Posted on 08/21/2010 5:22:10 PM PDT by 2ndDivisionVet
The Government doesn’t mind at all that a person withdraws money from their accounts. They charge extra taxes so the gov. is making more money off of the hardship of the working people. Isn’t government great!
I borrowed as much as I could from my 401k for my farm in Kentucky. It wasn’t hardship. It was getting a galt’s plateau with the cheapest money possible.
Exactly!
Thanks guys
It is people who are desparate and out of money.
Maybe they will get smart and cancel cable/sat TV because ALL of TV supports Obama and keeps him in power. The American public is so manipulated by TV but they are too stupid to care.
The thing that happens during a liquidity trap is that people do unusual or desperate things to find the credit that they need.
Credit is scarce during a liquidity trap.
But selling things to obtain cash or credit creates more sellers than buyers, so prices fall.
Deflation.
Amen and ditto. Too many blog pimpers around here.
One of them is using a variant on my screen name. He's OldPossum1 and if you examine his history it's nothing but a series of posts with him as the poster and he makes no other posts on FR.
He just uses FR to direct hits to his blog.
That may or may not be true ... but my original intent was to alert those who blindly already paid the 10% penalty they may be able to recoup that dough ...
This rule was in effect since last year .. I do not know about 2008.
The reason Americans have not saved is because we are taxed to death and hit with inflation. Some are taking money out of their 401k accounts now, because they think the government is going to confiscate the money. I would not be surprised.
Just finished mine off. Ate the penalty - paid the taxes. (Who really knows what the tax rate will be 10 to 20 years from now anyway?) Social Security rules seem to change annually and more banks are going under ever day. So I'm taking the loot now - while it's still there.
Do you know if it applies to a SEP account? I have some money in an account that I set up when I was self employed. I never rolled it over into my 401K that I have with my current employer. I have more than enough in the SEP to put a big down payment on a farm I have been thinking about.
Or maybe they're "get my money out before the democommies steal it" withdrawals.
I’m being flippant...
My father (WW II vet) reminded me that fascist government pigs and their “army” bleed and die like anyone else.
Carry on, FReeper...
My wife had lunch with a lady today who owns 3 real estate offices with her son and they were just warned by the banks that the second wave of foreclosures are coming. There were solid loans and not pie in the sky appraisals but the unemployment picture is hitting these families...
I’m a loan originator, so you can imagine what my days are like.
“Look to Argentina and you can see the future of 401K’s in the US. The fed gov’t will grab all of them in due time to “sure up the Social Security system” or whatever excuse they can come up with.”
The Democrats have introduced a bill that will raid your retirement savings. The bill is a stealth asset grab. John (please elongate the pronunciation) Kerry is a cosponsor. The Democrats are plotting to seize control of retirement assets.
If such a bill passes, it's time to invoke the second amendment for its intended purpose. Fire for effect.
What Good Can a Handgun Do Against An Army?
http://www.freerepublic.com/focus/f-backroom/2312894/posts
I stopped putting money in 401k’s years ago, they’re a scam, take that money and pay down your house, you’re never going to see a dime of your 401k folks.
So what comes after the house is paid off?
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