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What is an annuity and why it matters

I know, I know.  "The biggest scam ever."  "You can't trust 'em."  "It's nothing more than a shell game."  Needless to say you won't hear any commentary on the product on this site or on CNBC or even bloomberg on the radio.  In spite of Goldman's attempt at "total annihilation" however firms such as Met, Prudential and Travellers sell these products and these products look good.  A guranteeed payout can't be sustained?  If these yields on treasuries continue to plunge with the principal rallying think again although the payouts will clearly be reduced as ZH's "end of the world and beyond" plays out.  Pull a Bill Gross and invest in AIG paper?  Well, no....  All I'm saying is "it's time to give these folks some air time to make their sales pitch."  They can't be worse than auction rate securities people and all the lawsuits those things will generate and to date the only litigation issues appear to be "vets with life insurance which the regulators already knew about."

Disclosure: no positions, no holdings