Skip to comments.Wall Street briefly cuts losses on Obama briefing
Posted on 11/14/2012 11:30:07 AM PST by Jean S
NEW YORK (Reuters) - Stocks briefly trimmed losses on Wednesday as President Barack Obama pushed for his proposal to have the wealthy pay more in taxes as a way to tame the federal deficit.
Taking a hard line in his opening bid before he begins fiscal talks with U.S. lawmakers later in the week, the president also said he was encouraged that some Republicans have agreed to raising new revenues.
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After over 40 years, my decision usually sounds like this, “yes dear”. ;>)
These are her funds. She has invested in them for over 30 years... she gets to be the boss on this.
I don’t get nervous, but... I am now a bit nervous.
It never needed to be this way.... very frustrating.
I understand. We do not have any way to determine the future, based on last week. Hell, even if we had taken it all, we can't. Hang in there, FRiend, we will as well and if we see (as we all watch more than many) things going (more?) badly, it is time to cash out and get on with what comes next...
You guys take care too.... it’s going to be a rough ride.
You can’t eat silver or gold - at least check :)
Many 401(k) plans allow you to withdraw up to 50% of the value of your account -- with a maximum of $50,000 -- as a loan. You can usually get these at a very low interest rate, and what's even better is that you pay the loan and the interest back to your own 401(k) account.
If you want to pay off your debts and you can afford to pay back the loan over a five-year period (with money taken from your paycheck every two weeks, or however often you get paid), you might want to consider it.
I'm no financial advisor, but I do know that the money you lose in an early 401(k) withdrawal is substantial. You'll pay income taxes on the withdrawal (at your current tax rate), plus an early withdrawal penalty of 10% (I think).
I’ve seen more floating of the idea of the government putting our 401k’s into a trust account for us, to give us a guaranteed income down the road. Translation, confiscate 100% of our 401k’s spend it all, and pay benefits from current tax revenue. Kind of like SS, but with an initial endowment courtesy of our hard earned savings. They’ll have to crash the stock market to scare us into it, but I can see this happening under Obama.
Wait what do you mean the Rich people are selling their stocks now to avoid a 10 percent tax increase on their capital gains that starts on 01Jan14. WOW Obama told us that the Rich agreed that they should have their taxes raised certainly they should eat the losses to the government, right?
The rich are rich not stupid. Anyone that has seen significant growth in their market holdings will be selling them off before the deadline, the early ones out are making more than those that hand around till later. I suspect we are looking at about 2K points total loss down in the 10K realm by the end of year.
The DJIA closed down 185.23.
I don't see any trimming anywhere.
I've also read about forcing future 401k investors to put in a percentage of their contributions, say 20%, into government controlled investments. I don't see them touching existing 401k investments.
I am not saying they couldn't do it. But their main goal seems to be to get everyone under some sort of tax deferred investment vehicle. And because Americans are by and large stupid about investments (in their minds), forcing them into a "stable" government investment.
One plan that was floated was to take all the 401K’s and put all those people into the Social Security system. IOW, send them social security checks, much less than most of those 401K’s would have paid out.
Not going to happen.
This is a total lie by Reuters. What are they trying to do? The market started falling and with conviction.
The Pravda News Media in this country is a total joke.
The Marxists must struggle to keep from laughing out loud how easy this has been, to move our wealth out of the country. To China it’s the debt payments with a falling dollar, to Brazil its oil production cash, by the ship loads; to enemy nation’s its foreign aid; to the US its lost jobs and regulations fit to collapse small business and with it the middle class; kill research and development; destroy the military with the intention of unionizing it; just to name a few, before we even discuss the coming collapse of all medical care.
This IS the plan, and it IS going to carry on. It’s a stage play we will be watching in the Capitol, as rubes in the Republican House and the Democrat Senate attempt to put on a show for us, feigning courage, but delivering the Clowers-Pivens system right on time.
We read the book, we know the plays, but there’s just no Patton anywhere in sight.
The stock market is irrelevant to 90% of those who voted for The Won; everything they have is due to the Federal government.
It may not be the market directly, but, if it keeps heading down there could be side effects they will at least notice. Here’s hoping.
That's about the size of it. Think about it. Our representatives are all set. Awesome health care, pension, insider trading, good pay. Of course they just want to "get something done". They have no connection at all to the real world, and thus consider this all just a game that win or lose, has no effect on them. So they are gutless brown nosers who will never tell the truth to Obama's face. That he's a lying sack of communist filth.
Just said the same FRiend.
They and talk radio for the most part still keep their nice lifestyle and dine with the eltiist left wing nuts whilst we cut coupons etc.
We have friends, family or see others who have served and then see a Col have his seat stolen.
I was just told by someone that the more and more this goes on the mroe they;re convinced the GOP are not bothered as they know if they cause a stink about this then the left will come after them and then be attacked thus maybe losing their seat.
Maybe thta is why obama yesterday said if they go after her they go through me.
He;s putting them on a warning you go after her and we will go after you using our attack dogs called the media.
Basically our side has been silenced through their selfishness and cowardly ways.
No way has the media not seen this, no way has the GOP not seen this, or even got a call about it.
I’ve called and sent mail t a lot of people and I know others have and yet the GOP is still ignoring this.
I will not give up though and I will be on the phone later again
The following is why I said to get out now!
Obama Begins Push for New National Retirement System (Occupy Your Savings)
You can kiss goodbye all your hard earned savings and investments, because the communists are going to take them all away.
I suppose the next step will be to take all private property, as well.
Sorry for the late reply. Thanks for the tip, I plan to look into it before we make the decision. Even though I am the one pressing to get out of the market, MrMOguy has some good points to stay in, I guess I am taking the “it's going to go to heck in a hand basket” approach these days..