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Calumet Specialty Products Partners LP Message Board

  • john.hanson1781 john.hanson1781 Nov 20, 2012 10:35 AM Flag

    @nomercy ref: Ira and 401k's

    I have know for 2 years that this is going to happen. The confiscation of private pensions funds is not new, It has been done in a few country's who went up against the wall with so much debt that no one would buy their bonds to run the country. Argentina was one I recall that was recent. It will happen to the USA. Too much talk and many meetings and now Congress is writing a bill to do just that. Over the last 2 years I have been withdrawing from my IRA and paying the taxes on it. This year I will take a larger amount out as my tax rate will surely go up next year but most important, it will keep it away from the government. Better to be a couple years early than a day late in getting my money away from the thieving government.

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    • if you had put it in a roth you would not have to do that.

    • Where are u going to put your cash. In a CD paying 1/2 a percent.?? Good luck. Comparing Argentina to the USA? Don't listen to the rhetoric, the USA is an immensely wealthy country as compared to that banana republic as well as europe.

      • 1 Reply to reading_tee_leaves
      • Like you, "reading tee leaves" the FED is forcing one into securities. and CD's and cash are certainly not much of an option., at least if growth is ones goal but for your views on Arg. having spent a good deal of time there I would think twice before calling it a banana republic. I once thought of them as third world myself as well until I went there but now spend about half the year there. I find it quite first world and in many respects ahead of us.

    • I think it's wise to keep one's ear to the wind and be aware of events like you speak of. My wife and I have bought a place in Argentina so are aware of the financial and personal turmoil many went through there. Here though because of a certain awareness that exists in this country a taking of 401ks and IRAs I find unlikely. Politicians couldn't physically stand and wear body armor thick enough. I think a problem more likly is continued devaluation or shrinking buying power of the dollar because of continued printing. Jeremy Siegel of Wharton, yesterday on Squack said" there is no inflation". My wife said that SOB has never been in a grocery store in ten years. To protect oneself I find it best to find good companies with rising divis. CLMT certainly qualifies.

      Sentiment: Strong Buy

    • Well, I am not old enough to withdraw my IRA without a penalty and have no inclination to do so. Do you also worry about an asteroid hitting earth? Or how about the poles shifting? Umm what are some of the other things people worry about? Are you a doomsday prepper? Inquiring minds want to know?

      Sentiment: Strong Buy

 
CLMT
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