[Chooglin']

The stock market crash has completely wiped out my retirement. The financial websites can't tell me what to do. How am I supposed to afford retirement now?

[Cold Warrior]

If you're old but not too old to work, you should keep working until the market recovers. It will be probably 7-12 years assuming this isn't the Apocalypse.

I'm not close to old so I've even increased my monthly investment purchases.

[Railroader]

This should be a warning to those who don't watch their retirement accounts closely enough or think that a 401k is enough.

[turtle777]

Originally Posted by Chooglin' 

The stock market crash has completely wiped out my retirement. The financial websites can't tell me what to do. How am I supposed to afford retirement now?

If you want serious advice, how about you give some serious background information on yourself and your investments.

-t

[JellyBeen]

Dr gloom and doom here...folks, this is just 1% of what the financial markets are going to be in a few years, we are in serious trouble here.

[turtle777]

Originally Posted by JellyBeen 

Dr gloom and doom here...folks, this is just 1% of what the financial markets are going to be in a few years, we are in serious trouble here.

WTF are you talking about ?

The drop and crisis so far is only 1% of what's still to come ?

This means the Dow Jones would drop to -1,386,000 ?

-t

[ort888]

I hope this guy comes back and gives us a website we can go to in order to get the financial advice we need.

[BLAZE_MkIV]

If you were using the auto-balance/risk feature of most 401k plans you'd be fine.

[Big Mac]

The USD won't be worth the paper it is printed on at the rate our S********t President and Congress are deficit spending (and their agenda for the future is scarier still), so all who hold the fiat currency will be pretty screwed anyway. Change.

[RAILhead]

Dear Leader will make it Right. Have Hope in his Change!

[turtle777]

Originally Posted by RAILhead 

Dear Leader will make it Left. Rather Have Hope in [insert deity of your choice]!

Fixed.

-t

[Phileas]

Originally Posted by ort888 

I hope this guy comes back and gives us a website we can go to in order to get the financial advice we need.

Bingo.

[ctt1wbw]

Originally Posted by Chooglin' 

The stock market crash has completely wiped out my retirement. The financial websites can't tell me what to do. How am I supposed to afford retirement now?

I started a meth lab in the garage.

[ctt1wbw]

Originally Posted by RAILhead 

Dear Leader will make it Right. Have Hope in his Change!

The DJIA is down 25% from the innaguaration.

[Maflynn]

I've lost all hope in actually having a retirement, at least the type of retirement the prior generation enjoyed. I've lost most of my retirement money in the stock market. I'm in my middle 40s and I don't see this turning around sufficiently fast. My wife was laid off of work, so we had to suspend all 401k payments. Better to pay the mortgage now, then save for a future where the money will be lost in the market anyways. I cannot even count on the value of my house since the real estate market has taken care of my equity on that front.

I'm not bitter, or even angry, I have two young kids, I need to focus on raising them, and not worrying about what the future may or may not bring.

[RAILhead]

Originally Posted by ctt1wbw 

The DJIA is down 25% from the innaguaration.

That's just misinformation from the Capitalist Pigs. Dear Leader Obama will make all things right for the Faithful who trust in his Vision of Hope and Change.

or...

[Mrjinglesusa]

Originally Posted by Big Mac 

The USD won't be worth the paper it is printed on at the rate our S********t President and Congress are deficit spending (and their agenda for the future is scarier still), so all who hold the fiat currency will be pretty screwed anyway. Change.

Originally Posted by RAILhead 

Dear Leader will make it Right. Have Hope in his Change!

Originally Posted by turtle777 

Fixed.

-t

Originally Posted by RAILhead 

That's just misinformation from the Capitalist Pigs. Dear Leader Obama will make all things right for the Faithful who trust in his Vision of Hope and Change.

or...

This isn't the Political Lounge. Keep your political BS out of this thread.

[RAILhead]

Oh, sorry -- I forgot you were a moderator.

(and calling it "BS" is a bit of a stretch...)

[Phileas]

Can we please keep the political nonsense out of here?

