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A BETTER USE FOR YOUR 401(K)
John F. Wasik, a Bloomberg News columnist, brings us news that although nobody has any income to support more spending, nobody has any savings to support more spending, and nobody has anything of value (like home equity) to pawn to support more spending, all is not lost!
There is still one, last, pitiful source of money that could be used to support more spending. He writes, “Among the most awful pitches is something that’s being touted as an employee benefit: the 401(k) debit card. This allows you to treat your retirement fund as a cash account to withdraw money.”
If you are…
15Jul2008 | Daily Reckoning | Comments Off | ContinuedWall Street – Stop Whining for Rate Cuts!
I don’t know about you, but the Wall Street whining has got to stop. They continually beg for interest rate cuts only to punish the market when the Federal Reserve Chairman, Ben Bernanke, finally taps out and gives into their demands.
What’s worse is that expectations for another cut are just around the corner. I know I’ve said this a million times, but we are on an unsustainable path here. Cheap credit is what got us into this subprime mess in the first place. Handing out a quick fix stimulus package is not going to solve our problems either.
So,…
29Jan2008 | S. Oakes | Comments Off | Continued
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