Two Trillion lost

cjcj

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Retirement accounts have lost $2 trillion

Oct. 7, 2008 11:48 AM
Associated Press

WASHINGTON - 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.

"Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said.

A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works.
 

JoseCuervo

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And that is why not a single candidate in a 90 minute VP debate mentioned Immigration or Gun issues.

People care about THE ECONOMY, STUPID!!!!
 

cjcj

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And that is why not a single candidate in a 90 minute VP debate mentioned Immigration or Gun issues.

People care about THE ECONOMY, STUPID!!!!
Yep you are stupid:)

The quasi-governmental Wisconsin Housing and Economic Development Authority guaranteed home loans to illegal immigrants. Spanish ads proclaimed: 'Income tax forms are not required, nor are immigration papers.' "

.....the FBI cites a house-flipping rings using illegal aliens as straw buyers involving a Nevada First Residential Mortgage Company branch manager directing loan officers, processors to originate 233 fraudulent FHA loans valued at over $25M. The defrauders made and submitted false employment and income documentation for illegal immigrants from Mexico.....
 

JoseCuervo

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Gosh CJ, do you suppose John McCain's new plan to spend $300 billion buying up bad mortgages will include the ones that Dubya/McCain pushed toward mi hermanos?

Gotta like McCain's Socialism....
 

JoseCuervo

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Uhhhh..... BigWhore....

Remind me not to pay attention to your stock picks.... This is not how I usually like my long positions to look...
 

JoseCuervo

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Big Whore,

See my earlier post about not paying attention to your stock picks.....


The Market has fallen to a point lower than it was when Dubya took office. Nearly EVERYTHING is a buying opportunity.

Right now, I am considering buying Iceland, as I have always wanted my own Island, and the wimmin there are hot.....


The days grow ever darker in Reykjavik. Gone is the almost eternal daylight, which washes across Iceland's capital in the height of summer. A darkening gloom arrives earlier each day now. An icy wind blows in from the east. Darkness will be a constant presence here soon as winter sets in.


If ever a nation's changing climate reflected the mood of its people, it is here. Every morning, it seems, the residents awake to news of fresh problems in their country's banking system. Last week, the country's third largest bank was nationalised. This week, the government dismissed the board of directors of Landsbanki, its second-largest bank, and put it into receivership. On Monday, the Prime Minister, Geir Haarde, warned its citizens the country faces bankruptcy.

Iceland, with a population the size of Bristol, is rated by the UN as the most developed society on earth. But it now faces less welcome distinction as the country worst exposed to the credit crunch, with banking debts several times bigger than its economy.

Laugavegur, the capital's chic main stretch, is eerily quiet. At one of the main branches of Landsbanki, executives could be seen yesterday pacing the upper floors, mobile phones held to their ears, hands on foreheads. Galleries, antiques stores and jewellery boutiques, which sprang up in the boom days of the past decade, were empty. Some are closed altogether. It is not a day to be in business in Iceland.

The few Icelanders who are out and about gather in tight groups, shielding themselves from the wind and discuss the latest disasters to strike its banks. The credit crunch is the only topic in town. Many head to their banks, where a steady stream of concerned savers enter to inquire just how safe their money is. This bleak picture of shattered consumer confidence does not seem out of place in a nation famed for its Viking sagas. It now has a new epic tale to tell: how its banks have brought a whole nation to the brink of bankruptcy. But many do not blame the lenders.

"The banks just did what banks do," said Siggit Valgeirsson, as he left the head office of Landsbanki, which holds his savings and his company account. "It is those in power, and the central bank, who have not behaved how they should. Too many of the people in control there are not experts, but politicians interfering in the economy."
 

cjcj

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Gosh CJ, do you suppose John McCain's new plan to spend $300 billion buying up bad mortgages will include the ones that Dubya/McCain pushed toward mi hermanos?

Gotta like McCain's Socialism....

Its really Sad Jose, they will bail -out the illegals....Unless Americans start SCREAMING!|oo
 

JoseCuervo

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CJ,

It does not matter the nationality of who we bail out...... right now I am busy negotiating to buy Iceland....

If you want, you can be my Minister of Immigration there..... As that is a gene pool worth protecting....
 

ringer

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Those pics are of a tranvestite bar. Look at the feet. Jose likes poking Icelandic trannys!!
 

guppie9

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Jose.....I think CJ as Secretary of Homeland Security would be great. I think you should pick all your cabinet members from Hunttalk!!! Any other ideas?? Being a teacher, I will volunteer my services as Secretary of Education. God Bless President Cuervo and God Bless Iceland!!!!
 

cjcj

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Jose.....I think CJ as Secretary of Homeland Security would be great. I think you should pick all your cabinet members from Hunttalk!!! Any other ideas?? Being a teacher, I will volunteer my services as Secretary of Education. God Bless President Cuervo and God Bless Iceland!!!!

Guppie, things could only get betterhump

There is clearly more talent on Hunttalk then in Washington D.C.:)
 
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