Jan 20, 2006

My IRA...

is getting pounded today. I love Google and support their right to privacy and listen to my iPod daily...will that help stop these stocks from sliding any further today?

23 Comments:

Blogger Kit Neill said...

Nope. I certainly do my part - I'm a power shopper - but this stock fall is based on weak profit earnings.

Face it, a country engaged in an unwinnable war and the high debt incurred as a result, plus way too many politicians under a cloud, does not bode well for stocks. The market hates insecurity and Bush, for all his cowboy blustering, spews fear of attack into "trust me". Yeah, right.

The market cannot compete with that. Not to mention the obvious - a War (financially speaking) helps a few, hurts many.

Don't get me started.

3:22 PM  
Anonymous Anonymous said...

Kit, how is the weather on Oahu today? Are the Kona winds still blowing?

3:24 PM  
Blogger Special Prosecutor Biloxi said...

I agree with Kit. Nope. The stock is falling due to consumer confidence. Google has to protect their company, clients, and investors. I commend Google for what they are doing. It is a tough decsion. The founders of Google cannot afford to lose their empire since they are in stiff competition with Microsoft. Switching gears here, since the purpose of going over to Iraq (an unwinnable war) is simply oil and profits (go see the movie, Syrianna and read the book by ex-CIA agent Robert Baer) for big business and the Adminstration, the stock will continue to be in trouble and tumbling due to unstable economy,jobs, lack on confidence in the U.S. But, the unstableness in the U.S. is a bad news for the American people but a benefit to big businesses ih the U.S. and overseas.

On a side note, I have stock and an IRA with stock here in the U.S. as well as internationally. I have been reading the Wall Street Journal. It seems that stock overseas are doing well than in the U.S. That is because some of the international market is doing well (especially in Canada) and very profitable. Until there is change in the Administration, the U.S. market will remain lucrative.

3:55 PM  
Anonymous barney google said...

M..Me?

http://www.perfessorbill.com/covers/bgoogle.htm

5:36 PM  
Anonymous Anonymous said...

Hey Fitzgerald, 12 years in prison is good for this guy....

Franklin gets 12 years for espionage..

Now that everybody's closing in on the real culprits, tell Prosecutor McNulty its time to turn in the AIPAC and get plea agreements around the clock....

AIPAC needs to be permanently fucking shut down.....take down Karl Rove, and then Cheney is finished.

-the man

5:48 PM  
Blogger Jackie said...

I don't think so Fitz. As for investments well your telling to the wrong person here. I was raised to believe in stocks and pension, well you know the rest. You should get advice from someone who knows whats happening and a new way to save for retirement. Its to late for me. Biloxi has some good ideas you might want to listen up.

6:09 PM  
Blogger Kit Neill said...

To Anonymous - yes, the Kona winds are blowing but feel pleasantly warm. Keeps the air clean and the clouds bright. Very Huck Finn, toes in the grass kind of day.

As to the market, I've been in since the age of 10 (when my dad decided I should save toward retirement.) It's had a few lofty highs, a few horrid lows, but ultimately the best rule is to keep it balanced and don't check it too often.

The hard part is watching it go down down down because of crooks - Savings & Loan, Enron, et al. The tech bubble we made ourselves; regular investors got greedy. Equal opportunity stupidity, I guess.

6:48 PM  
Blogger Jackie said...

Ya guys I just saw a picture of Karl Rove and he looks bad I mean real bad. No wonder people said you age faster when you worry alot. And the way Karl looks he is very worried as if indictment isn't far away. I just thought I share that with you. Go back to the IRA question.

7:52 PM  
Blogger bluewild said...

I thought the IRA disbanded?

8:34 PM  
Anonymous ahmed chalibi said...

As chairman I shall allow you to sit on the floor by my side at the Iraqi Romantics Association.

In burqua...

9:05 PM  
Blogger Special Prosecutor Biloxi said...

No, Bluewild:

The pension is disbanded not an IRA. IRAs will never go away. There are two types of IRAs: Roth and Traditional. An individual can open a traditional IRA account in any company, bank, institution, etc. You don't have to have job or government affliated with it. A pension plan is from a company that you work for. Basically, if the company folds, then the pension goes with it. Companies have a majority of control over pension plan whether they want to do away it or cut the person's pension with or without a reason. IBM, for example, is now freezing employee's pension and some companies are eliminating or don't want to give the employee's their pension. IRA or Individual Retirement Account is a plan(for employees not covered by an employer or for a person who is looking for a nest egg after retirement) into which limited contributions are tax-deductible. IRAs are tax-deductable whereas pensions are not. Companies benefit from employee's pensions from the interest on the pension. With an IRA, you can pull out money but only twice a year. When Bush came out with the Social Security plan (which he claimed Social Security was going bankrupt), he wanted to set up like an IRA account but the the problem is that Bush set up the program in which an individucal couldn't pull out their money for any reason. IRAs allow you to pull out for financial reasons. This so-called social security plan by Bush would have benefited the government and the stock market. Bush's plan was simply put people's hard earn money roll it into the stock market. That is why people didn't buy into Bush's plan. Simply, people would be gambling their money into the stock market (like gambling at Las Vegas). I hope this information helps, Bluewild!

