Set forth below is the text of a comment that I recently posted to another blog entry at this site:
Rob, grand conspiracy theories are an indicator of mental illness, nothing more.
I pointed out the errors in the Old School SWR studies in a post dated May 13, 2002, Anonymous.
Today’s date is April 21, 2014.
Not one of the studies has yet been corrected.
That tells the tale.
I don’t call it a “grand conspiracy.” I think it would be reasonable to call it a “conspiracy of ignorance.” That’s something different than what people signify when they use the phrase “grand conspiracy.” There were no people who met in a smoke-filled room and agreed to give bad investing advice until the U.S. economy collapsed.
That said, the reality remains that today’s date is April 21, 2014, and not one of the Old School studies has been corrected as of this morning.
That’s a big problem.
It’s not just that we are going to see millions of failed retirements. That part alone constitutes one of the biggest social crises we have seen as a nation. We are going to have millions of old people left homeless because the Big Shots in The Stock-Selling Industry were not honest enough to acknowledge a mistake they made for 33 years after the peer-reviewed research uncovered it. We obviously cannot as a society leave those people homeless. So there is going to be a government bailout. That is going to explode the Federal budget deficit at a time when most people believe that we should be trying to lower it. This part of the question alone constitutes a catastrophe.
But the massive bailout that will come about as result of the millions of failed retirements is the relatively SMALL problem here.
The bigger problem is the hundreds of people who have participated in the 12-year cover-up, the biggest act of financial fraud in the history of the United States. My good friend Jack Bogle knows about this. He has done nothing. Motley Fool knows about this and has done nothing. Index Universe knows about this and has done nothing. Morningstar knows about this and has done nothing. Lots of my blogger friends know about this and have done nothing.
I am telling, Anonymous.
I only have two choices. I can participate in the cover-up myself. Or I can tell. Participating in the cover-up myself means that I go to prison too. ZERO INTEREST. Telling means that a good number of my friends go to prison. I don’t like that outcome. But that is what I have been left with, presuming that I don’t want to go to prison myself. So we are back to ZERO INTEREST.
You call it whatever you like. Call it a conspiracy if you must. Call it a Conspiracy of Ignorance if you want to be more accurate. Call it something altogether different if doing so makes you happy.
But please don’t ever pin any hopes on the thought that I might add my name to the long list of people now associated with this massive act of financial fraud.
I am telling.
If you can stop me, stop me.
If you cannot stop me, word will get out.
That’s where it stands. There will be no negotiation on this point.
I naturally wish you all good things.