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They say, "As June 30 stock market goes, so goes the rest of the year".
Bear
Posts: 18,954 ✭✭
If true, not a pleasant thought unless you are short. Of course, this
may mean just the opposite effect for PMs.
may mean just the opposite effect for PMs.
There once was a place called
Camelot
Camelot
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Comments
I've considered pulling out of my 401k, and converting all of it to physical gold.
I would have been better off stashing it under my mattress, for real
How much longer can we continue kicking the debt down the road?
without actually solving many of our financial problems.
Congress has long since stopped representing the people and now
with a very few exceptions, represent the industries that support them.
Taxation, half the people pay no Federal tax while the top tax rate has dropped
from 90% to 35%.How the heck can any government survive when its income is
only enough to cover perhaps 2/3 of the budget and non of the accrued debt principle.
Whether the people like it or not, regardless which political party rules,taxes must go up,
benefits of all types will be cut and I would be strongly in favor of cutting the pay of congress
for every year we do not have a balanced budget.
We must and we will pull the bulk of our forces out of Afghanistan by the 6/2011. We will leave
perhaps 20,000 troops in the Capital and N. part of the country as well as 3000 special force type
troops as well as drone aircraft to deal with Taliban leaders. It is not victory but it will be the best
we can do as we prepare to face new crises Situations in the World.
I frankly do not trust the stock market for J6P people like us. It is rigged worse then a Vegas Casino.
Only a few, very astute and nimble people will make money over the next few years. As for PMs, as
President Lincoln said about a mule ,who was so skittish that he put one of his feet in the stirrups, "Well
If you are going to get in the saddle, I might as well get off. So many people are putting their money and
hopes in PMs, I wonder If some Governmental fiat will rigg the game even worse then it now seems to be.
It seems to me ,that we are in for a decade or more of high unemployment, slow growth of GDP, as well as
frozen or reduced wages and benefits. A somewhat grim outlook but not necessarily fatal. This will be the bitter
medicine required for kicking the can down the road for so many years as well as squandering the capital wealth
of an entire Nation.
I truly do not see how the average person can hope to take back our Government, in view of the moneyed interests
that have controlled it for so long and so totally.No matter who we nominate, no matter who we elect, they all seem
to feed from the same trough. Seeing how our representatives are such pigs, perhaps we should consider a massive BBQ
with our representatives as the food of honor.
Camelot
You just summed up our Country's problems most eloquently.
ps. I'll bring the BBQ Sauce for the Congressional Pulled Pork.
It reminds me of Japan's two lost-decades. Their demographics, as far as an aging population, are foreshadowing for the US.
R95
a homogeneous population with a declining birth rate. In the US, while we also
have a low birth rate ,our immigration laws allow substantial new blood into the
Nation. However, we have only 3 workers supporting each retiree down from 11
workers when Social Security was founded in the late 30s. This problem can be
solved by the following:
1. Tax all income up to 250,000 of earning for SS Taxes, and index it for inflation.
At present it stops at about 110,000 dollars.
2. Accelerate the increase in full benefit retirement age
3. Reduce or eliminate the inflation increase each year. Even though the Government
manipulation of statistics ,did not allow an increase this year.
4. Prevent the Government spending the SS surplus on other Governmental programs
5. There is some discussion as to placing a small portion of the incoming funds into
stocks until 10 - 15% of the money surplus is in stocks. This is done in a number of European
countries as well as Canada.I am always dubious of this as letting the rapacious nose of the
financial camels get into the tent. We open the door and the vested interests will blow the door
off of its hinges.
Camelot
Or, we could just let folks under age 55 opt out of SS now.
That would cap the damages that the scheme has caused
AND stop the ongoing theft from folks who will/may NEVER
see a cent from the SCAM.
401K for retirement. Let us say the person retires with 60,000 dollars and gets 5%
interest or dividends. How many people do you know who can live on 3,000 a year.
Sure some folks can provide for themselves very well, by astutely handling their
finances, however, I would venture to bet that 80% of the working people would be
in serious financial distress that would prevent them ever retiring. Social Security
for all of its faults is one of the best programs ever devised for Americans. Its defects
can be solved with a number of relatively small adjustment if they are done soon.
The scam as you refer to it, has allowed people to retire in dignity, for over 70 years.
Many of those people were our parents and grandparents.
