posted on Aug, 8 2011 @ 02:03 PM
I must respectfully disagree with your take on S&P’s actions to downgrade the United States Credit rating. This action is way over due, the credit
rating of the US should have been downgraded in 2008. The monetary policies of the United States Government coupled with the Federal Reserve are to
blame here. We cannot just continue to “Print” dollars with no end in sight. This “Debt” bubble was designed to burst. It is just a simple
“Pump & Dump” scheme that most of the World fell for. Anyone who was stupid enough to fall for the 401k program … well a old cliché comes to
mind “A fool and his money are soon parted” I still remember back in the early 80’s when the 401Kk program was started going to a presentation
to enroll employees into this scheme. I could not believe that most of my fellow employees fell for it. They were basing the decision on the so-called
matching funds, greed comes to mind.
Let us just go over the 401k program very simply.
1. Once you contribute to the fund you cannot withdraw money from the fund until retirement age. So, you are going to trust a fund manager to do the
right thing for 20 maybe 30 years, come on what world do you live in.
2. The companies matching contribution along with its interest remains an asset of the company, and can be used as collateral by the company. So,
again you are going to give up control of a percentage of your earnings just to get the matching funds, and going to trust that they will still be
there in 20, maybe 30 years.
I guess that trusting Government and or Cooperation’s have never been my strong suit. I always believed that both were out to screw the little guy.
Give me my earnings and I will watch my own money.
I must agree with your sentiment about the Cooperation and how they have been very willing to help destroy this nation from with in.