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OT - kiss your 401k's goodbye...

Discussion in 'Uncategorized Threads' started by Djones, Nov 10, 2008.

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  1. Djones

    Djones TS Member

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    http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

    Well this did not take long… write your congressman/women and senator’s before it is to late.

    Don
     
  2. Jerbear

    Jerbear TS Member

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    here ya go. for easy reading...
     
  3. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Deplorable Bitter Clinger in Liberal La La Land
  4. H82MIS

    H82MIS TS Member

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    theft hell,,revolt,,,,,,,,,,,,
     
  5. Unsingle

    Unsingle Member

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    Talk about a revolt, just try to steal our 401k's that we have worked for and give it to some worthless piece of sh.. Don't even think about it scumbags.
     
  6. halfmile

    halfmile Well-Known Member

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    I doubt it. You will also pay a 10% penalty unless you are older than 59 & 1/2.

    You could roll it into an IRA if you quit your job.

    HM
     
  7. JB Logan Co. Ohio

    JB Logan Co. Ohio TS Member

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    As halfmile stated, you could roll your 401-K into an IRA if you have seperated from your work. All the same qualified moniey rules still apply. Yopu can't get at it (without penalties) until you're 59 1/2 and you must start taking withdrawls at age 70 1/2 (I think).

    If the gov't. is thinking of taking our 401's do you really think that IRA's are far behind? In the last quarter the only "industry" that grew was the government!

    JB=Jerry Beach 8503917
     
  8. Rooksd1

    Rooksd1 Member

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    Putting your money anywhere the Government has jurisdiction over it is not wise. My father told me this many years ago may he rest in peace. If I had only listened.
     
  9. cubancigar2000

    cubancigar2000 Well-Known Member

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    If they do this, we are a communistic country already
     
  10. dverna

    dverna Active Member

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    Pollitical suicide.

    NO ONE can be that stupid. Not even the Dumbocrates.

    Don
     
  11. mikeshann

    mikeshann TS Member

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    Typically in most businesses the CEO is in charge and responsible for what happens at the company. Well G W Bush is in effect our CEO and where was he when all this mess happened. Now it didn't just start last month or six months ago. It began back in 2002 when things started going down hill. It was what the GOP calls de-regulation. A hands-off approach. You can't allow complete de-regulation with out some over-sight. Which is what GW Bush did. This mess isn't related to the Democrats, its the GOP's fault for allowing companies to do what they wanted without any restrictions or oversight! The Democrats have only been in power for the last two years, well after this mess began to impode.

    In the 90's did you feel this way about your investments....they weren't sucking like they have been since George created all the crap with the stupid war at 10 billion a month. Think of what 10 billion could do for our country, such as roads, bridges, schools, health care. Ever think about that. Who really cares about the IRaqis? Do you care what happens there? They have close to 100 billion that is available but who is paying to re-build their country? It is you and me, that is who is paying the bills there. What about the USA, who is going to pay to re-build our country. How do you feel about builind roads you'll never drive on?

    All this bail-out mess is the problem created by our CEO....G W Bush. Where was he during all this? What has he said or done to make things better? Nothing of substance. He's too stupid to know what to do.

    Now I don't know about you, but I sure didn't earn tens of millions of dollars for creating a mess like the CEO's of most of our major companies did. I could use a bail-out even though I pay my bills on time, save, invest, and do the right thing.

    G W Bush clearly is going down in this great countries history as one of the top three WORST presidents we've ever had! Obama may do well or he may fail, but no matter what he does, you won't see the same cynical, arrogrant, control freak that we had with Bush who was a complete failure as President. We've seen the worst possible CEO ever in the history of the country. He's leaving office with the most incredible amount of debt ever, a non-winnable war, Osama Bin Laden still running free, companies closing up shop, The Big Three about to declare Chapter 11, the economy in the worst shape ever in the history of the country....and you think still that Bush is doing a good job! Whatever you are smoking you've better quit cause you are f*cked-up dude! Without a doubt!

    Thanks,
     
  12. BT-100dc

    BT-100dc Active Member

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    One thing to look at is the beneficiary issue that a 401(k) allows you. When you die your beneficiary can roll it over to her IRA with no distribution penalties; if she dies then the unused amount can be rolled over to another person (say a son or daughter). If it ends up with the gov't, then they'll make sure it ultimately ends up in their pocket; a.k.a. redistribution of wealth. Probably the first thing to go will be the tax deduction issue, then heaven only knows.
     
  13. pendennis

    pendennis Well-Known Member

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    Mikeshann, the financial mess today long predated President GW Bush. It started in the mid-1970's with the passage of the Community Reinvestment Act. It mandated that dollars be poured into urban sewers, with little hope of ever being successful. It was further exacerbated in the early 1990's, when the Clinton administration Justice Department, put their legal weight on banks, and forced them to start making loans to people who were only marginally able to make payments.

    Fannie Mae and Freddie Mac further created problems by cooking their books. Such luminaries as Hal Raines, Rohm Emanuel, Barney Frank, Chris Dodd (Mr. Countrywide Loans Sweetheart Deal), and Janet Reno created this avalanche.
    Despite Presidential requests, Dodd and Frank exerted enough Congressional influence to create demolition of confidence in financial markets.

    We were in a recession in 2001 when GH Bush took office. In eight months, the recovering economy was hammered by the events of September 11. After late 2001, the economy started recovery, and grew nicely. Unemployment, until the second quarter of this year, remained at full levels. The financial meltdown was started by the collapse of the secondary (Mortgage Backed Securities) mortgage market, not by any deregulation that President Bush have authored.

    So please, quit your whining. Put blame where it really belongs, and not on President Bush.

    Dennis
     
  14. highflyer

    highflyer TS Member

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    Political Correctness taught us that morality and self dependence don't matter. We threw out the old virtues and replaced them with the new ones of selfishness and greed. Modern liberalism is nothing more than pure selfishness and greed. And what will that bring us, shared poverty and no freedom. Let the government take over everything. Look to Cuba for our future. One wicked generation has destroyed everything.
     
  15. highflyer

    highflyer TS Member

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    Let the government take over the banks, the insurance industry, the credit card companies, our 401k's to go along with our social security, the medical industry, the auto industry, ... Maybe the governments of the world can join together into one big socialist government with the false Messiah, Obama, at the head.
     
  16. KK

    KK TS Member

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    Better start collecting Coffee cans to put your money in because if you have it deposited in a fancial vehicle of any kind your ass and your money is thier's. They just nationalize the accounts and take it. KK
     
  17. halfmile

    halfmile Well-Known Member

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    You guys with 401K plans, I know a lot of you have "safe" funds that pay less selected. Wifey has a government bond one.

    I just got an email from my broker telling that china has a massive bailout in the works too, and they are going to fund it by selling off their U. S. Treasury Bond holdings.

    Be prepared to switch your choice, this may really depress the US dollar.

    Just a heads up for those interested.

    HM
     
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