9:21 PM  
Blogger bluewild said...

Special Prosecutor Biloxi,
Thank you for that! I am going to save it, even though it's late for me, irresponsible artistic type that I am - but thank you for the indepth explanation.

My comment was also a really subtle tongue-in-cheek, double entendre, since the Irish Republican Army had officially disbanded in 2005 due to lack of need. Ireland is doing so much better than England economically and socially that it proves the old saying "Success is the best revenge". But I am glad you enlightened me on the IRA's.

9:49 PM  
Blogger bluewild said...

Chalabi, I thought you were in Abu Ghraib, or whatever it's called....shouldn't you be?

9:50 PM  
Anonymous 6 Miles from the Oval of Dung said...

How 'bout a

little Merry Fitzmas to

rally those stocks?

I think the Dow and Nasdaq are pounded by every word Scottie professes as truth and we
know its all cow dung!

11:22 PM  
Anonymous Anonymous said...

? Prsctr Bil ?

what are you hearing about those pensions still held.. such as AT&T now

at&t as a result of SBC..?

yup, a young retire from AT&T, not at&t

11:24 PM  
Blogger Special Prosecutor Biloxi said...

This comment has been removed by a blog administrator.

11:43 PM  
Blogger Special Prosecutor Biloxi said...

This comment has been removed by a blog administrator.

11:45 PM  
Blogger Special Prosecutor Biloxi said...

Anon:

I haven't heard any dissolvement or cuts of pension from AT&T or SBC. But, rest assured that alot of companies are trying to find ways to dissolved the pension plans and switched to 401 K plans ( by the way, companies used to match what the employee put in but companies are getting away from matching what the employee puts in). But, the following companies are either freezing pensions or doing away with it:

1. IBM
2. American Airlines ( I have a friend who is a flight attendant for 23 years)
3. United Airlines
4. Walmart
5. Boeing

Other companies are following suits to see what other companies are doing or getting away with. Finally, a lot of companies are looking to cut or elimate healthcare. If I come across any info om pension plan or healthcare cuts, I will pass along to you. I keep up with the Wall Street Journal daily.

11:47 PM  
Blogger Special Prosecutor Biloxi said...

Anon:

Here are more companies that are freezing pension plans according to Wall Street Journal:

1. Verizon
2. Sprint
3. Sears

As mentiom companies are waiting and see. Here is excerpt article from WSJ about a bill that will go to Bush in somewhere in March im which allows employers more power to reduce or get rid of pension plans. Pension plans will eventually go away, Companies can not afford to keep pension plans:

Legislation Weakens
Pension Protections
Bill Designed to Bolster Underfunded Plans
Creates New Ways for Employers to Cut Benefits
By THEO FRANCIS and ELLEN E. SCHULTZ
Staff Reporters of THE WALL STREET JOURNAL
January 18, 2006; Page D1
Pending federal legislation aimed at pushing companies to shore up underfunded pension plans also eliminates some longstanding retirement protections and gives employers new powers to reduce some workers' pensions.
Both the House and Senate have passed versions of the legislation, and within the next month lawmakers are expected to begin the work of reconciling the two. No one knows for sure how the final bill will look, but congressional leaders have said they hope to send it to President Bush by early March.

12:14 AM  
Anonymous Anonymous said...

It is just me or does anyone else find it a strange coincidence that the day the NYT reveals that Google has resisted revealing user info is the same day their stock falls significantly?

http://www.nytimes.com/reuters/politics/politics-google-privacy.html

http://www.nytimes.com/2006/01/21/opinion/21sat2.html

12:11 PM  
Anonymous Very cynical said...

Hey Fitz,

Wanna bet that the NSA has your phone and computer bugged? You're going to have to correspond by currier, similar to Osama bin Laden.

12:23 PM  
Anonymous Anonymous said...

Hello all you fine bloggers! I read your wonderful comments first thing in the morning but have never made a comment myself, until now.
Special Prosecutor Biloxi - you are really special! Thanks for your good explanation of IRAs and pensions (I hope mine won't be frozen...)
I've recently heard from a "channeled" message that indictments already have been served the President and some others in the Administration. Waiting for some confirmation on this in the newspapers.

12:45 PM  
Anonymous Anonymous said...

It looks like you're about as good at investing as you are at prosecuting.

9:54 PM  

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