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In 1948, when the National Labor Relations Board ruled that pension issues could be included in union contract negotiations, no one suspected this victory for employees across the country would trigger an economic revolution. Over the past fifty years, the pension fund industry has mushroomed into the largest concentration of managed money in the world. As a result, the decisions of fund managers reverberate throughout the global financial markets. But is there a price to pay for this dramatic reshaping of the economy?
A journalist who has covered the subject for more than twenty-five years now tells the story of how the pension fund industry came to dominate the financial markets–and how its spectacular growth is likely to affect us in the years ahead. Delving into the virtually unexamined history of this landmark decision and the subsequent flood of money that poured into the stock market, Michael Clowes reveals both an intriguing chronicle and a sobering warning signal for what we can expect as the growth of 401(k) plans shifts investing power away from traditional pension managers, and as aging baby boomers begin to cash in.
Expertly written and exceptionally thought-provoking, The Money Flood issues a crucial wake-up call to the investment industry–and to the overwhelming number of those whose futures are dependent on its performance.
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