By whom to whom? The evidence is rock solid that this is a democrat debacle through and through, but the fear of losing an election, rather than saving a country, pervades the Republican cowards who infest the halls of government. So, the leftist demagogues win another round in the destruction of the most egalitarian econmomy the world has ever known.
You might discern that I have lost a substantial amount of retirement income in the last couple of days.
We are getting a taste of how the Romans felt as their realm disintegrated before their very eyes as well.
I hear ya on the retirement income thing.
It’s no consolation but hopefully a lot of folks are going to be asking Why and How?
I wonder how many AARP members will re-think their allegiance to a leftist run party that could care less how much they also lose?
Same here. I always thought they would do it via inflation though.
If he's got proof that he tried to rein in F&F, WTF is he standing there taking all the blame like some damn pinata?
“You might discern that I have lost a substantial amount of retirement income in the last couple of days.”
I will be 70 in November, and I can’t tell you the number of times the market has dropped even worse then the past few days. I stayed invested and particuliarly in funds with the S&P and other indexes until Pelosi and Reid took over congress. We started getting out of most mutual funds after Reid and Pelosi took over. In May of their first year of terror, we had auto sell on our index funds set at 6% losses fortunately. That May dip converted our index funds to money markets.
We are basically in CDs, AAA Bonds (no Fannie nor Freddie), two good mutual funds, and enough GLD (the gold index)that we could live a year or more if the bottom drops out.
My advise to my early 40 something sons, nieces and nephews, fund the maximum you can with your 401’s and IRA. Buy SPY, DIA and MDY or funds based on those indexes.
These index funds will weed out the crap and BS, and when the market rebounds they will rise in value.
Stay away from Bond Funds as they are often loaded with Fannie and Freddie and worse.
If you are really concerned about your retirement savings, make sure that Obami and his thugs don’t get elected.
Hang in there and be glad you don’t live in Russia where the markets have been closed for at least 2 days.
First of all you did not lose retirement “income”. Your retirement account lost some of its value. And if you (or your advisor) has you invested properly you will not be affected. Why? Because the money you need to withdraw from your portfolio for the next 3-4 years should not be in stocks (or stock mutual funds) anyway. It should be in bonds or other fixed investments and the most immediate of this 3-4 year amount ought to be in (i.e. the next twelve months withdrawal) should be in cash or money market. The market has never been down more than four consecutive years (and that only once, from ‘29-’32). This cushion will provide you the time needed for the market to recover its losses. Then, when the market recovers (and it will!!!) simply replenish the cushion and enjoy a relaxing cup of hot tea and a good book.