Before I begin tonight’s post, I think you’ll like this “commercial”.
I spent most of today working on a couple projects, and trying to keep the house warm. It’s so cold outside the heaters (with the help of the fireplace) only got the house up to 72 today, which of course means it going to be much colder tonight than it was last night.
I found a post today at Free Republic that shed some light on 401k / IRA investments that if true really doesn’t surprise me.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
I am horrible when it comes to investment matters, but after reading that post it seems to me that the goverment is going to try and force all 401k / IRA contributions into Treasuries. I know enough about the industry to know that will kill the stock market. When I had my 401k, I had a choice which areas to invest my money in. It sounds to me like people will no longer have a choice, and the government will be forcing us, the American public, to purchase all that bad debt they’ve been piling up.
How do you monetize debt? Can they really do that? If so, I have a couple credit card debts you may want to invest in.
That’s all I really had to write about tonight. I need to make sure I have enough firewood in the house for tonight so I don’t have to open the front door later on.
Families are like fudge – mostly sweet with a few nuts.