Thread: Retirement accounts have lost $2 trillion

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  1. #1 Retirement accounts have lost $2 trillion 
    An Adversary of Linda #'s
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    Retirement accounts have lost $2 trillion
    "OMG what will numbers say ?"

    "Thanks to your liberal Progressive Congress we have been screwed out of our retirement savings with Special thanks to Progressive Democrats Barney Franks and Christoper Dodd and the rest of the liberal Congressional Thieves !"

    Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.

    The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office.

    As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States.

    "Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis."

    More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined.

    Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts — like 401(k)'s — have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added.

    http://news.yahoo.com/s/ap/20081007/...qPcjLGM0Jv24cA
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  2. #2  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by megimoo View Post
    "Thanks to your liberal Progressive Congress we have been screwed out of our retirement savings with Special thanks to Progressive Democrats Barney Franks and Christoper Dodd and the rest of the liberal Congressional Thieves !"

    http://news.yahoo.com/s/ap/20081007/...qPcjLGM0Jv24cA
    Where does it say this in the actual story?
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  3. #3  
    Senior Member cat714's Avatar
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    My IRA is down 50%, but I have put more money into it because the price per share is a bargain. :D I'm a long-term investor and the market will make a come back. If you got the extra cash, consider buying up some stocks or investing in a solid mutual fund. Lots of deals out there.
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  4. #4  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by cat714 View Post
    If you got the extra cash, consider buying up some stocks or investing in a solid mutual fund. Lots of deals out there.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  5. #5  
    Senior Member cat714's Avatar
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    Quote Originally Posted by LogansPapa View Post
    Oh how nice of you to share your family portrait.
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  6. #6  
    An Adversary of Linda #'s
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    Quote Originally Posted by cat714 View Post
    Oh how nice of you to share your family portrait.
    I don't know about his family but he sure has a white streak running down his spine !
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  7. #7  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by megimoo View Post
    I don't know about his family but he sure has a white streak running down his spine !
    Explain.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  8. #8  
    Senior Member LogansPapa's Avatar
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    As we fix Social Security, we must make it a better deal for our younger workers by allowing them to put part of their payroll taxes in personal retirement accounts.

    * Personal accounts would be entirely voluntary.

    * The money would go into a conservative mix of bond and stock funds that would have the opportunity to earn a higher rate of return than anything the current system could provide.

    * A young person who earns an average of $35,000 a year over his or her career would have nearly a quarter million dollars saved in his or her own account upon retirement.

    * That savings would provide a nest egg to supplement that worker’s traditional Social Security check, or to pass on to his or her children.

    * Best of all, it would replace the empty promises of the current system with real assets of ownership.

    George W. Bush
    State of the Union Address
    February 2nd, 2005
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  9. #9  
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    Quote Originally Posted by LogansPapa View Post
    As we fix Social Security, we must make it a better deal for our younger workers by allowing them to put part of their payroll taxes in personal retirement accounts.

    * Personal accounts would be entirely voluntary.

    * The money would go into a conservative mix of bond and stock funds that would have the opportunity to earn a higher rate of return than anything the current system could provide.

    * A young person who earns an average of $35,000 a year over his or her career would have nearly a quarter million dollars saved in his or her own account upon retirement.

    * That savings would provide a nest egg to supplement that worker’s traditional Social Security check, or to pass on to his or her children.

    * Best of all, it would replace the empty promises of the current system with real assets of ownership.

    George W. Bush
    State of the Union Address
    February 2nd, 2005
    So what are you relying on to fund your retirement?
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  10. #10  
    Senior Member LogansPapa's Avatar
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    Quote Originally Posted by Lager View Post
    So what are you relying on to fund your retirement?
    Rent checks.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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