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If you've got a few years before retirement, this is a great opportunity. Stocks are on sale. Buy, buy, buy! 10 years from now, you'll be quite pleased you did.
I have only one word to describe how to deal with today:
PATIENCE
This downturn was long overdue, the recent gains in the market were defied logic but that is usually the case. Good time to start buying and don't panic, turn off your TV.
What? Pension funds are invested in the SAME exact instruments as mutual funds and even hedge funds? The difference being taxpayers take the full brunt of the risk if the Pension fund fails...it's only fair that the actual pensioners took the risk!
I agree, a lot of people are getting crushed and may not even realize it. What makes you think pension funds are any safer??!
Because he's not a rocket scientist either.
Hey, op...where do you think pension money comes from?
Let's hope that the FED has a magic bullet to cure this crash. Because we all know (except Haywood) that taxpayers are on the hook for the NY Pension fund potentially blowing up. Take a look at how Asia is trading right now... a complete meltdown as of this post. I think I know what the FED might announce tomorrow. 'It won't be called QE3'. If they do nothing, then we're done.
Yes, I'm all for donating 50% of my taxes to pay MUNICIPAL PENSIONS whilst I throw another log on the fire in my old age and eat rice and beans. Meanwhile over at the golf course, retired municipal workers slurp pina coladas and brag about their filet mignon dinner and exotic 7 day cruise to the Bahamas on the suckers (ahem, taxpayers) dime.
This is the problem with the extreme rheotric of both sides. I do think that wall st is 100% responsible for this financial mess, but that doesn't mean municipal workers compensation isn't outrageous also. On either side, middle class people are getting screwed. Then you have Gop bootlickers saying "I never got a job from a poor person!", and some guy who will retire with 100K a year and free medical for life with a GED saying "hey, don't look at me, Wall St are crooks!!"
This is the problem with the extreme rheotric of both sides. I do think that wall st is 100% responsible for this financial mess, but that doesn't mean municipal workers compensation isn't outrageous also. On either side, middle class people are getting screwed. Then you have Gop bootlickers saying "I never got a job from a poor person!", and some guy who will retire with 100K a year and free medical for life with a GED saying "hey, don't look at me, Wall St are crooks!!"
This is the problem with the extreme rheotric of both sides. I do think that wall st is 100% responsible for this financial mess, but that doesn't mean municipal workers compensation isn't outrageous also. On either side, middle class people are getting screwed. Then you have Gop bootlickers saying "I never got a job from a poor person!", and some guy who will retire with 100K a year and free medical for life with a GED saying "hey, don't look at me, Wall St are crooks!!"
I think this is a reasonable argument, but at the end of the day the muni workers produced something tangible... whether it's educating a kid, picking up your garbage, or protecting / serving. Whereas the "Wall St crooks" are completely and 100% parasitic. Their production is phantom value of a financial instrument. Granted this plays into the OP because what Wall St does will partially trickle down to the funds people plan to use for retirement. But that is a simple byproduct and not the reason they're in the business.
So I agree with your overall point, but there's room for some debate there.
I think this is a reasonable argument, but at the end of the day the muni workers produced something tangible... whether it's educating a kid, picking up your garbage, or protecting / serving. Whereas the "Wall St crooks" are completely and 100% parasitic. Their production is phantom value of a financial instrument. Granted this plays into the OP because what Wall St does will partially trickle down to the funds people plan to use for retirement. But that is a simple byproduct and not the reason they're in the business.
So I agree with your overall point, but there's room for some debate there.
Having the middle class buy into the success of Wall St. is also part of the big swindle. You should be pro-trickle down because it will help your 401K!! What about how few American jobs Wall St is creating? "Oh, can't do anything they don't like, the dow will go down!!"
Well, in 1955 you would have more earning power, own your home much earlier, have one parent staying home, and have a pension.
I think most people would give up the 100K they have in 401K for the things mentioned above.
Having the middle class buy into the success of Wall St. is also part of the big swindle. You should be pro-trickle down because it will help your 401K!! What about how few American jobs Wall St is creating? "Oh, can't do anything they don't like, the dow will go down!!"
Well, in 1955 you would have more earning power, own your home much earlier, have one parent staying home, and have a pension.
I think most people would give up the 100K they have in 401K for the things mentioned above.
Your comments are perpetually simplistic and lack any knowledge of economics or economic history. To compare the Leave it to Beaver family of the 1950s to today is absurd.
And..please don't buy into the Dow...Im sure you didn't when it was at 1,000 points...but I did..that's why I don't cry tears like you and other Class Warriors on here.
The pie was there...too bad you all missed your piece..now blame the baker.
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Meanwhile over at the golf course, retired municipal workers slurp pina coladas and brag about their filet mignon dinner and exotic 7 day cruise to the Bahamas on the suckers (ahem, taxpayers) dime.
