We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require "top down" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.
John C. BogleI'd be the first to agree that capitalism bestows its blessings unevenly. But that wouldn't persuade me to think it was a good idea to do away with those blessings in their entirety. That said, there is lots of work to be done to make capitalism work better, and to broaden its blessings far more widely not only in America, but all over the globe.
John C. BogleI'm not currently into economic textbooks, but my grandchildren tell me that the book by Gregory Mankiw, former head of the white house council of economic advisers is a model of intelligence and clarity. Why not try that one.
John C. Bogle