****The Offical Save My 401K thread****

[MikeWaters]

This is the thread where you beg and cry and cajole, in hopes of a bailout because you are worried that your 401k will lose its value.

Tripletdaddy and ExUte are the first declared members of this group.

Amounts will increase your cred, as in "I just lost $469,000 from my 401k yesterday."

It is de rigeur to claim that while you are of course concerned about your own financial position, you are MORE worried about other people's welfare and that is the primary reason you support a bailout.

[TripletDaddy]

Originally Posted by MikeWaters

This is the thread where you beg and cry and cajole, in hopes of a bailout because you are worried that your 401k will lose its value.

Tripletdaddy and ExUte are the first declared members of this group.

Amounts will increase your cred, as in "I just lost $469,000 from my 401k yesterday."

It is de rigeur to claim that while you are of course concerned about your own financial position, you are MORE worried about other people's welfare and that is the primary reason you support a bailout.

I know you "bring it" in the Finance category, but most high net individuals are not hoarding $500K in a 401K account. Just a little FYI....

Can you imagine, a CEO of a large F500 company...."Let's see, I can contribute up to 6% of my income to my 401k and my employer will match!....oh, wait, I am a partner at this extremely large firm....we don't HAVE 401K options because we own the company."

[Indy Coug]

My 401k is perfectly safe and I fully anticipate on working for another 25 years.

[MikeWaters]

Originally Posted by TripletDaddy

I know you "bring it" in the Finance category, but most high net individuals are not hoarding $500K in a 401K account. Just a little FYI....

Can you imagine, a CEO of a large F500 company...."Let's see, I can contribute up to 6% of my income to my 401k and my employer will match!....oh, wait, I am a partner at this extremely large firm....we don't HAVE 401K options because we own the company."

But you aren't partner. Despite being at your firm a long time.

See, you never can predict the future.

[TripletDaddy]

Originally Posted by MikeWaters

But you aren't partner. Despite being at your firm a long time.

See, you never can predict the future.

Speaking of which, when are they going to promote me? I probably won't be up for another 2 or so years. Maybe 3. I'm getting pissed.

[MikeWaters]

Most people in this country, I venture to say, don't have a 401k. Nor any kind of Roth or a tax-deferred retirement account. And it's not because they are so rich that they don't need one.

[SeattleUte]

Originally Posted by Indy Coug

My 401k is perfectly safe and I fully anticipate on working for another 25 years.

But all your major clients are heavy into credit default swaps. And there's no bail out. HAHAHAHAHAHAHAHAHAAAAAA.

[TripletDaddy]

Originally Posted by MikeWaters

Most people in this country, I venture to say, don't have a 401k. Nor any kind of Roth or a tax-deferred retirement account. And it's not because they are so rich that they don't need one.

Exactly. Those are the folks that are losing their homes.

The ones on whose graves you wish to dance.

PS partners do not lack 401Ks because they are "too wealthy." It is because often, the partnership docs preclude them...or, in the alternative, it is simply too expensive for the company to provide them to D&O. Once you make your capital contribution, you own part of the company, so in theory, there would be no need for a 401K. You just get distributions at retirement.

[MikeWaters]

Originally Posted by TripletDaddy

Exactly. Those are the folks that are losing their homes.

The ones on whose graves you wish to dance.

PS partners do not lack 401Ks because they are "too wealthy." It is because often, the partnership docs preclude them...or, in the alternative, it is simply too expensive for the company to provide them to D&O. Once you make your capital contribution, you own part of the company, so in theory, there would be no need for a 401K. You just get distributions at retirement.

actually most of these people don't own a home. Or have a predatory loan they signed. Or are upside down on their mortgages.

Again, what is the solution? Real estate prices coming down.

What do you want to do? Immediately inflate real estate prices.

This is really the thing that almost no one is willing to talk about in this country---that prices HAVE to come down.

[TripletDaddy]

Originally Posted by MikeWaters

actually most of these people don't own a home. Or have a predatory loan they signed. Or are upside down on their mortgages.

Again, what is the solution? Real estate prices coming down.

What do you want to do? Immediately inflate real estate prices.

This is really the thing that almost no one is willing to talk about in this country---that prices HAVE to come down.

I would love to talk about it. I am all for prices coming down so I can move my family into something with a yard.