stock market was up today...

#5,451
#5,451
SpaceCoastVol said:
So everybody hit the wall at the same time? Sorry, I don't buy that. TO the degree that it bottomed the past few days, it wouldn't make sense that SOMEBODY wouldn't be out there buying. I agree that on a relative basis this isn't all that big, but for 2 days the absolute carnage was pretty significant.

I'm not a conspiracy theorist, but....
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Short-term market volatility can blur the lens, but at the same time fundamentals are still supportive. What’s happening now is just price discovery between bonds and equities...taking a longer-term view is probably prudent.
 
#5,452
#5,452
Vol0725 said:
Short-term market volatility can blur the lens, but at the same time fundamentals are still supportive. What’s happening now is just price discovery between bonds and equities...taking a longer-term view is probably prudent.
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Long-term view is even more bearish that short-term, IMO.
 
#5,453
#5,453
https://finance.yahoo.com/video/millennial-retirement-crisis-161647085.html

Second iteration of the GRA (Guaranteed Retirement Account) by the same professor (Ghilarducci) that actually got face time with some congressional members a while back, but now she's got Wall Street guy touting this plan as well. What's not said is that the first iteration proposed a confiscation of existing 401k's and IRA's to contribute to the pool of this annuity plan. Don't know if that would still be in play under this plan, but I'm sure she's not giving up on it that easily.
 
#5,454
#5,454
Vol737 said:
Millennial and the retirement crisis [Video]

Second iteration of the GRA (Guaranteed Retirement Account) by the same professor (Ghilarducci) that actually got face time with some congressional members a while back, but now she's got Wall Street guy touting this plan as well. What's not said is that the first iteration proposed a confiscation of existing 401k's and IRA's to contribute to the pool of this annuity plan. Don't know if that would still be in play under this plan, but I'm sure she's not giving up on it that easily.
Click to expand...

I'll leave the US if they start confiscating investment accounts. If something that stupid ever gets traction Switzerland and Cayman Island financial institutions will hold the world's wealth.
 
#5,455
#5,455
Vol737 said:
Millennial and the retirement crisis [Video]

Second iteration of the GRA (Guaranteed Retirement Account) by the same professor (Ghilarducci) that actually got face time with some congressional members a while back, but now she's got Wall Street guy touting this plan as well. What's not said is that the first iteration proposed a confiscation of existing 401k's and IRA's to contribute to the pool of this annuity plan. Don't know if that would still be in play under this plan, but I'm sure she's not giving up on it that easily.
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Wow
 
#5,457
#5,457
Vol737 said:
Millennial and the retirement crisis [Video]

Second iteration of the GRA (Guaranteed Retirement Account) by the same professor (Ghilarducci) that actually got face time with some congressional members a while back, but now she's got Wall Street guy touting this plan as well. What's not said is that the first iteration proposed a confiscation of existing 401k's and IRA's to contribute to the pool of this annuity plan. Don't know if that would still be in play under this plan, but I'm sure she's not giving up on it that easily.
Click to expand...

No way this ever becomes reality.
 
#5,458
#5,458
Vol737 said:
Millennial and the retirement crisis [Video]

Second iteration of the GRA (Guaranteed Retirement Account) by the same professor (Ghilarducci) that actually got face time with some congressional members a while back, but now she's got Wall Street guy touting this plan as well. What's not said is that the first iteration proposed a confiscation of existing 401k's and IRA's to contribute to the pool of this annuity plan. Don't know if that would still be in play under this plan, but I'm sure she's not giving up on it that easily.
Click to expand...

I've heard of this, not an expert.
Singapore does something similar.
Central Provident Fund - Wikipedia

Central Provident Fund
Pension system in Singapore – Pension Funds Online
 
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#5,459
#5,459
rjd970 said:
No way this ever becomes reality.
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Hope you're right. However, with the continued pushing of the "income inequality/wealth gap" narrative, which I see as only getting more intense as current social programs become insolvent, there will be mounting pressure in the name of "fairness" to spread the wealth. Considering the leftward trend in our society, I could see this gaining traction. All it takes is one certain party to have control of all branches of govt. and the protests to become too often, too large and too violent. Then the power of the pen makes it a reality. People need to pay very close attention to Ghilarducci. She's been at this for a while. I'm guessing the Blackstone COO joined her because, well, somebody will have to manage the $$$ for a "small" fee.
 
#5,464
#5,464
Orange_Crush said:
The FED has been working to make this and worse a reality for years.

New Legislation Permits Authorities to Freeze Accounts and Use Them For Bail-ins | Zero Hedge | Zero Hedge

ETA:

The Bail-In: How You and Your Money Will Be Parted During the Next Banking Crisis
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Those only seem to be talking about large banks taking customer deposits to cover losses.

