Replies to '10/09 Financial 911!'

 
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October 6, 2008, 11:14 am PDT

10/09 Financial 911!

Quote From: trigreen

And no I am not confused because I have seen all of this coming for years, but almost no one would listen to me 3 years ago.   Banks giving people credit they could not afford to pay back and people taking credit they could not afford, people making selfish and foolish purchases, an economy that mimicked that of the 1920s prior to the Great Depression, a government that gave out welfare to the selfish and foolish rather than providing services for those that actually need them and a government that puts CEOs, the rich getting richer and the poor/middle class getting poorer-but no one seemed to care as long as they coud put the 200 dollar pair of shoes on a credit card and a government that placed corporations before the people it is supposed to represent. 

I have always been a financially responsible person.   I don't even have/use credit cards.  I rent, because I was smart enough to realize that I could not on my salary afford to buy anything in the area that I live in.  I work 2 jobs.   I use public transporation some of the time.   Up to this year the most I have ever made in a year is 31,000 and probably the most I will make if I am lucky this year is about 35,000 which is hard to predict given a lot of my money comes from commissions and hourly pay.    Yet somehow I manage to pay my rent, bills, student loans etc, on time every month without assistance from my parents, the government, etc.  

But now the government wants to threaten my fiancial stability by taxing me into financial oblivion to pay for selfish and foolish suburbanites who make what I make in 5 years in a single year.    They bought houses they coud not afford, SUVs they could not afford, everything their little spoiled children wanted they could not afford, etc.   Now the government wants to steal my tax payer dollars to make me pay for these irresponsible and selfish people.   Instead the government should let them figure things out for themselves.  They can sell their houses and go rent an apartment, they can sell their SUVs and get passenger cars or use public transporation, etc.  If they have messed up so bad that they can't afford to live in the United States then they can go live in another country where the cost of living is cheaper.  When they choose the behavior, they choose the consequence.  

And please don't even get me started on the corporate bailout.   I'll summarzie it by saying I agree with everything Ralph Nader has said and then some.  

You're right. It's time folks learned to 'wipe their own butts" instead of expecting you, me, and every other taxpayer to do it. 30 years ago, my husband sold his GMC Jimmy to get out of debt after his wife divorced him. And, because he couldn't afford another one until last year, he waited until then. We were actually looking for a jeep some old man wanted to sell. But the directions he gave us were so lousy, we gave up trying to find him and, on the way home, passed a used car dealership. And, I followed him home in the 2001 Jimmy we bought from them. Repossessed from someone who "bit off more than they could chew".

 
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October 10, 2008, 6:15 am PDT

401K

Quote From: trigreen

And no I am not confused because I have seen all of this coming for years, but almost no one would listen to me 3 years ago.   Banks giving people credit they could not afford to pay back and people taking credit they could not afford, people making selfish and foolish purchases, an economy that mimicked that of the 1920s prior to the Great Depression, a government that gave out welfare to the selfish and foolish rather than providing services for those that actually need them and a government that puts CEOs, the rich getting richer and the poor/middle class getting poorer-but no one seemed to care as long as they coud put the 200 dollar pair of shoes on a credit card and a government that placed corporations before the people it is supposed to represent. 

I have always been a financially responsible person.   I don't even have/use credit cards.  I rent, because I was smart enough to realize that I could not on my salary afford to buy anything in the area that I live in.  I work 2 jobs.   I use public transporation some of the time.   Up to this year the most I have ever made in a year is 31,000 and probably the most I will make if I am lucky this year is about 35,000 which is hard to predict given a lot of my money comes from commissions and hourly pay.    Yet somehow I manage to pay my rent, bills, student loans etc, on time every month without assistance from my parents, the government, etc.  

But now the government wants to threaten my fiancial stability by taxing me into financial oblivion to pay for selfish and foolish suburbanites who make what I make in 5 years in a single year.    They bought houses they coud not afford, SUVs they could not afford, everything their little spoiled children wanted they could not afford, etc.   Now the government wants to steal my tax payer dollars to make me pay for these irresponsible and selfish people.   Instead the government should let them figure things out for themselves.  They can sell their houses and go rent an apartment, they can sell their SUVs and get passenger cars or use public transporation, etc.  If they have messed up so bad that they can't afford to live in the United States then they can go live in another country where the cost of living is cheaper.  When they choose the behavior, they choose the consequence.  

And please don't even get me started on the corporate bailout.   I'll summarzie it by saying I agree with everything Ralph Nader has said and then some.  
Cramer is a hot head who did not explain himself fully. Why did he not tell your listeners that to withdraw funds out of a 401K account, if you are not 701/2 years old, would incure a 10% penalty AND you must show the funds as income for the year and pay income tax on them? If you take only a certain amount from the account with the intention of paying it back (such as a loan) you will pay it back with funds you have already paid taxes on and when you begin taking mandatory withdraws at age 701/2 you will, in essence, double tax yourself and pay taxes again probably at a higher rate. You have so much to say in just a little time on the show that it is possible to gloss over some information. If you plant a seed you must explain all aspects. Love your show --- Frank
 


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