IRA/401(k)
A recent article in an October IBD concerning IRA and 401(k) plans was unsettling to the majority of investors with self directed retirement plans. It came as no surprise to those advisors and investors who watch the liberal legislatures grabbing for every nickel they can get their hands on. Americans are not saving enough for retirement now and this grab of individual retirement dollars is a mirror of what our politicians have done with Social Security. Instead of funding Social Security with real dollars, the politicians decided a longtime ago to fund it with IOU’s and spend the dollars. Ergo, no cash in the so-called trust funds.
The shell gas revolution should be contrasted with the vast lands owned by the federal govt where oil and gas development is occurring. With access being burdened by endless environmental reviews, congressional oversight causing delays and bureaucrats claiming that oil and gas resources do not exist in areas where oil and gas companies want to explore. Considering amply supplies of oil and gas and faced with “green subsidies” such as uncompetitive biofuels and electric cars and unlike the bankrupt Solyndra plant, losses at the LNG facilities will not be paid by us taxpayers.
The followings statistics are from the L.A. Times:40% of all workers in L.A. County, a county of 10.2 million people are working for cash and not paying taxes-mainly illegals without a green card, 95% of warrants for murder in L.A. are for illegal aliens, 75% of people on the most wanted list are to illegals, over 2/3 of all births in L.A. county are a to illegal aliens on Medi-Cal, over 300,000 illegal aliens are living in garages, the FBI reports that half of all gang members in L.A. are most likely illegal aliens from south of the border, nearly 60% of all occupants of HUD properties are illegal, less than 2% of illegals are picking our crops, but 29% are on welfare, 29% of inmates in federal prisons are illegal aliens. There you have it. What is the solution?
And finally, the American stock market has had a strong recovery, the S&P 500 made its highest close since August 3 and the NYSE since Sept 1.The debt mess in Europe is looking better and third quarter earnings are coming in at a decent clip and the retail group has the highest percentage of stocks at new highs.
Gary E. Marsella