Maybe I'm missing something, but not sure how that applies to socializing everybody's 401K into a national pension. If that were ever even considered a possibility the market would crash overnight. Not going to happen.

BTW, thanks for posting, glad I do my banking in a local credit union.
 
#5,465
#5,465
Vol737 said:
Hope you're right. However, with the continued pushing of the "income inequality/wealth gap" narrative, which I see as only getting more intense as current social programs become insolvent, there will be mounting pressure in the name of "fairness" to spread the wealth. Considering the leftward trend in our society, I could see this gaining traction. All it takes is one certain party to have control of all branches of govt. and the protests to become too often, too large and too violent. Then the power of the pen makes it a reality. People need to pay very close attention to Ghilarducci. She's been at this for a while. I'm guessing the Blackstone COO joined her because, well, somebody will have to manage the $$$ for a "small" fee.
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No doubt.
 
#5,466
#5,466
rjd970 said:
Those only seem to be talking about large banks taking customer deposits to cover losses.

Maybe I'm missing something, but not sure how that applies to socializing everybody's 401K into a national pension. If that were ever even considered a possibility the market would crash overnight. Not going to happen.

BTW, thanks for posting, glad I do my banking in a local credit union.
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I was merely backing up my claim that they've been laying groundwork. If they have legislation that says they can just take your bank account for the banks' benefit, you don't think they'll rationalize taking your 401k savings (supposedly) for your own good?

If they perceive the right to take your savings, they perceive the right to take your... well, savings.

ETA: From second link:

Pension funds, which were the biggest suckers for Wall Street during the last banking crisis, will also be drained by Wall Street during the next one. Their funds will be subject to confiscation as bail-ins as well since many of the bonds they purchase are subject to being converted to bail-inable deposits if the banks really need the money which they no doubt will sooner or later when the derivatives bubble goes bust.
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#5,467
#5,467
“The key part of it is investing like pension funds," which historically return 8.5% compared to 401(k) accounts earning 2% to 3%, said Mr. James”

Lolwut?
 
#5,468
#5,468
#5,469
#5,469
LouderVol said:
that is terrifying. and it really makes me wonder why people ever defend the two party system.
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This should be a red pill, blue pill moment for everyone. The gov't doesn't run our country for the people. The banks run the government for themselves.
 
#5,470
#5,470
LouderVol said:
that is terrifying. and it really makes me wonder why people ever defend the two party system.
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It's all about control. They convince you there are two ways to think, and you are free to choose between the two. That's not true freedom. When you look at the two parties, neither really care about you. They care about maintaining power, and that only works by controlling the populace.
 
#5,471
#5,471
Orange_Crush said:
I was merely backing up my claim that they've been laying groundwork. If they have legislation that says they can just take your bank account for the banks' benefit, you don't think they'll rationalize taking your 401k savings (supposedly) for your own good?

If they perceive the right to take your savings, they perceive the right to take your... well, savings.

ETA: From second link:
Click to expand...

Depends on who the 401K is through. But I get what your saying. The bit about what they can do with bonds is scary as hell.
 
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#5,472
#5,472
DancingOutlaw said:
“The key part of it is investing like pension funds," which historically return 8.5% compared to 401(k) accounts earning 2% to 3%, said Mr. James”

Lolwut?
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I don't know about his exact numbers, but pensions, especially public pensions are quite generous. They also can't really be paid for.

Most pensions promise to pay out some guaranteed amount to pensioners that is based on an average of your 5 highest salaried years or something like that.
 
#5,473
#5,473
05_never_again said:
I don't know about his exact numbers, but pensions, especially public pensions are quite generous. They also can't really be paid for.

Most pensions promise to pay out some guaranteed amount to pensioners that is based on an average of your 5 highest salaried years or something like that.
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They are talking about returns, not payouts. If pension funds were hitting 8.5% they wouldn’t be so underfunded. Look up some seriously underfunded pensions and see what the actuarial assumptions were. It’s nuts. Knox county funded an LEO pension with BONDS and justified that by saying the fund will earn 8% or something nuts every year. Of course it didn’t and the taxpayers are on the hook for the bond interest and the shortfall.
 
#5,474
#5,474
Orange_Crush said:
I was merely backing up my claim that they've been laying groundwork. If they have legislation that says they can just take your bank account for the banks' benefit, you don't think they'll rationalize taking your 401k savings (supposedly) for your own good?

If they perceive the right to take your savings, they perceive the right to take your... well, savings.

ETA: From second link:
Click to expand...

Agreed. And really all this is right now is primer. Ghilarducci, et al are following the playbook on this GRA proposal. This is all about floating trial balloons, probing the perimeter for weakness, trying to build support before you make your big move. One version or another will take place. Then the camel nose is in the tent and it's over. The rest is just a formality.
 
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