Today during President Bush's tour of a Guernsey Office Products, Inc. warehouse in Chantilly, Virginia he was asked by a worker what would happen to his 401-k. Here's the question and answer from the white house website:
"Q Mr. President, what do you think is going to happen to my 401(k) and other people's retirement plan?
THE PRESIDENT: I think in the long run they're going to be fine because the stock markets will reflect real value. In the short term, they're going to take a hit."
The president reassured him that his retirement funds will be fine "in the long run." But maybe not within his lifetime....for as John Maynard Keynes famously said "In the long run, we're all dead."
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