RegDunlop Posted November 7, 2008 Report Share Posted November 7, 2008 FWW is the resident expert on the economy. I think many here would agree on that. I would like to hear his opinion on where WS is headed with Obama at the helm of our country. Do you think the dems will actually take people's 401ks away? if they did wouldn't that cause a crash in and of itself ie all that money being withdrawn at once? Do you think BO will really levy corporate windfall taxes? Will he really raise cap gains taxes? Do you think it is now time for a LEADER to step up and give some confidence to the American public? (I understand during the campaign season candidates have to say this or that to score political points, and Bush I guess at the begining of the crisis was trying to keep a low profile to not hurt McCain but there has been NO leadership) If all you McC and Bush and BO bashers could refrain from bashing for just this one thread I would love to hear FWW's commentary on leadership and the markets/economy. Anybody else who is an economics guy/ WS type feel free to weigh in as well. if we're looking for a shark we're not gonna find him on the land Link to comment Share on other sites More sharing options...
Kings over Queens Posted November 7, 2008 Report Share Posted November 7, 2008 Do you think the dems will actually take people's 401ks away? if they did wouldn't that cause a crash in and of itself ie all that money being withdrawn at once? Right now the discussions, and they have held hearings on this in House Ways and Means, is to remove the pre tax contributions into 401k/SEP and other qualified self funded plans, and replace it with a government sponsored plan, where the employee would have to contribute 5% of his income, and the government would pay a 3% rate of return. This is documented. Google it. I've not read anything official, yet, on the part where they would force people to liquidate or pay taxes on their current accounts. #otterlivesmatter Link to comment Share on other sites More sharing options...
Triet Posted November 7, 2008 Report Share Posted November 7, 2008 In that case, I'd really like to stop paying into SS, as that plan appears to be telling me that SS is a joke. Your boy is going to be a big flop in Washington, and I can't wait till it happens.-Rocky RhodesMccain is weak, lame and a poor choice for President-JimP Link to comment Share on other sites More sharing options...
Nebe Posted November 7, 2008 Report Share Posted November 7, 2008 I wonder if they plan to merge SS to 401K's somehow.. eeeee gads. Link to comment Share on other sites More sharing options...
Kings over Queens Posted November 7, 2008 Report Share Posted November 7, 2008 In that case, I'd really like to stop paying into SS, as that plan appears to be telling me that SS is a joke. SS funds aren't yours. When you die, the benefits die. Granted, your widow and survivors get limited benefits, but it's not like they get everything you've put into SS. At first blush, the funds in the new plan under discussion would still remain yours with half....yup....50% being able to be passed to the next generation tax free, the other half subject to tax. At what rate of tax I don't know. SS offeres other things too, like survivor benefits, disability, etc. Don't get me wrong...SS sucks, and I'd much rather opt out too, but only because all my ducks are in a row. #otterlivesmatter Link to comment Share on other sites More sharing options...
eddy Posted November 7, 2008 Report Share Posted November 7, 2008 In that case, I'd really like to stop paying into SS, as that plan appears to be telling me that SS is a joke. me too. "Ok, Eddy you were right" - minivin5 "Oddly enough, Eddy is right fairly often"- TimS "Eddy is correct" - TomT "Say what you will about Eh-ddy but he actually does know a few things." - The Commish Link to comment Share on other sites More sharing options...
eddy Posted November 7, 2008 Report Share Posted November 7, 2008 I wonder if they plan to merge SS to 401K's somehow.. eeeee gads. somehow? yes. definitely. get rid of everyone's 401k. and put it into a retirement "lockbox" so that it will be there when you retire. sound familiar doesn't it? of course that money the government gets from your 401k would be used to pay for social security because they wouldn't want to make the, then current, senior citizens lose the money that they put into social security. "Ok, Eddy you were right" - minivin5 "Oddly enough, Eddy is right fairly often"- TimS "Eddy is correct" - TomT "Say what you will about Eh-ddy but he actually does know a few things." - The Commish Link to comment Share on other sites More sharing options...
RegDunlop Posted November 7, 2008 Author Report Share Posted November 7, 2008 What about the other questions I asked? and where'sFWW? if we're looking for a shark we're not gonna find him on the land Link to comment Share on other sites More sharing options...
