Your 401K...or theirs?

[Buzz]

Buzz,

Haven't you been an advocate on this site for Obama for the past few months?

First of all, this isn't an Obama plan. It is a plan put together by some economist at Notre Dame. She presented to to congress. I don't really understand the plan, but I like the one I have right now. The company I work at is partially mine, so I'm sure whatever happens I'll be able to take that 25% of my income that currently goes into my 401k and do something else with it.

Just because I favored Obama over McCain doesn't mean that I have to agree with or support him when he does something I think is stupid and destructive.

[SueLab]

http://www.workforce.com/section/00/...e/25/83/58.php

My advice to my children is to spend it all now and live high on the hog. Doing without so that one can save for a more confortable retirement doesn't work - so don't bother! Savers are the minority and the majority wants what you have managed to save...

It is "patriotic" to pay more tax and to let the government "redistribute" your 401K savings...

[Terry Britton]

http://www.workforce.com/section/00/...e/25/83/58.php

My advice to my children is to spend it all now and live high on the hog. Doing without so that one can save for a more confortable retirement doesn't work - so don't bother! Savers are the minority and the majority wants what you have managed to save...

It is "patriotic" to pay more tax and to let the government "redistribute" your 401K savings...

In an engineering econ class that I took over a year ago, the professor did go over that there are times when it is best to spend all of your dollars than to save them. Of course, you can spend it on stuff like Barton and Reed Francis 1 sterling silver that will go up in value, or be worth something if the dollar fails.

[Pete]

Teresa ghiladuchi is a economist proffessor. And thats what a giant brain comes up with. Educated idiots are a dime a dozen these days. The only problem is they have way to much influence. I wonder who ties their shoes in the morning.
Spend less than you take in....... Thats my theory. I came up with it all on my own.
I have spent 50 years attending the finest educational facility in the world.

The School of Hard Knocks
It makes Harvard and Yale graduates look like a bunch of retarts.
Pete

[J Hoggatt]

I really don't know anything about if this is being discussed or just rumored. But I would think that everything is on the table right now due to the uncertainty of the future and should be. All of this stuff is repulsive to a free enterprise system....stuff like buying up mortgages, reducing mortgages to the value of the asset etc., etc........but we are in unchartered waters my friends.

I fully expect to see the Dow at around 4500 and an unemployment rate of 12% at the end of the first quarter. Just for a moment put your mind around those numbers and now assume you are 1 of the one's unemployed.......does that change your perspective any????

It is impossible to stop a train on a dime, turn it around, and resume speed......that is an analogy to the direction of the economy right now.

Every citizen and family is going to have some pain, and no one knows what the pain medicine is since we are in unchartered waters.



Bruce

Bruce - now you talking - but you will still blame W for this - When it is WELL DOCUMENTED that Congress (mostly Democratic) that has a TON OF BLAME/Responsibility. All well, you and I started to agree on something.

But the turn around won't happend until about 4 years from now - when we get rid of what we just voted in - BIGGER GOVERNMENT - SPEND SPEND SPEND......and don't throw the cost of the war on top of this -No matter who was in office that expense we can not afford to avoid. Can you say DEPRESSION !!! NOT recession...- If the Dem's are not kept in check with their spending..... taxation.........

Good Luck - no need to talk Dogs any more - Only about two people on this board will be able to travel to the events.

PS( please answer my pm to you on ken's forum)

[Terry Britton]

Don't worry too much about this. The lobbists will keep Washington in check. The big brokerage firms have too much to lose if the 401K fees were taken from them.

[Bruce MacPherson]

I really don't know anything about if this is being discussed or just rumored. But I would think that everything is on the table right now due to the uncertainty of the future and should be. All of this stuff is repulsive to a free enterprise system....stuff like buying up mortgages, reducing mortgages to the value of the asset etc., etc........but we are in unchartered waters my friends.

I fully expect to see the Dow at around 4500 and an unemployment rate of 12% at the end of the first quarter. Just for a moment put your mind around those numbers and now assume you are 1 of the one's unemployed.......does that change your perspective any????

It is impossible to stop a train on a dime, turn it around, and resume speed......that is an analogy to the direction of the economy right now.

Every citizen and family is going to have some pain, and no one knows what the pain medicine is since we are in unchartered waters.



Bruce

And your comfortable with the fact that it's on the table? If your quite sure that the Dow and the unemployment numbers are going to be where you think they are then a few people are going to hedge their bets by investing in commodities like gold and make a bundle off the mess. There are tons of opportunities out there just got to have the guts to take a flyer once in a while.

[M Remington]

This one's as rich as "he'll take our guns away." Elections can't be won by espousing conspiracy theories.

[Terry Britton]

This one's as rich as "he'll take our guns away." Elections can't be won by espousing conspiracy theories.

I think they throw that stuff out there so the people on the otherside donate to the cause stopping it, and everyone in Washington makes proffits through the percieved fight and lobbyists.

[SueLab]

Don't worry too much about this. The lobbists will keep Washington in check. The big brokerage firms have too much to lose if the 401K fees were taken from them.

I don't take any news on confiscating 401Ks lightly...social security is in the hole because the funds are in the general fund and the monies are spent freely.

Pelosi wants to tax capital gains at 45% (I think that I remember that correctly) - again to redistribute income. It is just killing some in Washington that there are trillions of dollars in 401K's that the big spenders can't get their hands on unless they reinvent how government can tax those funds and when they can be taxed...

Allowing the government to manage anyone's retirement would be a disaster considering it's track record with SS and how that money is distributed to many who have never contributed a dime and for many purposes that do not include retirement for citizens...