"Boater" wrote in message
...
Eisboch wrote:
"Boater" wrote in message
...
Eisboch wrote:
"Boater" wrote in message
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Ahhh 401k's.... Too bad about those.


That's one of the reasons why many people are having trouble being
forced to ante up tax dollars to
save GM and it's union in their current form and contractual
relationships. The "majority" are watching their own retirement
investments tank, and are concerned about their jobs, their families,
their financial stability.

If you are still employed where your 401k is located and operating, is
there a mechanism to withdraw those funds without withholding or tax
penalty, and put them into another sort of tax deferred account, some
sort of IRA, where you have some say over where the funds are invested?
I wouldn't trust "the market" with my retirement funds, but I might
trust a federally insurance bank or banks.


I don't know. I don't have a 401K. I know that they may be "rolled
over" when you change employment, but I don't know how it all works.
But that's not the current problem. The problem is that those *with*
401K type plans who have been faithfully contributing for their
retirement nest egg have seen the values of their portfolios drop by
20,30 or even 40 percent in the past few months. Many can no longer
afford to retire, let alone help bail out GM and a union member's
generous employment benefits. Again, this represents the vast *majority*
of people, typically working for small businesses.

Eisboch

I understand *that* problem...I'm wondering what *those people* who no
longer believe in "the market" can do to prevent further losses in their
401k portfolios. I would want to withdraw the funds and put them into
something with more integrity than the stock market.

You know congress isn't going to bail out peoples 401k plan, but GM &
Chrysler is OK.

This smacks of Venezuela corruption. Chrysler for example, bought by
Cerberus, stripped out the cash and good parts, repackages the turkey and
congress bails it out at tax payers expense. And which bank was it that got
loan money and then went and bought a Spanish bank?

Americans should be protesting. Sounds like voters no longer mater a damn.