Camelot
The old already steal enough money from the young with all their government benefits. Plus the fact that most corporations pay you a salary based off how old you are, and not how good you are at your job.
To soon old.....To late smart!
Camelot
Many of those people were our parents and grandparents. ..."
////////////////////////////////////////////
If I start a Ponzi scheme, I will be jailed.
SS is a TOTAL SCAM. First in make money, last
in get the shaft.
How other folks retire is NOT my problem. How I
retire should NOT be anybody else's problem.
.....................
wpr101 is absolutely right. He is being stolen from
AND he will never get his money back.
Since I was stolen from too, I will soon be sidling up
to the trough and be stealing from wpr101. It is not
impossible that I will get lots of my money back ---
maybe even make a small profit; wpr101's money
is lost to him and soon I will have some of it.
THAT is criminal and needs to be halted. If it is not,
America has NO economic future.
Some folks just were not raised to. Spare the rod spoil the child.
This country was built one brick at a time. Your parents & grand parents built their home/nest egg that way too.
Look at proven time tested success. It can not be down loaded or copy & pasted.
I was once young and thought I knew it all. When my daddy pasted away when I was 29.
I finally started to listen to what he tried to teach me when I was young.
My life started to get easier & prosperous after I listened to his advice.
Remember one brick at a time! Peace, Tim
Social Security
for all of its faults is one of the best programs ever devised for Americans. Its defects
can be solved with a number of relatively small adjustment if they are done soon.
I agree, it has its defects and one of them is the need of a lock box to keep the politicians from blundering this Trust Fund of the American People.
Box of 20
<< <i>I have been out of the market for a year now. I see more of a chance the Dow back at 6500 than I do at 11000. If it goes back to 6500, I don't see it coming back for quite a while. The Dow came back only because of Government intervention and when I got most of my investments back in my 401K , I pulled out.. I believe the Feds are out of options.
Social Security
for all of its faults is one of the best programs ever devised for Americans. Its defects
can be solved with a number of relatively small adjustment if they are done soon.
I agree, it has its defects and one of them is the need of a lock box to keep the politicians from blundering this Trust Fund of the American People. >>
Many moons ago, municipal govt employees were allowed to opt out of Social Security. Those employees were allowed to invest privately. Those retiring today realize a payout of 150% to 300% of those in the SS system with similar pay histories. Search "Galveston social security opt out". You'll never here of this in the msm.
A " lock box"?????????? WTH is that?!?!?!?!?!
How about privatizing Social Security so that each earner has their own account to invest conservatively? No one would ever have to look the the nanny state for welfare again.
lock box
I am not a senior citizen.
Box of 20
Many people have no pension money other then what they get from Social Security.
Nothing stops astute young people from starting their own Keogh or 401K plan and
investing their own money as they deem fit. The Social Security was intended as one
leg of a three legged stool. The other two legs of the retirement plan were personal
savings and finally a company retirement plan. If the complaint is that the Government
is dictating to people about their retirement plans.....the answer is yes!. So many people are
young and foolish and fail to do the basic things we all must do ,to insure their retirement funding.
Does the Government have the right to think for people, sometimes it may be the best thing for
people in insuring their welfare and that of their family.
As president of an Employee pharmacist organization, I often received calls from distraught widows
asking if the Association provided any life insurance, as their deceased spouse had non. It was heart breaking
that a health professional would neglect such a basic part of estate planning. In several cases, all the Widow had was the survivor
benefits provided by social security for her and her young children.
Social Security is not a Ponzi scheme, rather it is a contract with the working people of the Nation ,that we all share in the need
to provide for working men and women at the end of their working life. If we were to take the attitude that it is each person for
themselves, it would be a cruel Nation of broken lives and broken dreams. Sure, some astute people could do better taking their
contribution and playing the market, but this would probably be a benefit to only 10% of the population.
Perhaps it is not always the most lucrative monetary concept, but the need of society as a whole, to care for its sick, poor and aged
population, is a part of a civilized society. To do less, is to truly return to the laws of the jungle.
If people do not agree, that is alright as this is a Nation of free speech and thought. As one gets older, however, harsh realities
and unforseen circumstances bring enlightenment , compassion as well as need for such considerations.
Camelot
Social Security was created by FDR to take away liberty from the people and to secure the woman vote for the Democrat party. It has been successful in both of its goals.
