MONEY: ROTH IRA’s tax-free status may NOT be dependible

Saturday, April 24, 2010

http://www.ricedelman.com/cs/pressroom/pressroom_detail?pressrelease.id=1122

Roth IRA Conversion Question
For Immediate Release
April 22, 2010

*** begin quote ***

Question: Regarding Roth IRA conversions, what is there to prevent the government 10, 20 or 30 years from now taking these Roth IRAs and changing rules and making them taxable, either all or in part, or making them subject to the AMT?

Ric: There is nothing preventing Congress from doing that. That is one of our objections to the Roth IRA and specifically to the Roth IRA Conversion.

Congress says Roth IRA withdrawals are tax-free, but we get a new Congress every two years. Planning to retire in 20 years? That’s 10 Congresses from now.

If the government needs more revenue, a future Congress might decide to tax the money held in Roth accounts. You can even argue that this is why Congress allows Roth conversions in the first place: The conversion does not necessarily lower your taxes, but it does accelerate your payment of them. By getting you to convert, Congress gets the tax revenue now. Clever, huh?

Do you trust Congress to honor its promises? The more you do, the more confident you can be about putting money in the Roth IRA. Personally, I am not terribly confident.

*** end quote ***

The out of control congress doesn’t inspire confidence.

As they cast around for “revenue”, the 401ks and IRAs must certainly be attractive.

Watch your wealth it’s hunting season for money in DC!

# # # # #

Leave a Comment » | MONEY | Tagged: , , | Permalink
Posted by reinkefj

INTERESTING: This call may be recorded for quality assurance

Saturday, April 24, 2010

http://www.philly.com/philly/business/20100416_Bankruptcy_judge_orders_taping_documents_produced.html

Posted on Fri, Apr. 16, 2010
Bankruptcy judge orders taping documents produced
By Christopher K. Hepp Inquirer Staff Writer

*** begin quote ***

The auction is central to the company’s reorganization plan, which calls for the senior lenders, including Angelo Gordon & Co., CIT Group, and Credit Suisse, to receive the proceeds from the sale to settle about $318 million in debt. The lenders have said they intend to bid on the company.

The taping incident involves a meeting between company officials and some of its senior lenders at Philadelphia Newspapers’ Broad Street headquarters to discuss a possible negotiated settlement of the company’s debt.

Brian P. Tierney, Philadelphia Newspapers’ CEO, discovered Vincent DeVito, a representative of the CIT Group, taping the meeting. In Pennsylvania, taping a meeting without permission is a crime.

*** end quote ***

Interesting!

This has come up several times. In the context of Acorn. In the context of police actions. And, now this.

Shouldn’t it ALWAYS be legal to tape something that you are a witness to?

Putting on my Judge Judy hat, seems obvious to me.

Besides aren’t we always hearing: “This call may be recorded for quality assurance”?

I don’t get a choice. So what different.

Argh!

# # # # #

Leave a Comment » | INTERESTING | Tagged: | Permalink
Posted by reinkefj

GOVEROTRAGEOUS: SEC, an incompetent regulator

Friday, April 23, 2010

http://www.cato-at-liberty.org/2010/04/23/sec-incompetence/

SEC Incompetence
Posted by Mark A. Calabria

*** begin quote ***

But the porn charges are the least of the SEC’s worries. Also released was the IG’s report on the SEC’s failure to stop the Stanford Ponzi scheme. The report shows a clear pattern of incompetence at the SEC. Given the SEC’s failure to act on the Madoff scheme, and the repeated warnings about Stanford, one has to wonder how good SEC investogators are at discovering fraud if they don’t even pursue the clear-cut cases brought to them.

*** end quote ***

Government is ALWAYS ineffective and inefficient.

This is a classic example of that.

So, why should we even have an SEC?

# # # # #

Leave a Comment » | GOVEROTRAGEOUS | Tagged: | Permalink
Posted by reinkefj

MONEY: Rumors about the pot of trillions in IRAs and 401ks

Friday, April 23, 2010

http://whiskeyandgunpowder.com/401k-as-dangerous-as-the-dollar/

*** begin quote ***

You’re going to have to pay taxes on those funds eventually anyway, and far better to snatch two-thirds or so of the prize away before it gets dumped into the general fund and is spent on housing for Hamas, the snail darter, uniforms for the Obama Youth, excruciatingly bad modern “art,” or more perquisites for Congress. Even half a loaf will be better than none…if you turn it quickly into objects of intrinsic value, such as gold, silver, diesel oil, and emergency rations.

*** end quote ***

Another doomsday prediction about OBH44 with the congresscritters seizing the 401ks. Makes sense since all they have to do is strong arm all “the custodians”. Like Rooosevelt’s “bank holiday” and gold call in, one day you got and the next day you don’t. I’m no so sure that “cashing out” and paying the tax penalties is a smart strategy either. Sigh! One MIGHT consider NOT putting more into the 401ks or IRAs. If it does get seized, it’s going to be catastrophic to the market confidence. So the stock markets will be going south! So maybe cashing out is a good strategy. You lose either way. So maybe commodities that you can put in your “mad money” jar makes sense. 1 to 10% of your portfolio?