[RAILhead]

I say we move it to the PL and discuss how people are going to retrieve their investments under the new admin's plans.

[ort888]

Weeeeeeeeeee!!!

[Phileas]

One of the reasons the economy tanked is the refusal of the last administration to properly regulate the banking system. If I recall correctly, you were one of the people who were frequently singing the praises of a free, unregulated market.

Maybe now would be a good time to admit that mistakes were made and come up with constructive ideas on how to fix this mess instead of firing cheap, partisan shots.

[Spheric Harlot]

I just find it amusing that the past administration utterly bankrupted the country after inheriting a record surplus, and people are starting to shift the blame for the consequences on Obama ALREADY.

Actually, that's not just amusing, that's insanely funny, given the fix we're in.

[JellyBeen]

Originally Posted by Big Mac 

The USD won't be worth the paper it is printed on at the rate our S********t President and Congress are deficit spending (and their agenda for the future is scarier still), so all who hold the fiat currency will be pretty screwed anyway. Change.

Big Mac , you're right on the money (pun intended).

[ghporter]

Funny, this thread started out like someone was asking for advice on a financial matter, not suggesting that the mud, much and monkey poo flinging begin. I'm disappointed. Maybe someone might have gotten something useful out of such a thread, instead of just lots of spleen, hate and rhetoric. Too bad...

[turtle777]

Originally Posted by ghporter 

Funny, this thread started out like someone was asking for advice on a financial matter, not suggesting that the mud, much and monkey poo flinging begin. I'm disappointed. Maybe someone might have gotten something useful out of such a thread, instead of just lots of spleen, hate and rhetoric. Too bad...

While I don't necessarily disagree that this thread hasn't developed great, it also started very weak. The way the OP asked the question could almost be described as a bait.

Secondly, I think it's pretty much impossible to talk about this issue and give advice w/o getting in the realm of politics.
No investment strategy will "just work", no matter what politicians do. Therefore, the only way to give halfway decent advice is to factor in the consequences of the policies being rolled out by the Obama administration.

-t

[ghporter]

"Getting in the realm of politics" would have been nice. I don't think most of the posters here had any thought of providing advice or even just "dang, sorry dude" sympathy. They just posted to vent and hate. That bugs me.

While no investment strategy is guaranteed safe right now, at least an outline of what might be prudent would have been a good idea. "Check out what's in your 401k in case the portfolio is just down for the moment" or "what's your real estate situation?" are both much better than the doom, gloom and blame-tossing that's been posted here.

[mattyb]

Yet another interesting article in the latest Fortune titled Will the Banks Survive?.

First the banks lost money over CDS and other tricky financial instruments, now its 'a historic meltdown in the bread-and-butter businesses of credit card, home equity and mortgage lending.' Next comes 'the looming defaults on commercial real estate loans financing the likes of half-leased retail malls.'

Oh and nationalizing banks is nothing new, between 89 and 92 there were 1368 banks seized by the FDIC.

Chooglin', I don't know what to suggest. I hope that this situation doesn't last too long, although I fear it will be several years before markets get back to the 'pre-smelly-stuff-hits-the-fan' that started last year.

[turtle777]

Originally Posted by ghporter 

While no investment strategy is guaranteed safe right now, at least an outline of what might be prudent would have been a good idea. "Check out what's in your 401k in case the portfolio is just down for the moment" or "what's your real estate situation?" are both much better than the doom, gloom and blame-tossing that's been posted here.

But you have to agree that the OP didn't give enough information to really help him with his situation. I asked exactly that question above.
His age, life circumstances, field of employment, financial situation (debt, mortgage etc...) all play heavily into what kind of investment strategy to pursue.

-t

[finboy]

Originally Posted by Phileas 

One of the reasons the economy tanked is the refusal of the last administration to properly regulate the banking system. If I recall correctly, you were one of the people who were frequently singing the praises of a free, unregulated market.

Maybe now would be a good time to admit that mistakes were made and come up with constructive ideas on how to fix this mess instead of firing cheap, partisan shots.

