13954.42

Discussion in 'Financial Cents' started by gunbunny, Jan 29, 2013.


  1. gunbunny

    gunbunny Never Trust A Bunny

    DJIA for Tuesday, January 29th.

    Shooting for orbit! Why not? It's not like it's real money or anything.

    I bet the moment it flies by the old record a bunch of TV talking heads will anounce: "See, the recession IS over!" Meanwhile, we're paying $3.50 a gallon of gas (which is actually a much better price than a few months ago of $4.09 a gallon) and using more of our previously disposable income on food. Why? "Because it costs more and there is less in a pack than there used to be." -is the common excuse. No mention of the value of our currency.

    pessimism.
     
    oldawg and Motomom34 like this.
  2. gunbunny

    gunbunny Never Trust A Bunny

  3. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    I come to Survival Monkeys for the no-nonsense level-headed thinking. This stock market is insane. Today it closed over 14,000. All economic indicators are not good yet the market is crazy. My financial planner says things are looking great. I don't wear a tin foil hat but my common sense says BS. I truly feel those numbers are false on the DJIA, the good times are not rolling. I am in total agreement with Gunbunny. I am scared because this illusion will hurt the naive. I feel deeply that things are going to crash, or better yet inflation is going to hit hard. People don't believe me. What are other people thinking? This topic has been weighing heavily on me because I would like to know what normal people are thinking.
     
  4. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Just wait until they nationalize 401ks. Mass theft a comin'
     
  5. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    The DJA numbers are good. What the market does not reflect is the dilution of the FRN with the presses running overtime. The underlying value of the stock has not changed, just the price in inflated money, and the earnings in exactly the same way. Likewise, someone is ignoring the job losses that balance out the 156,000 added new jobs this "period." If there was a real increase in employment, the unemployment figures would have dropped, not increased (however slightly.)

    I cannot, for the life of me, figure out what's going on with the housing markets. Something stinks, and it ain't roses.

    Your planner (and mine) are looking at things thru rose colored glasses.
     
  6. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    I have been flip flopping on cashing out an IRA. I think Visatrac is correct and they (the govt) is going to assume control of all the retirement accounts. I keep hearing snippets on the radio about this.

    Now regarding the housing. One people are living in foreclosed homes- I have heard it takes a year plus for some people to be thrown out.I also heard that the banks are sitting on lots of property. Yet I swear last month housing starts were up. If they legalize all the illegals... can't they get really cheap minority something loans????
     
  7. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Got a squatter in my buddy's home right now. He lost it to the bank, after he did all kinds of upgrades, and then lost his job. I spotted the squatter, and told him. Cop and he confronted the squatter, who showed a rental agreement from someone (forged) and they are stealing the utilities. The bank now owns it, and no one here can kick them out. every time the utilities are cut off they break it, and steal it again. been going on for about 8 months now.
     
  8. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    I remember having a discussion with a buddy of mine back in 1998 or so just before the stock market first climbed above 10k, and he was telling me, "no way will it go that high." Well, apparently I was right, and all I had to do was admit the currency is constantly devaluing. And so, the trick is to create the illusion of economic growth to perpetuate the lie.

    Everything is fake, folks. Get used to it.
     
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  9. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Here is a little tip for you with 401ks.
    You can take a loan against it for up to half the vested value (in a lot of cases, check your plan document)

    I'll tell you what I'm going to do, If they (government) starts seriously looking at taking over retirement accounts. I'm taking out the maximum loan amount. And converting it to PM's and other hard assets as the jig is up.

    If I do, I will announce it here on the Monkey.
     
  10. BTPost

    BTPost Old Fart Snow Monkey Moderator

    And if your over 59.5 years old, you can make a withdrawal with NO Penalty, and you just need to pay the Income Tax on that sum....
     
    VisuTrac likes this.
  11. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I'm keeping my eyes open, seems there are some others also.
    It’s Coming: The Government Wants to “Help Manage” Retirement Accounts | A Lightning War for Liberty
    It’s Coming: The Government Wants to “Help Manage” Retirement Accounts

    Posted on February 2, 2013
    Many people, including myself, have discussed this threat over the past several years. The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.
    I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.
    I’m sure the government is just trying to protect your retirement account from terrorists.
    From Bloomberg:
    The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
    “That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.

