"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."--BOOK JACKET.