Welcome to the U.S.S.A.

[rwh11385]

http://www.investmentnews.com/apps/p.../REG/310139971
I hate democrats. This is utter insanity / stupidity.

[Nicademus]

I concur.

[allwheeldrive]

Damn Americans trying to save money and have a retirement. :hitler:

[parkerbink]

Interesting read.

I agree making anything mandatory is bad. I voluntarily have 20% going to various retirement plans including 401k.

I think a fund that cannot lose money is good seeing as the stock market dive took a slew of people's retirement nest egg.

Just saying the Dems suck is constructive. Way to go heeter.

On a side note I am buying devalued stocks & will close on a house at less than 1/3 of it's bubble value late this week or early next week.

I am liking the turmoil.

[rwh11385]

Interesting read.

I agree making anything mandatory is bad. I voluntarily have 20% going to various retirement plans including 401k.

I think a fund that cannot lose money is good seeing as the stock market dive took a slew of people's retirement nest egg.

Just saying the Dems suck is constructive. Way to go heeter.

On a side note I am buying devalued stocks & will close on a house at less than 1/3 of it's bubble value late this week or early next week.

I am liking the turmoil.

Even with the market correcting, it would have still been good to have your retirement money in the stock market. Anyone retiring today worked around 40 years. The Dow jones was at 108 in 1968. It's at 9265 today. That's 11% annualized growth rate, even given the recent correction.

Now would you want to have 85 times your money when you started work, even if it went down 30% in the last couple months.... or 10 times your investment that was growing at 3% above inflation (~6% overall).

Not to mention the amount of money which would be pulled out of the stock market...

Sorry, I think socialists suck. Hard.


At least you are looking on the bright side of the opportunity of the bubble bursting.

[lowlightbw]

this socialism talk is kinda funny. both parties voted to bail the banks out, but thats not socialism?? government taxes arent redistribution of wealth and socialism? for the last 8 years the top 1% of america's wealthy have been making up the bulk of america's tax intake, and bush is taxing the 250,000 plus bracket 35%, and youre saying a 3% increase is socialism? youre right Obama is a socialist hitler talking evil terrorist. whats left, a rumor he was friends with john wayne gacy and we should look underneath his house in illinois because they both lived in the same state?

[rwh11385]

The bailout was stupid. It's sad that the nation is so retarded that they think the government becoming involved is the solution. The problem was caused by government intervention. People need to learn to leave shit alone.

[lowlightbw]

youre right, we didnt need any intervention...

[rwh11385]

Either bail out the banks or have our banking system completely fail. That means no loans. That means no buying anything. That means no economy. Which would you rather have?

Although the situation did begin because of government intervention in the first place, so whatever. The bailout was necessary.

I like how you bought into the B.S. people were brainwashing you to think, either bail out or apocalypse will happen.

People could get loans before the bailout was signed. All you needed was good credit. Stop listening to the bullshit the news tries to get you to think. There was plenty of credit available to those who ought to be getting it.

[rwh11385]

well, because every single bank was bankrupt...

so banks can do stupid shit and shouldn't deal with the consequences? great. let's ignore the principles of capitalism. don't allow those banks who were intelligent and conservative to come out ahead... just feed $ to the retards

and you know, even if a bank is fine, FORCE them to sell some control to big brother

Hope you are ready for winter Comrade Alex

[stegosaurus]

Sorry, I think socialists suck. Hard.

I second that motion. Here in MA there's a bill to abolish the state income tax. I can not help but wonder what people have between their ears.

[rwh11385]

Banks lend money to each other, which is actually more important than you getting a loan for your next car. When banks don't know if another bank is going to be there tomorrow, they aren't going to lend money to each other, because they won't get paid back. That is the real issue. I like the argument for capitalism, but what we have isn't pure capitalism anyway, so that just doesn't work.

Trust me, I hate government intervention as much as the next republican, but with the way our economic system was headed it was inevitable.

There were still many banks unfazed by the whole situation. Believing that the government HAD to step in was silly.

People just wanted an instant cure for years of stupid decisions by many. Guess what.... wasn't as simple as people thought the solution was going to be. Intervention isn't curing any problems, but making the punishments for people who made dumb choices less and pushing the problem out further (debt).

The core problem in my eyes is still Americans being stupid with money. Removing the incentive of responsible private retirement savings won't help. PLENTY of people are out there who spend less than they earn, but some people don't get that.

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[gwb72tii]

Banks lend money to each other, which is actually more important than you getting a loan for your next car. When banks don't know if another bank is going to be there tomorrow, they aren't going to lend money to each other, because they won't get paid back. That is the real issue. I like the argument for capitalism, but what we have isn't pure capitalism anyway, so that just doesn't work.

Trust me, I hate government intervention as much as the next republican, but with the way our economic system was headed it was inevitable.

thank you +1million

no one likes the gov't as a partner, but the structure is a loan, not equity, and is structured to give a lot of incentive to be paid back early

a locked credit system is bad for mainstreet

[rwh11385]

thank you +1million

no one likes the gov't as a partner, but the structure is a loan, not equity, and is structured to give a lot of incentive to be paid back early

a locked credit system is bad for mainstreet

Not equity? Hmmm

http://www.nytimes.com/2008/10/15/bu...15bailout.html

WASHINGTON — The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson Jr. said they must sign it before they left.

This seems like mob intimidation to me... only it's big brother

The chairman of Wells Fargo, Richard M. Kovacevich, protested strongly that, unlike his New York rivals, his bank was not in trouble because of investments in exotic mortgages, and did not need a bailout, according to people briefed on the meeting.

But unlike in Britain, the Treasury secretary presented his plan as an offer the banks could not refuse.

“It was a take it or take it offer,”

The Treasury will receive preferred shares that pay a 5 percent dividend, rising to 9 percent after five years. It will get warrants to purchase common shares, equivalent to 15 percent of its initial investment. But the Treasury said it would not exercise its right to vote those common shares.

The terms, officials said, were devised so as not to be punitive. The rising dividend and the warrants are meant to give banks an incentive to raise private capital and buy out the government after a few years. Still, it took some cajoling.

I'll be shocked if someone doesn't find this grasp of government power and influence over private companies appalling / frightening.

[duodvlhntr]

I agree. Socialism sucks. All this bullshit about government provided this or government provided that, can only lead to one thing; socialism.