    The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
    The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
     
  12. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Retirement Savings Accounts Draw U.S. Consumer Bureau Attention - Bloomberg


    Retirement Savings Accounts Draw U.S. Consumer Bureau Attention
    By Carter Dougherty - Jan 18, 2013 12:01 AM ET

    The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
    “That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.

    Enlarge image iS1xGTJGHdW0.
    Consumer Financial Protection Bureau director Richard Cordray said, “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.” Photographer: Andrew Harrer/Bloomberg
    The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
    The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM),Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans.
    The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau -- established by the 2010 Dodd-Frank Act -- sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
    Rollover ‘Moment’

    With large numbers of Americans heading toward retirement in the coming decade, the CFPB has referred internally to this concept as “the rollover moment,” the people said.
    Mark Calabria, director of financial regulation studies at the Cato Institute, a research group that promotes free markets, said that while Dodd-Frank didn’t specifically give the consumer bureau jurisdiction over investments, it could step in if the other agencies don’t.
    “I could imagine the CFPB growing into a role on investment savings if it seems like the SEC is asleep at the wheel,” Calabria said in an interview.
    The bureau could claim jurisdiction through its Office for Older Americans, which was established by Dodd-Frank with a mandate to improve financial literacy. It is run by Hubert H. Humphrey III, the former attorney general of Minnesota.
    The retirement savings industry generally has little to do with the CFPB because the SEC is the main investment regulator, said Ianthe Zabel, an ICI spokeswoman. She declined further comment on the CFPB plans.
    Credit Products

    The agency officially began work in July 2011 and has focused much of its attention so far on consumer credit products, including credit cards and mortgages. In coming months, the agency is expected to turn their focus to short-term credit products including prepaid debit cards, bank overdraft fees and payday lending.
    Longer-term, in addition to focusing on retirement savings, the bureau is studying mobile payments and the plight of Americans whose credit was damaged during the financial crisis, a group officials refer to as “the new subprime.”
    “It may be because of things they did and it may just be because they suffered,” Cordray said in the interview. “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.”
    To contact the reporter on this story: Carter Dougherty in Washington atcdougherty6@bloomberg.net
    To contact the editor responsible for this story: Maura Reynolds atmreynolds34@bloomberg.net

    iS1xGTJGHdW0.
     
  13. NotSoSneaky

    NotSoSneaky former supporter

    Won't the gubbermint just print more money ?

    You know, like the old Dorito's commerical... [tongue]
     
  14. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Yeah, 40+ Billion a month of announced digital money.

    But, 19.4 Trillion, well, just sitting there for the taking? Would you trust the government to NOT grab it and make us all slaves? Not I. Too tempting for crooks.

    Think of all the people that, their retirement accounts are all they have left besides the underwater homes. But don't worry, they need to get all the guns before the grab the money, there would be way too many REALLY REALLY pissed off sheep that may be able to get a gun in their hands and fight back.

    But once they got the guns, the access to the money will be green lighted. Who's gonna stop 'em.

    Think about it.
     
    NotSoSneaky likes this.
  15. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

  16. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Well, there are private corporations that are stealing from ever single citizen.
    It's the Federal Reserve. Their weapon of choice? Inflation by printing money like there is no tomorrow.
    Because they know, sooner or later there isn't going to be a tomorrow.
     
  17. NWPilgrim

    NWPilgrim Monkey++

    Whoa. I've been scratching my head why the supposed pro gun congressmen have been singing the cricket song and leaving the grassroots gun owners to flap in the wind.

    Maybe they already know a financial grab is on the way and are stepping aside to let the gun grab happen first.

    I think I will to my prep list:
    - pitchforks
    - buckets of tar
    - chicken feathers
    - fence rails
    - matches
    - even more ammo for the sumsbitches
     
    BTPost and oldawg like this.
  18. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Well, if a smart person was in charge, I'm sure that they'd want to make sure that there was no way anyone could stop them. No guns would be a smart move on their part. Although, the criminals with the guns would want their cut too.

    It's anyones guess. But i say getting out before the crash would be a good idea.
     
    gunbunny likes this.
  19. NotSoSneaky

    NotSoSneaky former supporter

    I have been thinking about it. That's why I visit places like this.
    I'm trying to figure out when so I can keep my family safe.
    I sure as hell ain't going to no "shelter".
     
  20. oldawg

    oldawg Monkey+++

    Don't forget ROPE. Lots and lots of good,strong rope.
     
    VisuTrac and BTPost like this.
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