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Thread: 401Ks destroyed

  1. #17
    Join Date
    Apr 1999

    Re: 401Ks destroyed

    What's happened in today's markets is a result of republicans and democrats. The deregulation happened in a repub controlled congress and was signed for by Clinton. Then the oversight committees did nothing about enforcing the laws currently on the books (Did anyone see the S&P emails this week! Scary!) It was created by a bubble that went largerly un-noticed by our leaders, both political and business.

    We are being plunged into this by greedy corporations and those that ran them. Hedge fund managers run amok. While great on the upswing, if left unregulated and unwatched created chaos. Even Greenspan now says he admits it was a mistake to believe in the "self-watch" of corporations.

    Don't get me wrong, I'm not for the governement running things, but I do expect that the agencies entrusted to keep the current laws in effect to do their job. I believe in capitalism and I believe it creates jobs and opportunities.

    I'm not better off in my daughter's 529 plan as she's nine and in the last year its lost more than I contributed. So I basically have gained zero. I'd have been better off just putting that money in a straight savings account. I'm hopeful it will come back in the next 9 years but who knows?

    I heard rumor that the Fed might put the interest rate to almost zero. Did anyone read the article of 'throwing the kitchen sink" at this problem. Hell, even oil is down to $65 a barrel (again, why aren't my prices back down under $2?).

    We have been driven by consumer spending in the last 8 to 10 years. Driven by the real estate market. It was the tech bubble in the late 90's, now its this. The real concern for me is how we figure out a way back up. We've lost our ability to create things. Consumer spending won't save us now. We need something that will create jobs. MHO is that we need entrepreneurs who can get funding and invest in start ups regarding alternative energy sources. We need innovation now more than ever. We've shipped jobs overseas, which is why globally we're crashing.

    Sorry, I'm rambling and completely off topic.

  2. #18
    Join Date
    Feb 2001

    Post Re: 401Ks destroyed

    Quote Originally Posted by alexc View Post
    with the state of Social Secuity, you are not "concerned" that it will produce a livable wage? As far as the 30yrs of republican mismanagment, perhapsyu forget the state the economy was in 30 yrs ago under Carter...20% interest..12% unelmployment etc. Reaan ushered in an unprecedented time of productivity and wealth creation...everyones standard of living went up..forget a "gap"..if everyone is poor there is no gap. leverage a 401k for ow you best want to have a return, or diversify. Having the govt run my retirement is much riskier than any 401K...look at countries with state run programs...none f their people have any money. Frankly I am MUCH better off now than 8 yrs are MOST regardless of what you say. Only the last year has started to show signs of recession...and that is because of the foolishness of the subprime issues. More liberal BS and talking points with no reality mixed in.
    I'm very concerned about SS- but that doesn't mean that the basic premise of the program isn't right or preferable. The real problem with SS is the way its revenues have been used to fund general spending! Is there any doubt in your mind that if those revenues had just been allowed to sit undisturbed and grow interest- that SS would be in fine shape now- even with the changing worker to retiree status? There's nothing in SS that can't be strengthened and preserved with just a few changes here and there.
    I can't agree with you about Reagan- I think it's very telling that we've suffered our highest deficits under Reagan and Bush- two ideologues who cared more about enriching their corporate and defense dept. friends than they did about fiscal responsibility. Trickle down economics never is "voodoo economics" as a Republican said in a rare moment of honesty!
    And I have to disagree with you that MOST people are better off today- that's not borne out by any poll I've seen or that current elections. Do you seriously think Republicans would be jumping ship right and left, trying to campaign as Democrats, losing is just about every poll, and basically facing their biggest defeat in decades if the electorate thought that everything was better?!?
    Your statement reminds me of a quote from Shakepeare: "He jests at scars who never felt a wound."
    Think about it.


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