Once you decide to do that, I’d go for 1 ounce silver rounds. And, if you’re into the “band aids, beans, and bullets” philosophy, some bricks of 22’s will be a good commodity.

# # # # #

Leave a Comment » | MONEY | Tagged: | Permalink
Posted by reinkefj

FUN: MALE VS. FEMALE AT ATM MACHINE

Friday, April 23, 2010

FROM LUDDITE (Blame him; not me)

*** begin quote ***

Subject: FW: MALE VS. FEMALE AT ATM MACHINE

-MALE VS. FEMALE AT THE ATM MACHINE <http://groups.yahoo.com/subscribe/enjoythemasti&gt;

A new sign in the Bank Lobby reads:

‘Please note that this Bank is installing new Drive-through ATM machines enabling customers to withdraw cash without leaving their vehicles. Customers using this new facility are requested to use the procedures outlined below when accessing their accounts. After months of careful research, MALE &FEMALE Procedures have been developed. Please follow the Appropriate steps for your gender.’

# – # – #

MALE PROCEDURE:

1. Drive up to the cash machine.

2. Put down your car window.

3. Insert card into machine and enter PIN.

4. Enter amount of cash required and withdraw.

5. Retrieve card, cash and receipt..

6. Put window up.

7.. Drive off.

FEMALE PROCEDURE:

What is really funny is that most of this part is the Truth!

1. Drive up to cash machine.

2. Reverse and back up the required amount to align car window with the machine.

3. Set parking brake, put the window down.

4. Find handbag, remove all contents on to passenger seat to locate card.

5. Tell person on cell phone you will call them back and hang up..

6. Attempt to insert card into machine…

7.. Open car door to allow easier access to machine due to its excessive distance from the car.

8.. Insert card.

9. Re-insert card the right way.

10. Dig through handbag to find diary with your PIN written on the inside back page.

11. Enter PIN.

12. Press cancel and re-enter correct PIN.

13. Enter amount of cash required.

14. Check makeup in rear view mirror.

15. Retrieve cash and receipt…

16. Empty handbag again to locate wallet and place cash inside..

17. Write debit amount in check register and place receipt in back of checkbook.

18. Re-check makeup.

19. Drive forward 2 feet.

20. Reverse back to cash machine.

21. Retrieve card.

22. Re-empty hand bag, locate card holder, and place card into the slot provided!

23. Give dirty look to irate male driver waiting behind you.

24.. Restart stalled engine and pull off.

25. Redial person on cell phone..

26. Drive for 2 to 3 miles.   

27. Release Parking Brake.

SEND THIS TO A MAN WHO NEEDS A LAUGH, <http://groups.yahoo.com/subscribe/enjoythemasti&gt;

AND TO THE LADIES who can handle it…. they need a laugh, too!

Remember this! A lady sent it to me.

She was laughing, too.

*** end quote ***

Email complaints to Luddite (two d’s and one t) at reinke dot cc

# # # # #

Leave a Comment » | FUN | Permalink
Posted by reinkefj

INTERESTING: Temple restricts everyone’s free speech rights

Friday, April 23, 2010

http://www.huffingtonpost.com/greg-lukianoff/temple-student-group-plac_b_537916.html

Temple Student Group Placed on Probation for Inviting Me to Speak?
Greg Lukianoff is the president of the Foundation for Individual Rights in Education (FIRE).
Posted: April 14, 2010 04:24 PM

*** begin quote ***

A Temple University student group was notified this morning that it was on probation because of me. Apparently Temple just decided I am either so dangerous or so important that I need security for a lecture on campus tonight (I promise I am neither), but since the group sponsoring me did not request security, it is on probation effective immediately.

*** end quote ***

Interesting!

What happened to “free speech”?

Temple University’s “about” page doesn’t say if it’s public or private. Regardless, it takes Federal funds so it’s a de facto Federal agent. Hence it can’t abridge free speech. So this “security fee”, and the flap over it, is chilling to the free speech rights of everyone.

Argh!

# # # # #

Leave a Comment » | INTERESTING | Tagged: | Permalink
Posted by reinkefj

SERVICE: UofP blows it by not offering alumni email

Friday, April 23, 2010

*** begin quote ***

A message that you sent could not be delivered to one or more of
its recipients. The following addresses failed:
<xxxxxxxxx@email.uophx.edu>
SMTP error from remote server in greeting:
host email.uophx.edu[204.17.28.37]:
550 Requested action not taken: mailbox unavailable.

*** end quote ***

Interesting! University of Phoenix takes down email when it’s student’s graduate. How short sighted is that?

