A post from another site

[awthacker]

Originally Posted by jeffmo

Here in Ohio our Governor said that passing SB5 was a must to balance his budget.It was defeated soundly and he still balanced his budget.It's been very dirty politics here and it doesn't look like it's going to get clean any time soon!
You'll get no argument out ofme that the pension system that I'm a part of needed changes.But,as I have said,those changes were submitted and were sat on for political reasons.They were made recently.added service years,increased employee contributions are a couple of the major changes that have been made.
Just out of curiosity,what exactly happend to so many 401ks after wall street got their hands on that money? It's the same thing that happened to the $480 million of Ohio Police & Fire pension monies and it happened a week or so ago when we witnessed another mega bank that made "bad choices".CALpers(the California Public employees retirement system) had about $600 million with that bank.I wonder if the money will be returned or if it will be "lost"!
Overall,I blame Politicians,the money that they waste and greed within big business for the situation we're now in.

401k's, just like your pension, took a beating. I'm not sure how acknowledging that proves anything. What I love about my 401k is that I decide where to invest. Currently, I'm 100% in a gold/special minerals fund. I lost 10% last week. My own gamble, and I think it will turn out well. Would you suggest that I never should have been allowed to invest my savings (for my own protection, of course)?