I checked on the values of my various IRA and 401K plans. It appears I am a victim of the Wall Street mess to the tune of a near six figure loss. My question is, who got my money? I sure would like to have it back. The government chose to bail out the big banks using the rational they are too large to fail. What about guys like me who are too small to survive?
Some politicians are tossing around the idea of letting us little guys withdraw up to $10K from our IRA/401K's without a penalty to cover mortgages and other financial losses. The trick here is they failed to mention you still have to pay taxes on the withdrawal. On the average, the government will get $2800 of my $10,000. I guess they will use that to cover the 700 billion dollar loan to keep the wealthy bankers from loosing any of the their money. Thanks again, pal.
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