You clearly have a limited understanding of reality. The current crisis of faith is due to the talking down of the economy over the last 24 months. The housing crisis and the mortgage crisis are due to policy initiatives and legislation dating back to 1977 or so, and every administration except Reagan really played a part in it, especially Clinton and to some extent Bush, who expanded on the Clinton policies.

The problem now wasn't a problem until the stock market started tanking right before the election, as it became clear that Obama was going to win. A large part of what you're seeing now is people retrenching b/c they have no retirement to look forward to and no assets in savings. Another part of it is due to expectations of increased socialistic control of policies and confiscatory trends in taxation. The productive will continue to "retrench" and things will get worse. Without some kind of intervention by reality or logic, the markets for everything will continue to impound a "socialism discount" and stay where they are.

You can't blame people for their uncertainty. The only certainty we're seeing from leaders is that the middle class is going to be punished for saving, and for building human capital, and for living within its means.

[Big Mac]

The OP was bemoaning the destruction of his retirement portfolio. The Dow has declined 30% since Obama's election. This is a political issue, and it's only going to get worse because the American people let themselves get duped. Hate to have to break it to you.

[Rumor]

Originally Posted by Spheric Harlot 

I just find it amusing that the past administration utterly bankrupted the country after inheriting a record surplus, and people are starting to shift the blame for the consequences on Obama ALREADY.

Actually, that's not just amusing, that's insanely funny, given the fix we're in.

Shhh, don't mix reality and fantasy.

[ort888]

Bah, forget it.

Have a nice thread people.

[Big Mac]

Originally Posted by Spheric Harlot 

I just find it amusing that the past administration utterly bankrupted the country after inheriting a record surplus, and people are starting to shift the blame for the consequences on Obama ALREADY.

I expect more of you, Spheric Harlot. I would expect you would be aware that those huge surpluses were very liberal projections based on the continuation of the tech boom, which was exploding as Clinton was leaving office. The biggest long term damage the Bush administration did was in passing Medicare prescription drug coverage, and Bush merely went along with a bipartisan Congressional effort there. The entirety of Bush's war spending was dwarfed by Entitlements. So let's cut the crap.

[mattyb]

FFS, do you people ever not blame your problems on a political party ?? You sound like the French.

[turtle777]

Originally Posted by mattyb 

FFS, do you people ever not blame your problems on a political party ?? You sound like the French.

I don't, to some degree.

IMO, the current crisis is rooted in people's greed and living beyond their means, before anything else.

Sure, politicians, interest groups and Wall Street played along. But ultimately, it comes down to personal responsibility, something this country doesn't have anymore.

Now, what's the solution to he problem: people getting their lives straight and cleaning up the mess they left this country with. In that regard, government and policies can help, or hinder.
Currently, what Obummer is doing will only hinder, because it tries to avoid the unavoidable.

-t

[shifuimam]

My 403(b) has tanked. Fortunately, I'm only 24, so I have awhile to recover.

If you're retiring very soon and you can, move the majority of your 401(k) or 403(b) into the lowest-risk funds. Bond funds and other similar funds tend to barely increase, but won't lose very much money. It's a good way to keep what you have instead of continuing to risk it.

I'll probably open up a Roth IRA once I buy a house...right now, 99% of my savings is being kept for that magic 20% down payment on my first home.

[Mrjinglesusa]

Originally Posted by Big Mac 

The OP was bemoaning the destruction of his retirement portfolio. The Dow has declined 30% since Obama's election. This is a political issue, and it's only going to get worse because the American people let themselves get duped. Hate to have to break it to you.

Yeah, and that 30% drop is ALL Obama's fault. You guys are hilarious.

Happy to see your BS was able to get this thread moved to the PL lounge.

[turtle777]

Originally Posted by Mrjinglesusa 

Yeah, and that 30% drop is ALL Obama's fault.

It for sure would have been if McCain had won

-t

[Face Ache]

Gold! Gold! Gold!

