Economic breaking news must see

www.thenation.com...

401k about to go under ,house prices about to drop another 25%
retirements gone

must read for those that want to see the latest developments

www.reuters.com...

good.

This means i wont have to pay 800 dollars a month for a studio.

Originally posted by soup_sandwich
good.

This means i wont have to pay 800 dollars a month for a studio.

Your right. You will have to pay $1,500 for your rent now.

Anywho .. I have been saying this for a long time now, pensions, 401(k) .. watch your money because more then likely you have lost 20-40% of your value. And if your at 45-55 that can be incredibly scary.

The actual article however was written by a Communist, who believes it's the governments job to secure investments and retirement for every single individual.

Because that would be so much better.

Personally, I put all our ROTHS into an FDIC Insured Money Market in March. Should have picked up on it sooner (January) but still, I have saved myself from further losses. Mutual Fund and stocks are not FDIC insured, meaning a large part of what people have their retirement accounts invested in could disappear if their Bank fails.

I have noticed that it's been impossible to earn anything on my accounts without really active research & action, and I am not in a position to do that right now. So our retirement accounts, if we are lucky, are holding, but most people's are way down. I stopped bothering with Employer Sponsored plans 10 years ago when I realized the choices and restrictions for most of them don't allow the freedom to escape if a mess happens in the market. Everything is in self directed ROTHS now, and I am about to cash them out and pay the penalty to put towards my mortgage principal. I just don't see the point anymore in planning for a future that isn't panning out right now and my goal is to become debt free as quickly as possible, then I will catch up on my ROTH's easily when the payments are cleared on my mortgages and I take that money I have been paying into them to put for retirement. At my age, I am in the this is too scary category, but I see no other alternative. My Financial Planner is going to be pissed, but even my Accountant agreed to this move.

Bottom line is (as I will explain to my Financial Planner where all my accounts and loans are) would you rather see me keep my Retirement accounts and end up defaulting on my loans with you? I didn't think so.

I am a responsible person who had to move during the top of the bubble. My home is now upside down (I owe more than it's worth). The school of thought is to go ahead and default on the loans if one of us gets laid off (which is happening by the boatloads around my area), but all these people will never have anything once they destroy their credit with a default. Not going there myself.

It really does seem that there is a concerted effort to guarantee no one has any retirement assets by the time people my age and younger should be retiring. They are just allowing (if not deliberately manipulating) the markets to fail us, along with Social Security.

What is going to be left? What will happen to us? The only solution I see left is forced Socialization of the US somewhere down the road. I hope I'm wrong, but the monetary situation is beyond broken and the writing is on the wall. They are past the point of a fix. It's a house of cards/ponzi scheme and our elected officials have allowed the whole thing.