But won't matter in a few years. My parents generation will need their stock market money to eat. Old codgers with huge house and credit card payments can't continue to work for ever.
However, not to worry, it all comes to a screeching halt in the next 5 or 10 years anyways. I figure 9 out of 10 retirees will be spending their personal savings saving their children from the living on the streets over the next couple of years. Not much left except for their Social Security checks and government retirement checks robbed by consumer price index tinkering. These checks have got to shrink relative to the coming inflation to get us out of the Depression.
Somebody has to pay.
Yes children, Ob needs that magic wand a poppin' to save this mess. And save his presidency.
Hilary and McCain will be sighing in secret relief as this crap continues to unravel.
Maybe we can elect Ron Paul and pay off all those trillions of printing press money to save our ass.
Not!
The problem is that if the government changes the law they will have to fear we will finish draining what's left of the stock market. Therefor, causing the destruction of all private wealth left in the world. So we bail the financial system until it quits. Either that or give everyone in the country a government check.
Even Walmart. Ha ha!
Wait that is the plan. But where do we get the money? China is collapsing in '09. Who will buy our bonds? Broke OPEC? Remember $40 oil screws them big time. Of course saving that $300 or so billions every year would make a difference. Unfortunately for the world, we still rule militarily.
Look out small oil producing countries.
We are that broke.
However, not to worry, it all comes to a screeching halt in the next 5 or 10 years anyways. I figure 9 out of 10 retirees will be spending their personal savings saving their children from the living on the streets over the next couple of years. Not much left except for their Social Security checks and government retirement checks robbed by consumer price index tinkering. These checks have got to shrink relative to the coming inflation to get us out of the Depression.
Somebody has to pay.
Yes children, Ob needs that magic wand a poppin' to save this mess. And save his presidency.
Hilary and McCain will be sighing in secret relief as this crap continues to unravel.
Maybe we can elect Ron Paul and pay off all those trillions of printing press money to save our ass.
Not!
The problem is that if the government changes the law they will have to fear we will finish draining what's left of the stock market. Therefor, causing the destruction of all private wealth left in the world. So we bail the financial system until it quits. Either that or give everyone in the country a government check.
Even Walmart. Ha ha!
Wait that is the plan. But where do we get the money? China is collapsing in '09. Who will buy our bonds? Broke OPEC? Remember $40 oil screws them big time. Of course saving that $300 or so billions every year would make a difference. Unfortunately for the world, we still rule militarily.
Look out small oil producing countries.
We are that broke.
Memo to Washington: Here's how to help retirees - Dec. 22, 2008
Don't force retirees to sell at the bottom. When you save in a traditional IRA or 401(k), you pay no taxes on the money you contribute and your investment earnings are sheltered from taxes during your working years. Once you reach the age of 70½, though, the IRS comes calling in the form of so-called required minimum distributions (RMDs). At that point you must start taking annual withdrawals from your 401(k) or traditional IRA (based on your life expectancy) and pay income tax on those funds. Fail to do this and the IRS will slap you with a nasty penalty.
Thanks to the vicious bear market, this rule is essentially forcing retirees to sell at the worst possible time. Even many ostensibly "safe" investments, like mutual funds designed to generate income for retirees, have plunged. Technically speaking, you can satisfy the law by simply transferring stocks, bonds or funds from your retirement account to a regular brokerage account. But you'll still owe taxes on the amount you transfer; as a practical matter, you may need to sell at least part of your investment to pay the taxes.
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