[dcmacdaddy]

Originally Posted by turtle777 

IMO, the current crisis is rooted in people's greed and living beyond their means, before anything else.

Sure, politicians, interest groups and Wall Street played along. But ultimately, it comes down to personal responsibility, something this country doesn't have anymore.

I agree completely. Living beyond one's means, whether one is a street-sweeper or stock-broker, will guarantee eventual financial meltdown.

Originally Posted by turtle777 

Now, what's the solution to he problem: people getting their lives straight and cleaning up the mess they left this country with. In that regard, government and policies can help, or hinder.
Currently, what Obummer is doing will only hinder, because it tries to avoid the unavoidable.

True again. Bush started the ball rolling with the banking bailout and Obama had to continue it to give the populace a sense of continuity in attempting to solve the problem. I was one of those who advocated early, and often, for letting businesses fail. (If I had my way, Bear Stearns, Lehman Brothers, Wachovia, and all the other major financial institutions in crisis would be bankrupt now and having their assets liquidated in an orderly fashion by the government. And all the homeowners with mortgages way beyond their means, they would be bankrupt as well, living in more modest accommodations commensurate with their income level.)

I don't think the national financial problems will be solved by stimulus spending because that is trying to fix things at a macroeconomic level and what we need are fixes at the microeconomic level. We need individuals to work and spend money on buying things--remember, over 65% of our economy's GDP comes from consumption spending, not manufacturing--all the while not going into massive debt to fund these consumptive purchases. We need more people working and the Obama stimulus plan is not focused enough on spending money in ways that will put a lot of people back to work. Ultimately, if we are to survive this current downtown, we need have a much smaller economy based on consumer spending that is moderate and not heavily debt-financed.

[Mrjinglesusa]

Originally Posted by turtle777 

It for sure would have been if McCain had won

-t

It's beyond ridiculous to think that the current drop in the DOW wouldn't have happened no matter who was President. To blame it on Obama is disingenuous.

[BadKosh]

You can always hold up gas stations in heavily Democratic areas. tax free income. Free housing and new friends if you get caught.

[BadKosh]

"To blame it on Obama is disingenuous."


So why does the market tank every time 0bama runs his ignorant mouth? He and the Dems spend spend spend - all while telling us we need to conserve.

And YES 0bama WAS involved in shaking down various mortgage companies. I've posted a link to CNN clips going back to 1998 which show this, but libs ignore it. it's about the emotion not the details.

[turtle777]

Originally Posted by Mrjinglesusa 

It's beyond ridiculous to think that the current drop in the DOW wouldn't have happened no matter who was President. To blame it on Obama is disingenuous.

Well, it's no secret that both, Wall Street and Main Street (those that have money to invest) don't think that Obummer's policies and "changes" will do their money any good.

I think he has to take some blame for the stock market.

We all know the stock market is generally forward looking and reacts positively to news that will have positive economic impact in the future.
The total lack of confidence that Obummer's Stimulus and other plans will help the economy are one (not the only one) reason for the current stock market slump.

Even if you claim that the market would have been down no matter what, I'd point out that Obummer's plans don't seem to have *any* impact.

-t

[hyteckit]

Biggest deficit spenders:

Pres. Ronald Reagan - went from $700 billion national debt to $2.9 trillion
Pres. George W. Bush - Added another $4 trillion to the national debt

Those 2 Republican President are socialist commies.

[ebuddy]

Originally Posted by hyteckit 

Biggest deficit spenders:

Pres. Ronald Reagan - went from $700 billion national debt to $2.9 trillion
Pres. George W. Bush - Added another $4 trillion to the national debt

Those 2 Republican President are socialist commies.

You wonder why you have to keep repeating this hyteckit? Some information is in order for you sir.

- FY 2009 will be 10 times larger than Reagan's in absolute value as well as percentage of GDP. What part of "unprecedented" is so difficult for you to grasp? What part of unequaled spending by Congress in history is so tough to accept?

