Set forth below is the text of a comment that I recently put to another blog entry at this site:
Let’s revisit the premise of your “they got the number wrong” theory. We all agree that most of the SWR numbers simply provide an accurate report of what worked historically. The perhaps incorrect assumption some people make is that what worked historically will continue to work in the future.
Do you think that Greaney’s retirement study and Sholar’s FIRECalc should have been corrected within 24 hours of the time the errors in them were brought to their attention?
Or do you not?
Is the purpose of a retirement study or a retirement calculator to help people plan their retirements effectively?
Or is it to trick people?
Do you really believe that the word “perhaps” belongs in the last sentence quoted above?
Do you think that the Wall Street Journal is part of some vast conspiracy to make John Greaney and Bill Sholar feel bad? And the Economist magazine? And Smart Money? And Academic Researcher Wade Pfau? And Bill Bernstein?
Why don’t you state things clearly?
What do you think will happen to you if you simply state what you obviously believe with clarity?
Did your confidence in Greaney’s study grow when he threatened to kill my wife and children if I continued to “cross” him by posting honestly on the SWR topic?
Do you believe that the people whose retirements fail because they believed that Sholar was shooting straight with his calculator should be compensated for their losses by him?
If not, why not?
Do you think Sholar’s decision to ban honest posting on the errors in his calculator was an act of financial fraud?
Do you think the financial losses caused by Greaney and Sholar were greater or lesser than the financial losses caused by Bernie Madoff, who resides in a prison cell today?
Do you believe that people of the stature of John Bogle and Bill Bernstein and Larry Swedroe should be permitting their names to be associated with a discussion board that banned honest posting on safe withdrawal rates as its first order of business?
Do you not agree that these people are lending support to a criminal enterprise by doing this?
Are you proud of your own behavior re the 11-year cover-up of the errors in the studies? Or at you ashamed of it?
Academic Researcher Wade Pfau (he has a Ph.D. in Economics from Princeton) and I co-authored research that has been published in a peer-reviewed journal showing millions of middle-class investors how to reduce the risk of stock investing by 70 percent.
I think it would be fair to say that widespread promotion of that research paper would bring the economic crisis to an end. This is the biggest advance in our understanding of how stock investing works in 30 years. That research shows investors how to become able to retire five to ten years sooner than they ever imagined possible. Millions are in dire need of such exciting advances today.
The response of the Lindaurheads and the Greaney Goons was to threaten Wade. They told him that they would send defamatory e-mails to his employer in an effort to get him fired from his job in the event that he continued to post honestly on his sincere views as to how stock investing works.
How long do you think the prison sentences should be for those who have put up posts in “defense” of Mel Linduaer and John Greaney?
How long do you believe your own prison sentence should be, given the implicit support you have offered these individuals by participating at boards at which they were present while not speaking up in opposition to their brutally abusive tactics for keeping millions of middle-class people from learning what the last 32 years of peer-reviewed academic research tells us about how stock investing works?