“Everything under heaven is in utter chaos; the situation is excellent.”

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I agree it is sad to see people's retirement wiped out and see the horror coming, but we have to be real - all of our retirements are fictional in the context of a warming climate and a near zero rate of profit. They financialized retirement accounts because capital is getting so sclerotic that people's $500 savings account is getting to slow the system, they need access to as much cash and it has to keep flowing including a safe retirement account.

• Nothing changed but market cap. All the stuff is still there. Just a number is changing.
• The main fear I have is that we're headed for a recession with high unemployment, again. The only thing they know how to do is lower interest rates half a percent and quantitative easing, and they can't do that anymore.
• Retirees ought to be getting increases in social security.
• Retirees should be holding more bonds than stock anyway. Bond yields have been rising, which means that the cash they can sell their bonds for has been falling. However, they tend to hold bonds to expiration for the payments, and they can roll the payments into more bonds with higher yields, so this is generally fine.
• I enjoy overleveraged assholes being forced to sell at low prices and it will tend to improve 401k returns in the long run to have good buying opportunities.