Obvious, even if I had to cut a deal with Google for Gmail to offer to all my alumni that’s a great marketing ploy.

Future sales. Referrals. References. Social networking. Free advertisign when folks use it. Alumni networking.

Boy, did they blow it.

They may have the next generation in the “education” model, but they still have old thinking at the top.

Traditional schools most flub it as well, but they’re dinosaurs so what would you expect!

# # # # #

Leave a Comment » | SERVICE | Tagged: | Permalink
Posted by reinkefj

INSPIRATIONAL: Milton Friedman on Capitalism and “greed is universal”; it’s good for the poor too

Thursday, April 22, 2010

http://www.youtube.com/watch?v=vjH4QBSwWlg&feature=player_embedded

Milton Friedman Teaches Phil Donahue
Posted by Karen De Coster on April 14, 2010 07:15 PM

*** begin quote ***

Sure, Donahue was a boob, even when he was right (such as war), but just 30 years later, can you imagine any television talk show host bringing on an intellectual with the caliber of Milton Friedman? Compare Oprah or Sally Jesse Raphael. Donahue also interviewed Ayn Rand. In light of that, I have many fond memories of the Phil Donahue show. My Mom had his show on all the time, so I watched it, whenever possible, from the time I was about ten years old. I learned much from the debate/discussion on his show.

*** end quote ***

Two minutes; Safe For Work. Stunningly inspirational!

In the movie, we learned from the character Gordon Gekko that “Greed is Good”.

http://www.youtube.com/watch?v=7upG01-XWbY

“I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much.”

Here we learn from Milton Friedman, that it’s not only good for the poor unwashed masses, but that it’s inescapable.

All “leaders” always have clay feet pursuing their own ends. They can’t help but be human.

And, Milton Friedman warns us to trust none of them.

# # # # #

Leave a Comment » | INSPIRATIONAL | Tagged: , | Permalink
Posted by reinkefj

INTERESTING: I have some anecdotal evidence that I never understood

Thursday, April 22, 2010

http://www.sciencedaily.com/videos/2007/1201-glasses_help_parkinsons_patients.htm

Science Video
Glasses Help Parkinson’s Patients
Podiatrist Invents Device To Make Walking Easier For Parkinson’s Sufferers
December 1, 2007

*** begin quote ***

The augmented reality glasses simulate an effect called kinesia paradoxa: the triggering of normal walking behavior in akinetic Parkinson’s patients by the placement of physical obstacles at their feet. Sometimes such cues exist naturally, such as black and white tiles placed evenly on a floor. The black tiles appear as objects to avoid, or as guides, and trigger a reflex of landing the feet between the black spaces. Walking up regularly spaced objects like stairs triggers the same effect, and can “un-freeze” a person who otherwise has problems walking with a normal gait. Presenting virtual objects and abstract visual cues moving through the patientýs visual field at speeds that emulate normal walking can also achieve this effect.

*** end quote ***

When I read this i had a “Great Brother Jasper’s Ghost!!!” moment.

My Mom has just past. As she aged, she suffered terribly with Parkinson’s.

Growing up, she had spent a lot of money on black and white tiles through out the apartment. Maybe it was her way, even without knowing it, that she was compensating.

Wish I could tell the author. It might help him to another breakthrough.

I find this an interesting explanation.

# # # # #

Leave a Comment » | INTERESTING | Tagged: | Permalink
Posted by reinkefj

RANT: A truly free market requires no license!

Thursday, April 22, 2010

http://blogs.wsj.com/economics/2010/04/22/obama-to-scold-wall-street-in-cooper-union-speech/?mod=djemalertNEWS

*** begin quote ***

“A free market was never meant to be a free license to take whatever you can get, however you can get it,” President Obama will say, according to speech excerpts.

*** end quote ***

One thing about OBH44, his speeches are a hoot!

A truly free market requires no license!

It’s a meeting of the minds of two sovereign individuals who agree to an exchange that benefits both of them. (If there was no mutual benefit, why would they do it!)

It requires no Gooferment intervention. Ever!

Force prevention (i.e., physical security) is RESPONSIBILITY of the parties involved. They will probably subcontract that responsibility to who ever rents the space for the exchange to them.

Fraud prevention (i.e., some one breaches the contract) is handled by the marketplace by reputation. Break your word and no one will do business with you.

SO why is a Gooferment bureaucrat (albeit the Head Bureaucrat) trying to mislead us into thinking that some type of “license” is required. At least the highwaymen of olden days just robbed us of our wealth, they didn’t try to confuse us as well!

Argh!

# # # # #

footnote: I was so argh-ravative by this story that I broke my regular publishing schedule to bring this online. One man’s rant in the blog forest. I doubt anyone will notice. Arghhhhh!

# # # # #

Leave a Comment » | Ranting | Tagged: | Permalink
Posted by reinkefj

« Previous Entries
Next Entries »