All of them were started after the Establishment attacks on Social Security, which at first consisted of propaganda telling workers that there would not be enough money to pay their pensions when they retired.
The Evil Reagan used this propaganda to set up the “Trust Fund” by doubling FICA contributions and telling the Baby Boomers that they had to prepay their own retirement.
Blackrock was founded in 1986, to capitalize on frightened workers.
They suck money from workers who tithe every paycheck, with the promise that in 40 years they will be rich, and it will all be theirs, unlike that bad Social Security, that gives a monthly pension to everyone until they die. The workers fantasize that they will have enough left over from their 401K millions to pass on to their kids when they pass on.
Meanwhile, the kids can’t afford the outrageous rents that monopoly ownership allows.
Do not worry that Blackrock might lose their investments in Ukraine. The only thing that will happen if Blackrock loses their investments in Ukraine is that the workers will find out that their nest egg just got emptied, the way it did in 2001 and 20008.
They will then have a chirpy ex-cheerleader turned 401K salesperson tell them that they need to double their tithe in order to make up what they lost.
And there are enough stupid people out there to do just that. And then Blackrock's bottom-line will improve.
The state pension funds lost will be made up by the taxpayers, just like before.
We already know how they do.
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