Monday, November 10, 2008

Open Topic Tuesday

Open Topic Tuesday is an opportunity for anyone to post their perspectives. Something on your mind? Just post a comment to this thread. Right, Left, Center - whatever your affiliation post away!!

Keep it clean (no profanity or name calling). Keep it relevant to the overall theme of the site (we don't care about your shoes). And please keep it serious (humor is okay, but no 9/11 conspiracy theories or Obama is a Muslim posts).

Thanks - you have the floor now.


  1. Great blog John! Good Pilgrim minds think alike! Social and economic conservatism IS the right direction for our country!

    I will add your site to my blog roles. Will you add mine to yours?

  2. An article came out in the wall street journal today about Congress targeting our 401(k) plans. The potential proposal would be to take away the tax incentives toward investing in a 401(k) plan, give all workers an inflation adjusted $600 tax credit toward retirement, and force them to put 5% into a government run retirement account managed by--drum roll please--the Social Security Administration!!! Apparently congress is upset about the tax free company matches that provide essentially $80 billion in indirect government subsidies. According to the brilliant mind behind this proposal, Teresa Ghilarducci, 401(k)'s are a 'failed experiment'. Well put, Teresa, because social security has been such a resounding success!!!

    This is yet another liberal tactic to redistribute the wealth of those who work hard for their income and practice frugality and foresight as they anticipate retirement age. Why should any of us bother to work any longer? Why should our children go to college and get an education in order to make a better life for themselves?!? Obama will pay our mortgages, put gas in our cars, food on our tables, and now potentially plan our retirements!!! where does it end? With the removal of the free market and capitalism, where is the incentive to work hard to provide for our families and our futures? If we fail, Obama will brush the dirt off of our hands and knees and send us on our merry way. Sounds like change I can believe in. Or not.

  3. P.S. Here is the link to the WSJ article on the subject of Congress mulling over the idea of targeting our 401(k)'s.

  4. dayzee - nice post.

    There are basically two groups of people for whom 401(k)'s would fail:

    1) Young folks who don't see the long view. When the market tanks they pull everything out of their risky investments & become conservative.

    2) Older folks who failed to protect their investments. If you plan on withdrawing w/i 5 years, you have no business in stocks.

    In both cases, the market did not fail, individuals did. In the case of the former group, they failed due to panic. Change of strategy is never something that should be made in haste. In this case, they ended up buying high and selling low.

    In the latter case, they failed due to poor planning. You don't take risks when you don't have time left to recover.

    In baseball, pitchers generall challenge hitters in the early innings and attempt to assert themselves. If they make a mistake and a ball ends up in the seats, hey, you have several chances left to come back.

    Late in the game, you stay away. Giving up home runs in the 8th or 9th is far more costly.

    Regardless, our leaders would be wise to point out foolish practices such as this so that future individuals can avoid the same errors. However, it's much more appealing to voters to blame the markets and promise to fix the problem.