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Thursday, November 6, 2008

Who Needs Vegas, When You Can Gamble with Your 401k?

10 comments:

Brant said...

Anyone's thoughts on gov't 401K confiscation? Maybe a conspiracy idea, but what if? Didn't Argentina just do it? Many years ago before this market down (and this election), I was wondering how the gov't (no matter which party) could just look at 401Ks salivating at all that money, esp. Roths with no tax on any increases over the years.

I could never believe that the gov't could just leave them alone for years and decades.

Wondering about this, I did find a table that indicated 50-80% of the US population were currently in the stock market to some degree (indi stocks, mutual funds, etc). Prior to 401Ks (60-70s?), what was the percentage.....25%?

One of the ideas I actually heard from an economist type was "we'll restore 401Ks to the August pre drop levels and then take them over investing in treasuries and "guarrantee 3% + inflation." Besides this general horror, wouldn't this huge decap of the market be beyond catastrophic?

Brant, Atlanta, GA

fajensen said...

The US government is going to need money desperately - rumours on the blogs say USD 3 Trillion already in 2009 - and I can't imagine anyone stupid enough to lend it to them!

The pension savers can be forced to buy treasury bonds.

The market is sort-of over anyway with all than intervention going on and once stock prices go lower people will stop caring.

Brant said...

Sheesh. That would be a shame. What blogs would those be?

I think I would actually cry if/when that happens. As if it hasn't happened already, I would feel so used, lied to, baited and switched and I can't get totally out without a huge tax and penalty hit....probably their ultimate backstop when they created these things in the first place. If it happened, I would do the absolute minimum and concentrate on my indie stocks and funds.

Brant, Atlanta, GA

Hulu said...

Luckily, my company has self-directed account so my 401K is in Rydex Inverse SP500.

What's in your wallet?

Anonymous said...

Mark it down, the government WILL eventually tax those Roth IRAs and 401ks. One of the main reasons I never contributed to them.

ARAK said...

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R.W. Twain said...

The government will tax your 401(k) payments the day after it takes away Social Security and Medicaid.

Too much entitlement built into the beneficiary class, which is one demographic robust indebted enough to sink our entire Batleship.

Take away the American investment dream and exuberant wealth creation dies. Even Pelosi is not that crazy...

Boat52 said...

Las Vegas Sands management will probably be in D.C. by Monday standing in the bailout line. Who will be next?

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