IrishMist Posted November 7, 2008 Report Share Posted November 7, 2008 Do you think the dems will actually take people's 401ks away? if they did wouldn't that cause a crash in and of itself ie all that money being withdrawn at once? No - if anything people will have a choice to continue doing same as now or opt into a plan with a guaranteed return like Knight says. Having a CHOICE is always good - its gives more freedom. I'd be pro-choice on this! Do you think BO will really levy corporate windfall taxes? No, he has good advisors. If oil companies are gouging and helping to inflate prices by limiting refining capacity, they'll figure a better way to tackle it. Best part is he's not from Texas and therefore not pro big oil. Will he really raise cap gains taxes? Not initially. As you know, the economy has been decimated by the present administration. If he can turn this mess around in 4 years, then maybe in his second term. Bright side: most people are sitting on a lot of capital LOSSES (again due to the mess...). He may allow these to be offset against income in 09 or 10. That would be nice! Do you think it is now time for a LEADER to step up and give some confidence to the American public? YES - we have not had that quite a while! So there you have it! Great questions and a pleasure answering them. And the question you forgot: Would he pay off people's mortgages? No - that was McCain's socialist idea! And remember - VOTE OBAMA in 2012!!! [sIGPIC][sIGPIC] Link to comment Share on other sites More sharing options...
flat addicted Posted November 7, 2008 Report Share Posted November 7, 2008 I really love how many the Obama supporters are instantly buying four years of little to no progress for the Pres Elect. Here come the excuses! This might not have been the best thread to put this in...but quite frankly I am sick and tired of seeing it and couldn't keep from commenting. "Quality before Quantity" Link to comment Share on other sites More sharing options...
copycat Posted November 8, 2008 Report Share Posted November 8, 2008 Right now the discussions, and they have held hearings on this in House Ways and Means, is to remove the pre tax contributions into 401k/SEP and other qualified self funded plans, and replace it with a government sponsored plan, where the employee would have to contribute 5% of his income, and the government would pay a 3% rate of return. This is documented. Google it. I've not read anything official, yet, on the part where they would force people to liquidate or pay taxes on their current accounts. As I mentioned in another thread I really believe they want the IRA money in bonds, China is going to bail on the US, they hold 47% of them currently. CC Link to comment Share on other sites More sharing options...
JimW Posted November 8, 2008 Report Share Posted November 8, 2008 FWW is the resident expert on the economy. I think many here would agree on that. I would like to hear his opinion on where WS is headed with Obama at the helm of our country. Not a stand in for the resident expert/WS guy but- Do you think the dems will actually take people's 401ks away? if they did wouldn't that cause a crash in and of itself ie all that money being withdrawn at once? I think they reduce the max you and employer can put in in exchange for a window when you can withdraw a small amount without penalty. To hold you over. Do you think BO will really levy corporate windfall taxes? Have never seen that work, will be hard to get Congress' arms around it. Will he really raise cap gains taxes? Yes, if he has enough capital in Congress. Probably phased in over a while, maybe deferred. Do you think it is now time for a LEADER to step up and give some confidence to the American public? Times are going to get rough, lead, but don't give false hope. There are lot's of 30 pct production cut stories. It's on all Americans to start looking forward instead of always reacting to disasters. The President is pretty limited in what he can do for the economy, it's global, big and deep. It's not just WS. Industrial economies worldwide are in turmoil and need 6 months to shake out. I'm more convinced of $50 oil and higher unemployment than just a month ago. Obama needs to pick a good cabinet. (I understand during the campaign season candidates have to say this or that to score political points, and Bush I guess at the begining of the crisis was trying to keep a low profile to not hurt McCain but there has been NO leadership) If all you McC and Bush and BO bashers could refrain from bashing for just this one thread I would love to hear FWW's commentary on leadership and the markets/economy. Anybody else who is an economics guy/ WS type feel free to weigh in as well. Good luck "I have ... put a lump of ice into an equal quantity of water ... if a little sea salt be added to the water we shall produce a fluid sensibly colder than the ice was in the beginning, which has appeared a curious and puzzling thing to those unacquainted with the general fact."- Joseph Black Link to comment Share on other sites More sharing options...
IrishMist Posted November 8, 2008 Report Share Posted November 8, 2008 I really love how many the Obama supporters are instantly buying four years of little to no progress for the Pres Elect. Here come the excuses! This might not have been the best thread to put this in...but quite frankly I am sick and tired of seeing it and couldn't keep from commenting. Sad, but you don't yet realize the enormity of the Bush mess! [sIGPIC][sIGPIC] Link to comment Share on other sites More sharing options...
ken r Posted November 8, 2008 Report Share Posted November 8, 2008 Sad, but you don't yet realize the enormity of the Bush mess! but.. but..but.. whatta about Bush? He's all done. Whatta about Barack? Link to comment Share on other sites More sharing options...
IrishMist Posted November 8, 2008 Report Share Posted November 8, 2008 but.. but..but.. whatta about Bush? He's all done. Whatta about Barack? He's not president yet! [sIGPIC][sIGPIC] Link to comment Share on other sites More sharing options...
.thumb.JPG.507896c309d2caed0a2899d1d0a98680.JPG)
Recommended Posts
Create an account or sign in to comment
You need to register here in order to participate.
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now