- Reagan's reaction to the problem was a supply-side scheme of tighter money, lower tax rates. Obama has barely even scratched the surface of the problem by increasing taxes on wealth and job creators. Prior to Reagan, monetary policy was used to stimulate demand and high tax rates to contain excessive consumer spending that might push up inflation. The problem was the high tax rates contributed to inflation by actually containing the output of goods and services at the same time the monetary policy drove prices upward.

- Real budget spending appears greater as inflation becomes lesser. What actually caused the deficit was not spending my zealous friend, but an aggressive drop in inflation.

- The Reagan deficits were not financed by printing money or recycled surplus dollars by trading partners, Reagan's deficits were not a threat to the dollar because the dollar was strong, and this deficit was financed by the US.

The differences in scope, size, and implications between the Reagan deficits and Obama's deficit are worlds apart and occurring under starkly different international circumstances. Even if they were virtually identical, I still love how stupid ideas are okay as long as you can establish that someone else might also be guilty of them. $400 billion omnibus to pass soon and calls for another stimulus are already on the table. Egadz. The only positive I can see until 2010 is the fun of watching the Obamatons continue defending this nightmare.

BTW, it's nice to know you're calling this policy socialist/communism now. You're starting to come around. Obama's going to make Bush look like the leader of the Heritage Foundation by the time he's done screwing this country over.

[ebuddy]

Originally Posted by Mrjinglesusa 

It's beyond ridiculous to think that the current drop in the DOW wouldn't have happened no matter who was President. To blame it on Obama is disingenuous.

Wasn’t much of a problem for you to indict Bush just 5 months ago was it?

Originally Posted by Mrjinglesusa

October 10th, 2008; This "solution" was pushed down our throats by Bush and Congress. Numerous economists, investors, and the public in general (i.e., "the market") didn't want this bailout to pass.

Absolutely nothing has changed except now under Obama and Congress, there are even more bailouts and packages being shoved down our throats regardless of what numerous economists, investors, and the public in general (in your words, “the market”) says. This’ll make the nonsense you were on about only a few months ago look cheap as hell. Keep your hypocritical, partisan BS out of this thread.

Disingenuous indeed! It seems you leftists have as much difficulty with your short-term memory as you do in paying the taxes you think everyone else is responsible for.

[andi*pandi]

Originally Posted by BLAZE_MkIV 

If you were using the auto-balance/risk feature of most 401k plans you'd be fine.

No, not really. I had mine set to the auto-balance for my age group etc risk factors... and lost 10k before I noticed and switched to lower risks. I slowed the bleeding down to a trickle, am pondering moving it all to the safest option but am leery of putting all my eggs in one basket. I've a long ways to go to retirement, that doesn't mean I want to see my money wasted.

I'm also considering opting out of 401k contributions, I'd rather have that cash then see it disappear in my 401k, but it would be 6 months before I could opt in again. I'm hoping it will be better in 6 months.

[hyteckit]

Originally Posted by ebuddy 

You wonder why you have to keep repeating this hyteckit? Some information is in order for you sir.

- FY 2009 will be 10 times larger than Reagan's in absolute value as well as percentage of GDP. What part of "unprecedented" is so difficult for you to grasp? What part of unequaled spending by Congress in history is so tough to accept?

- The Reagan deficits were not financed by printing money or recycled surplus dollars by trading partners, Reagan's deficits were not a threat to the dollar because the dollar was strong, and this deficit was financed by the US.

The differences in scope, size, and implications between the Reagan deficits and Obama's deficit are worlds apart and occurring under starkly different international circumstances. Even if they were virtually identical, I still love how stupid ideas are okay as long as you can establish that someone else might also be guilty of them. $400 billion omnibus to pass soon and calls for another stimulus are already on the table. Egadz. The only positive I can see until 2010 is the fun of watching the Obamatons continue defending this nightmare.

BTW, it's nice to know you're calling this policy socialist/communism now. You're starting to come around. Obama's going to make Bush look like the leader of the Heritage Foundation by the time he's done screwing this country over.

Wrong.

If you guys are calling deficit spending a socialist program, then Ronald Reagan and Pres. Bush are the biggest socialist.