Instead of building a better long-term and more dependable savings and retirement income system for the majority of Americans, the American 401(k) has continued on its path as a wealth transfer scheme to corporate insiders, Wall Street, Silicon Valley and the asset management industrial complex. These groups continue to gamble and squander billions of other people’s retirement money on corporate stock buybacks, cryptocurrencies, unicorn investments and special purpose acquisition companies (SPACs). Instead of prudence, common sense, love and caring, Americans are being force fed a speculation mania which will provide little, if any, lifetime retirement income which most Americans desperately need in their golden years.