Here in Illinois Governor Quinn wants all the retired State of Illinois employee's to just buy 401K's for retirement instead of the employee's paying in 8% of their gross monthly income for 25 years. Quinn also wants all retired state employee's to get a stipend and they can get their own health insurance when they retire..Most retired employee's are ill...who's gonna give 70-80-90 year old people health insurance? Nobody...not unless these people pay thousands of dollars per month into a company that my fold and take their money off shore...Our country is being sold off, given away and traded away...we are in serious trouble here in America..what are YOU going to do about it...It's time we all get off the fence and fight these foreign owned American companies...what have we got to lose? Everything. Our homes, our health care, our retirement, our dignity...You my friends are being replaced by illegals, and your jobs are being outsourced...we need to band together like our ancestors did in the 1700's and fight for OUR country...vote out or impeach the politicans who are selling our country to foreign investors....God Help us All because the politicans won't!
yeah, there is no "Security" in a 401k. The minions of Wall Street seem to forget the whole underlying priniciple behind Social Security or any other real retirement plan for that matter.
Which is to provide security for those that have already worked and spent the best years of their lives. It's not to provide the "Security of a multi-million dollar income for a bunch of fat CEO's on wall street.
You are right. The jobs that people used to work and build their lives and futures on are in other countries. A presidential candidate (Romney) worth 100s of millions who sent jobs to India while he lined his pockets will not prioritize middle America.
wheear June - Learn some facts. Jobs started going to other countries in the 1960s and 1970s. That was long before Reagan, Bush, and Romney. Clinton blew trade wide open with China. Prior to that, Congress refused free trade with China because of human rights abuses in China. And the housing bubble. Dodd and Frank refused to rein in Freddie Mac and Fsnnie Mae. Clinton, Dodd, and Frank were all Democrats. Stick that in your pipe and smoke it.
To all the bankers, house flippers, realtors, inspectors and everyone else who turned a blind eye to what was going on because of greed.
To everyone who said it would never end.
Guess what? There is no free lunch. House values don't just magically double or triple overnight. They didn't really did they?
All it was, was bankers making money on money moving through the system.
No free lunch for those that got stuck with the bill in the end.
I still cannot believe that the US Govt has not removed the Gramm-Leach-Bliley Act and put back the Glass-Steagal Act or removed the Commodity Futures Exchange Act of 2000.
What are you #@$ing people in Congress waiting for an invitation? The second meltdown? You've done nothing to repair what caused it.
This game of home values was in itself it's own Ponzi Scheme. Money on top of money with no foundation. The Repubs have no desire to see things improve as long as Obama is in office. They would rather see another recession so that Romney can have a chance to be elected.
We saw this with no money down and subprime mortgafe loans, both of which were encouraged by the government. Each of my three mortgage loans required a 20% down payment out of my pocket. Would I walk away from a mortgage while risking the loss of my 20% down payment. Of couse not. With each mortgage, I had skin in the game.
All these problems (flat stock market, depressed real estate, etc.) would seem to disappear if our economy were growing. But it's not, it hasn't for decades and it won't. We don't produce wealth anymore, rather we pay slaves (China, et al) to make things/do things for us at deceptively low cost to mask our loss in wages and wealth. Better become aggressively competitive again, and not rest on our laurels waiting for stocks and real estate to lift us out of the grave we dug ourselves.
The net worth of the average person also includes people say with $10,000 in the bank who just bought a house for $200,000. Their net worth of course is -$190,000. When you average that in, and come up with a figure around $77,000 that isn't that bad at all. One of the quickest ways to see your net worth go down is to get a divorce. Not good for either party. Another way that net worth went to pot was taking money out of their house instead of trying to pay off the loan and using it for something they didn't truly need, but wanted. Of course the financial advisers were all saying that it wasn't a good idea to pay your house down. Thank God we didn't listen to them.
This is amazing. If a guy making $80,000 a year (selling holiday decorations of all things)is worried about his future and not being able to retire, then what does that say for the millions of people who don't make half of what this guy makes? It is obvious that if people making this kind of money are worried about their futures then the rest of us living on much less are "screwed" along with the rest of the country. Make way for the next major depression folks and it ain't going to be pretty either!
Where is our bailout? Make the banks give us our money back instead of adding additional fees to our already dwindling accounts. There is no justice anywhere in this world.
Most of the banks that received bail out money paid it back, so their CEO's could ear more than the $300,000 a year paid to our President. Although they paid back the money, they simply did it by finding another place to borrow for their bailout and repay the US government. There is one thing that didn't change. The bank has to keep cash (bail-out liquid assets) on hand to appear solvent on paper and can't loan it to investors, so it doesn't help the economy as many had hoped. Keeping a bank's doors open is one thing, but making one function as a wealth circulator is another, especially since regulations are in effect to prevent excessive risks that prompted the disaster in the first place.
The only single way get the economic growth to swing up, is for consumer debt to come down. Consumer debt nearly exceeds Gross Domestic Product...something that hasn't happened since 1929.
There is a difference between defaulting on a home mortgage and a student loan, If you default on your mortgage, you are homeless. If you default on your student loan, you still have education and skills to market in the applicable job sector.
Traditional conservatives never were told correctly that financial planning shouldn't include home equity, because when you retire, you shouldn't have to sell your home to put groceries on the table.
Correction: What other "Conservative" financial bombs await us? (The Republican Financial Neutron Bomb which leaves buildings intact, but sucks all of the money out and transfers it to the top 1% of money earners was quite effective.)
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Which is to provide security for those that have already worked and spent the best years of their lives. It's not to provide the "Security of a multi-million dollar income for a bunch of fat CEO's on wall street.
To all the bankers, house flippers, realtors, inspectors and everyone else who turned a blind eye to what was going on because of greed.
To everyone who said it would never end.
Guess what? There is no free lunch. House values don't just magically double or triple overnight. They didn't really did they?
All it was, was bankers making money on money moving through the system.
No free lunch for those that got stuck with the bill in the end.
I still cannot believe that the US Govt has not removed the Gramm-Leach-Bliley Act and put back the Glass-Steagal Act or removed the Commodity Futures Exchange Act of 2000.
What are you #@$ing people in Congress waiting for an invitation? The second meltdown? You've done nothing to repair what caused it.
???????
All you folks that gave your hard earned $$ to "investors" and watched it go toward their BMWs ... tough.
The only single way get the economic growth to swing up, is for consumer debt to come down. Consumer debt nearly exceeds Gross Domestic Product...something that hasn't happened since 1929.
Prepare to be surprised when you answer the questions... we're #1!!
Now we can wait on the great student loan debacle?
What other liberal programs are coming to fruition?
Traditional conservatives never were told correctly that financial planning shouldn't include home equity, because when you retire, you shouldn't have to sell your home to put groceries on the table.