My 401K is a 201K

[RecycleMichael]

I just got all my tax statements from investments. OMG.

What happened? How could everything I own be worth half of what it was worth the year before?

[Gaspar]

Market is down 200pts today.  Banking sphincters are tightening up.

[sgrizzle]

Mine is about a 350K, by your system.

[swake]

I think my 401k has been converted to a 501c just giving money to Wall Street.

[Gaspar]

Going to get much worse.  Citybank and BOA are reporting over 10billion in losses last quarter.

All because of a corrupt mortgage lending system designed to buy votes.  

Dow Jones reports that this is a great opportunity for Obama. Ronald Reagan presided over a annualized gain of 12.1% in his first term, and then a climb of 16.1% during his second, translating into an overall annualized rise of 14.1% when he left office in 1989.

Bill Clinton had the best results overall, at least in looking at yearly returns from the broad market gauge. The Wilshire rose 17.7% during his first term, which ended in 1997.  His second term was not so good.

Global Market losses are at 1.23 trillion for the first two weeks of January.  I just don't see how an 800 billion dollar stimulus is going to do anything.  Too little too late.

The decline is emotional and until we cure the emotional insanity we will be hard pressed to encourage investment.

[Conan71]

quote:Originally posted by Gaspar


All because of a corrupt mortgage lending system designed to buy votes.  

Corrupt?? Really?? You mean Chris Dodd (D-Countrywide) getting a preferred mortgage rate could be corruption?  Someone forgot to tell the beloved chair of the Senate banking committee that.

[Conan71]

quote:Originally posted by RecycleMichael

I just got all my tax statements from investments. OMG.

What happened? How could everything I own be worth half of what it was worth the year before?

It's not worth 1/2 of what it was a year ago.  The value was overstated by a factor of 100% a year ago. [}:)]

The gold shills are publishing reports saying the Dow will be at 5000 by mid-year.

It's been an donkey-kicker for sure.  Essentially, about 1/2 my IRA contributions last year vaporized.

I thought it was a good time to shop for bargains a couple of weeks ago, but it's still contracting.  If you can afford to tie money up long-term and you still believe in brick and mortar American companies, it's still not a bad time to get in.  Might be even a better time in 6 months if you still have any savings left to invest.

[nathanm]

quote:Originally posted by Gaspar


All because of a corrupt mortgage lending system designed to fleece foreign investors.  

fixed that for ya.

[Breadburner]

It's happened before it will happen again...Just think when your 401k is purchasing stock your getting more for your money now than you were then....

[guido911]

quote:Originally posted by swake

I think my 401k has been converted to a 501c just giving money to Wall Street.

[}:)]

[Conan71]

quote:Originally posted by inteller


I took all my money and put them in overseas investments and shorted the Big 3.  

Yeah, sure you did.