSED. JAPAN'S POSTAL-REFORM BILLS, by a vote of 134 to 100, in the Upper House of parliament; in Tokyo. The vote ensures the enactment of Prime Minister Junichiro Koizumi's plan to privatize the three functions of Japan's $3 trillion postal system, including the world's largest savings bank, by 2017. A cornerstone of Koizumi's reform agenda, the bills were voted down by the Upper House in August, causing the Prime Minister to call snap elections for the Lower House aimed at silencing critics of the plan?even those in his own party. (The Lower House...
Peterson also addressed Medicare, which accounts for most of the $74 trillion in unfunded liabilities...
...latest adventures, Icahn owes a big assist to the $1 trillion hedge-fund industry, to which he is closely allied and which gives him financial heft he hasn't enjoyed since being backed by Michael Milken's junk bonds 20 years ago. And in the post-scandal age, yesterday's raider is today's shareholder activist. Icahn is playing that role to the hilt, lashing out at executive mismanagement and excess. In his view, corporate America is plagued by CEOs and boards compromised by cozy friendships and financial relationships--to the detriment of tough decision making and healthy share prices...