patrick.net

I'm sure the defense will be that they're against a "government takeover of the financial sector" or something like that. So, to be clear:

- You can't put legislation in place that prevents banks from becoming so big that they harm the financial system.
- You can't bail out banks that, if they fail, will harm the financial system.
- You can't insure against bank failure through a wind-down provision.

Clearly we're sadists.

I wouldn't bother trying. Feinstein thinks her constituents are too stupid to form intelligent opinions and outright admits that she will vote against our wishes whenever she feels like it:

http://www.youtube.com/watch?v=Jdwh_k6ne38

(For the record, I am a Democrat, and this is a personal criticism, not a partisan one.)

they sent the shot across the bow.. you think the market plunge is an accident? didn't we see the same thing when they rammed through the bailouts.. this is wall street sending a warning to congress not to *** with them.. this is financial war, and congress knows it and they have two choices.. play nice with the big bankers and get their payday, or play hard ball and become targets in the cross-hairs

their reason will be " we dont want big govenment".

of course, when they want the government to bail them out, they will say "our economy will crash if you dont give us money".

Or maybe someone got a nice perk for voting no :)

surfingerman says

they sent the shot across the bow.. you think the market plunge is an accident? didn’t we see the same thing when they rammed through the bailouts.. this is wall street sending a warning to congress not to *** with them.. this is financial war, and congress knows it and they have two choices.. play nice with the big bankers and get their payday, or play hard ball and become targets in the cross-hairs

I've just tried to change my 401k contribution to 0% and it gave me hell for trying to do so. My 401k does not allow me to just let money sit. It forces it into "investment."

Lets face it. Any money you throw into a 401k is gone. I don't see why penalties should be imposed if you withdraw from it other than taxes. After all, it is your money.

surfingerman says

they sent the shot across the bow.. you think the market plunge is an accident? didn’t we see the same thing when they rammed through the bailouts.. this is wall street sending a warning to congress not to *** with them..

i was thinking the same - like a villain in a Bond movie demonsrating the secret weapon right before the blackmail for ONE TRILLION DOLLARS...

Vain says

My 401k does not allow me to just let money sit. It forces it into “investment.”

What the hell kind of 401k plan are you dealing with? I have never seen a plan that doesn't let you just put everything in bonds. If stocks were a requirement I can't imagine anyone over the age of 50 or so wanting to have a 401k.

I did exactly this in 2007. You really need to double check your plans.

Vain says

Lets face it. Any money you throw into a 401k is gone. I don’t see why penalties should be imposed if you withdraw from it other than taxes. After all, it is your money.

The whole point is to encourage savings. If taxes were the only penalty, every person would simply max out their 401ks all the time, get their corporate match, and withdraw immediately.

If you want to contribute without penalty, why not just buy into an ordinary fund of some sort? It's not like 401ks are the only way to invest your money.