Good Banks Fed Toxic Waste And Turned Into Zombies
Posted: October 31 2009

Punishing you for going into your 401k early, Flight destinations curtailed, more powers for IRS, toxic waste fed to banks, mortgage dollars are going delinquent faster than mortgage dollars are being create, interconnectedness of markets threatens banks around the world, Fed involved in more moral hazard

We were afraid something like this might happen, if this legislation is passed the next step will probably be something even more onerous. As you know congress has heard testimony about rolling retirement plans into Social Security. Although we don’t know that that will happen but what the Senate is doing could be a first step in that direction. We know that most of you cannot get out of your 401k without losing your job. So you don’t have much choice. Those who have 401k’s that are self directed, because they left or were forced from their employer they might consider paying the taxes and penalty if applicable. This is not a good development.]

Proposal aims to curb raids on 401(k)s

By Sarah O’Connor in Washington
Published: October 28 2009 20:02
Last updated: October 28 2009 20:02

US lawmakers were set to propose a new law on Wednesday that would discourage people from raiding their retirement savings early to see them through tough financial times or to splash out on expensive items.

The robustness of the US retirement system has come under close scrutiny since the financial crisis crushed the value of many so-called “defined contributionâ€