Think your 401K is in bad shape now? Wait until you read this. This is just the beginning.

The headline just scared the crap out of me.

From the article:

"Congress should let workers trade their 401(k)...."

Translation: Congress will MANDATE or FORCE people to do this, it for your own good, don't you know?!

I am sure they will do the same with IRA.

Speaking of which, when you have a ROTH IRA you don't deduct your contribution. Why not ROTH 401(k)? I think ROTH 401(k) were available a couple of years ago, but congress had to reauthorize them or something like that.

If these people are so concerned about the "rich" getting tax-breaks than it stands to reason they would offer them ROTH 401(k), but no, they are gonna force everyone into government bonds. What happens if the U.S. government goes broke? If you think this crisis is bad, you ain't seen nothing yet.

Congress is doing a great job of making the public feel comfortable with leaving their money in the stock market and the banks. They keep this shit up and we WILL have a depression. Dumb-Ass!

From the article:

"Rep. Robert Andrews, D-N.J., raised the issue of which investment advisers are allowed to offer workers investment advice.

The Department of Labor is considering "loopholes" that would allow advisers to offer "conflicted investment advice if the advisers work for subsidiaries of financial services companies that sell the investments," he said."

Whoever is "considering" such an idea should be marched out of the building, fired, and no future government employment should be allowed for them.
Typical of this administration.
Screw the working folks...the Bush family motto.

the article is horrible, it is completely unclear

Good. After Goverment fucks this up, there won't be much left on the list.

Screw the working folks...the Bush family motto.

#4 | Posted by danni

Since when was Bush your Congressman?

Voting to re-elect yours?

"Congress Mulls -- Major Assfucking to Continue"

Member is correct. The federal government is going broke -- quickly. They know this but shhhh.... you common folk aren't supposed to know that.

Chief among them was eliminating $80 billion in tax savings for higher-income people enrolled in 401(k) retirement savings plans.
* * * *

This is a great idea. Considering that most small-company retirement plans are sold on the basis that the tax savings of the company owners pay for almost the whole thing, to take the tax deductibility away for high-income earners will only tell millions of small business to shut down their retirement plans.

Law of unintended consequences, coming soon to a retarded Congress near you.

I agree with RIR here.

I read the article several times and continued to come away with the same thing.

Tax savings were given to promote savings and to remove them will well guess. The reason it is not generating enough is because most of the people can't afford to put their money into a 401K.

80 billion into tax savings and people are still not saving, what does that tell ya, remove it and then I guess they will save???

LOL!

" to take the tax deductibility away for high-income earners will only tell millions of small business to shut down their retirement plans."

I agree, to a point.

The fact is, lax tax policy---mostly for the wealthiest---has led to massive deficits. George Bush, when confronted with the fact most of the tax cuts went to the top folks remarked, 'well, they pay the taxes'. If they got the cuts when it was time for cuts, they should be willing to shoulder the bill as it comes time for that.

That said...these legislators are idiots.

Dan, Money, you should shut up now.....Before I salp you in face.

"you should shut up now.....Before I salp you in face."

Wrecks falls face first. Fabulous, fool.

"coming soon to a retarded Congress near you."

They're sending in smarter replacements?

Danny, I'm your better. I can eat you and shit you out. You are a burp, you have never been anything more.

I observe you.

I watch you squirm.

rex lose the youtube obsession. You rarely even debate politics anymore.

I am Zeitgeist.

80 billion into tax savings and people are still not saving, what does that tell ya, remove it and then I guess they will save???

Wait till they say that because of the economy they will need to tax a ROTH IRA when you start pulling your money out. All they have to do is change the tax laws and by by retirement savings. When it happens they'll call it closing a "loophole". Even though it was done for a good reason. All they have to do is say it over and over and pretty soon the people without any retirement will fall in behind them.

Some of us go through life, knowing Social Security most likely will not be there. We plan and save and pack it away. We play by their rules and when you think your ahead of the game they change the rules.

The Ants are Screwed. The Grasshoppers are coming and their Hungry.

And "when you think your(sic) ahead," you're just illiterate.

The markets in Europe are down 8-10% right now. Wait till they open in NY today. How come these CEO's aren't diving off buildings. Damn windows wont open!

Law of unintended consequences, coming soon to a retarded Congress near you.

exactly

How come these CEO's aren't diving off buildings. Damn windows wont open!

#23 | Posted by STIRSUMUP

Their golden parachutes will cushion the fall.