Use access key #2 to skip to page content.

alstry (36.27)

THE DEATH SPIRAL BEGINS.....

Recs

11

August 20, 2010 – Comments (6)

NEW YORK (CNNMoney.com) -- Withdrawals from 401(k) retirement saving plans saw their biggest spike in over ten years, Fidelity Investments said on Friday, in the latest sign of a dismal economy.

IF EVERYBODY WITHDREW EVERYTHING THEY HAD IN THEIR RETIREMENT ACCOUNTS....IT DOESN'T EVEN COME CLOSE TO PAYING OFF THE DEBT..........AS MOST ASSETS IN PEOPLE'S RETIREMENT ACCOUNTS IS DEBT......

AND THE BANKS KNEW THAT WHEN THEY CUT OFF CREDIT TO THE PRIVATE SECTOR....ALL WOULD CRASH.......THANK YOU MR. BERNANKE FOR BAILING OUT YOUR BUDDIES THAT LOANED AMERICA MORE MONEY THAN IT COULD PAY BACK AND THEN BAILING OUT YOUR BUDDIES AND MAKING ALL AMERICANS LIABLE FOR A DEBT THEY CAN'T PAY BACK.....

AND BENNY THE B STILL TELLS YOU THIS IS A RECOVERY....CAN YOU IMAGINE HOW HARD OSAMA BIN LADEN MUST BE LAUGHING RIGHT NOW AS THE FREEDOMS OF MILLIONS OF AMERICANS ARE STRIPPED AWAY BY BANKRUPTCY...WHEREEVER HE IS?

6 Comments – Post Your Own

#1) On August 20, 2010 at 12:21 PM, alstry (36.27) wrote:

10 years?  ....the great recession was only a year ago......hmmmmm.....AND GOVERNMENT AND WALL STREET IS TRYING TO STIMULATE THE ECONOMY BY BORROWING AND SPENDING TRILLIONS EACH YEAR?

AND SOME SHEEP THINK 2011 IS GOING TO BE THEIR BEST YEAR EVER?

MY GUESS IS WE ARE ALL GOING TO BE ROASTED LAMBS IN 2010.......WELCOME TO COLLECTIVE INTERDEPENDENCE......WELCOME TO THE DIGITAL AGE.

Report this comment
#2) On August 20, 2010 at 12:32 PM, alstry (36.27) wrote:

Imagine what would happen if everyone tried to sell their stocks and bonds at the same time?

hmmmmmmmmmm.

Who would buy?

Who would be responsible for the debt our politicians borrowed and made us all responsible to pay back?

Report this comment
#3) On August 20, 2010 at 12:35 PM, rockbox64 (24.13) wrote:

Why do you comment on your own posts?  You should wait til someone posts a response.  Otherwise, you just sound like Howard Beal.

Report this comment
#4) On August 20, 2010 at 1:40 PM, DarthMaul09 (29.75) wrote:

Group wisdom has not been strong point for the small investor.

Pulling money out of 401K before retirement will expose this money to taxes.  What is left will then depreciate in value if left in a bank account or money market fund, where interest rates are much lower than the real (unreported) rate of inflation.  Some of these people might be smart enough to buy some silver or gold, but most won't.  If they were smart enough to make a PM investment, then they would have rolled over their 401K into IRA and bought CEF instead of cashing out.

Fear is understandable given the changes that have gone on in the market, but there are safer alternatives to choosing a losing strategy.

Report this comment
#5) On August 20, 2010 at 2:21 PM, miteycasey (30.29) wrote:

Baby boomers, Early retirement, lost jobs?

There are several reasons for this spike.

Report this comment
#6) On August 20, 2010 at 8:32 PM, oshiri (< 20) wrote:

Casey-at-the-Bat . . . "There are several reasons for this spike."

Here be yer soft-balls . . . LIKE WHAT? 

Report this comment

Featured Broker Partners


Advertisement