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Now that the legal mumbo jumbo is outta the way...

Tuesday, February 17, 2009

401K Bailout?

There is talk of the government taking over all 401K accounts, returning their value to August 2008 levels and when time to check out, you get 3% earnings added.

Oh hurray you think, that is a wonderful idea! STOP! Think about this.

That is one step away from the government taking over them for their use. Will the money be there when you need it? Oh they wouldn't do that you say? They did it in Venezuela.

And what else is wrong with this brilliant idea? I don't have a 401K. Lots of people I know don't have 401K's. But we will be paying to subsidize YOUR account! Sorry guys, love you long time, but I DO NOT want to pay for your 401K!!!!!!!!!!!!!!!!!!!!! Got it?

They are buying votes, pure and simple. Come 2010, all 401K holders will be expected to help keep them in office.

This sucks.

3 comments:

gregturn said...

I have a 401k, and I do NOT want the feds "helping me". I don't want your help, just my own. This is supposed to be a nice savings account, so let me save. While the prices are low, I can put away more. I suppose it could be true: gold may be THE only way to handle things properly.

Auntie Em said...

Till they decide to confiscate your gold!!!

Well good luck with your account.

clayton said...

Thank you for sharing this information.
Fidelity 401k