If the argument is people are not smart enough to save for retirement, then why are people smart enough for anything... that same argument could apply to every aspect of our lives.
I think "Pro-Choice" should apply to Social Security. My body shouldn't have to work for others because the government says so.
"...Does the Government have the right to think for people, sometimes it may be the best thing for
people in insuring their welfare and that of their family....."
/////////////////////////////////////////////////////////////////////////////////////
Yikes!!!!!!!
It is NEVER best for govt to "think for people."
The filthy govts "work" for those people. They were NOT formed
to "think" for the people. They were formed to protect the people
from people/entities that wanted to DICTATE the thoughts/actions
of the people.
The ONLY upside of SS will/may fall to holders of inflation-sensitive
investments; like precious metals. When SS bankrupts America -
and there are no more young peasants to STEAL from - gold may
have some nice value.
<< <i>A " lock box"?????????? WTH is that?!?!?!?!?!
lock box
I am not a senior citizen. >>
That is laffable.
Fred, Las Vegas, NV
<< <i>"...The scam as you refer to it, has allowed people to retire in dignity, for over 70 years.
Many of those people were our parents and grandparents. ..."
////////////////////////////////////////////
If I start a Ponzi scheme, I will be jailed.
SS is a TOTAL SCAM. First in make money, last
in get the shaft.
How other folks retire is NOT my problem. How I
retire should NOT be anybody else's problem.
.....................
wpr101 is absolutely right. He is being stolen from
AND he will never get his money back.
Since I was stolen from too, I will soon be sidling up
to the trough and be stealing from wpr101. It is not
impossible that I will get lots of my money back ---
maybe even make a small profit; wpr101's money
is lost to him and soon I will have some of it.
THAT is criminal and needs to be halted. If it is not,
America has NO economic future. >>
I fail to see how you view this as "stealing". I as you have been paying into this crap all my life and at this point I just want my money back with interest. Nothing more and nothing less! I for one never expect to see much of it or expect the government to figure out some way to screw me out of this money. I would have been much happier keeping the money so I cound invest as I decided. I don't need a baby sitter.
Fred, Las Vegas, NV
<< <i>I have found that the majority of people do NOT invest wisely, if they invest at all.
Many people have no pension money other then what they get from Social Security.
Nothing stops astute young people from starting their own Keogh or 401K plan and
investing their own money as they deem fit. The Social Security was intended as one
leg of a three legged stool. The other two legs of the retirement plan were personal
savings and finally a company retirement plan. If the complaint is that the Government
is dictating to people about their retirement plans.....the answer is yes!. So many people are
young and foolish and fail to do the basic things we all must do ,to insure their retirement funding.
Does the Government have the right to think for people, sometimes it may be the best thing for
people in insuring their welfare and that of their family.
As president of an Employee pharmacist organization, I often received calls from distraught widows
asking if the Association provided any life insurance, as their deceased spouse had non. It was heart breaking
that a health professional would neglect such a basic part of estate planning. In several cases, all the Widow had was the survivor
benefits provided by social security for her and her young children.
Social Security is not a Ponzi scheme, rather it is a contract with the working people of the Nation ,that we all share in the need
to provide for working men and women at the end of their working life. If we were to take the attitude that it is each person for
themselves, it would be a cruel Nation of broken lives and broken dreams. Sure, some astute people could do better taking their
contribution and playing the market, but this would probably be a benefit to only 10% of the population.
Perhaps it is not always the most lucrative monetary concept, but the need of society as a whole, to care for its sick, poor and aged
population, is a part of a civilized society. To do less, is to truly return to the laws of the jungle.
If people do not agree, that is alright as this is a Nation of free speech and thought. As one gets older, however, harsh realities
and unforseen circumstances bring enlightenment , compassion as well as need for such considerations.
Maybe if the school system was more concerned with teaching life skills and having kids learn instead of making them feel good and dumbing them down this would not be the case. Very sad state we are in!
Fred, Las Vegas, NV
the need,to be prudent, responsible and diligent about future needs. More then
likely, it is only the now and the near that is of concern to the young. Those of us
who were born before, during or just after the Great Depression, learned those lessons
in a very hard manner indeed.
Camelot
Glen
Liberty: Parent of Science & Industry