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Inbox485
Inbox485
15 years ago

I’m surprised that there is no way to start a class action law suit on behalf of all the farmers dealing with GM weeds since the harm was caused by a corporation and the damage was both foreseeable and predicted. I remember hearing about this becoming a probability back in middle school.

Rob McDonough
Rob McDonough
15 years ago

Thanks Jack for a great show!

Anyway, just thought I should pass this on to you – I watched National Geographic channel over the weekend and saw a show on how the native indians of the Amazon grew food from the red and acidic soil in the jungle – they used ash from coal and fish to provide nutrients to the soil to make a soil called \"terra preta\" – it is the most fertile soil in the world and provides high yields – and still does today. It even showed how they have these large fruit orchard trees – hundreds of them sprouting fruit – year round. Pretty awesome! Anyway, just thought you would be interested in knowing that.

Brian
Brian
15 years ago

Hey Jack, another good show today. I am glad you responded to the guys question regarding 401(k) contributions. I realized about three years ago that putting all your disposable money into your retirement accounts is a good way to lock yourself out of ways to save money and be prepared for life now. It hit me then when I didn’t have enough cash for a good down payment on a home and have to make lots of cuts now to pay down that mortgage after the fact. I keep telling my friends that this is more important than stocking it all away for a future in which you have little control over. Looking forward to more insightful shows man.

Chad Tudor
15 years ago

I am sick and tried of trying to discuss the price of food going out of control, and most people look at me like I am nuts.

Inbox485
Inbox485
15 years ago

@ Chad Tudor:

Just a thought: those people you refer to buy food week to week if not day to day in small quantities. They don’t even look at the price and pay with their credit card. They have no idea what the items they buy most often cost now or what they cost a year or two or ten years ago. These same people go nuts when the price of gas goes up 20 cents only because to and from work they pass anywhere from 2 to 2 dozen great big signs showing the price of gas.

When I’ve brought this type of subject up before and gotten eye rolls, I just ask them if they realize that a loaf of bread costs about twice as much as it did just a few years ago even though “inflation” has only been listed at 3-5% and most people that still have jobs are lucky if they are getting even a 3-5% raise.

If that doesn’t work, talk about the weather because they don’t get it.

political atheist
15 years ago

I definitely appreciate Jack posting the FactCheck.org rebuttal of the 401k confiscation plan. However, I think people should be aware that FactCheck Annenberg Political Fact Check is the same foundation that brought the Chicago Annenberg Challenge founded by Bill “Just some guy who lived in Obama’s neighborhood” Ayers to “improve” Chicago public schools.
http://online.wsj.com/article/SB122212856075765367.html

Now if you trust your government, you trust this administration, you trust your democrats, and you trust your republicans, you got nothing to worry about. As for the rest of us who have seen what has happened in the last 8 months from this administration made possible by the past 8 years of the last administration and see the bigger picture of the democrats and republicans pimping the system and gang raping us under the guise of divide and conquer populism, I say Caveat Freaking Emptor.

political atheist
15 years ago

P.S. I also just noticed that the date of FactCheck article is Nov. 2008. FactCheck isn\’t even addressing the Human Events article.

Ignore at your own peril.

Gary
Gary
15 years ago

Jack,

I’m learning more and more each time I listen to one of your podcasts. You sure make my commute into work more tolerable too!

Until a few years ago, I was into my company 401K at 15% of my salary. (the first 6% is matched with company dollars). I now still contribute to it but only at 6% because it would be like throwing away free money. 80% of my 401K money is in a ‘stable value account’ which really equates to a cash account. I thought when I did this a few years ago it was realitively safe. If the dollar goes south as it is expected at some point, even that fund is not safe, correct?

I’m attaching a link to a weekly financial article. Even though it does not speak to the 401K issue, it does address the current global financial woes, as well as what the author predicts will happen with the euro and our own currency.

http://www.uncommonwisdomdaily.com/you-need-to-protect-your-wealth-now-9338?FIELD9=5

political atheist
15 years ago

Hey Jack, wow, I’m honored to get a response from the man himself!

No doubt GSAs are SS 2.0 and should be opposed. I’m absolutely opposed to it. I didn’t think there was anything in my comment that indicated that I was in favor of them.

My point is the FactCheck rebuttal as explained in the b’cast is an attempt to try and show the other side of the story, which is appreciated. But my issue is that the FC story was published 2 years ago and is not a rebuttal of any kind to the Human Events article. And just because there isn’t legislation on the books, the fact that they’ve submitted an RFI for the mechanics of such a scheme give me pause for concern. Whether is a portion or all of my retirement plan, they have absolutely no claim to my savings.

And actually the death panels do exist. Its just called “rationing”. Its all semantics in a propaganda war but it doesn’t mean it doesn’t exist. Personally, I think it was just giving the healthcare bill republican cover b/c you’ll note people like Palin were throwing out “death squads” pretty much from day one. And then after the MSM railed and demonized the phrase “death squads” Newsweek, that bastion of liberal agenda has a cover story called “The Case for Killing Granny” which is all about rationing care.

Sure “seizing” your 401k assets may sound draconian but I would expect our dear leaders to say we can decide to opt in or out and then the old bait and switch will come as sure as the sun will rise tomorrow. (You can keep your current plan, No taxes on people making less than $250k, no lobbyists in my administration, healthcare bill posted online 72 hours before signing, earmark reform)

That said, I love your show Jack. I’m a HUGE fan of your economic analysis shows. Personally, I think prepping without understanding the big picture is operating in a vacuum. Its like prepping but not knowing why. Keep up the great work!

Polemicturtle
Polemicturtle
15 years ago

Eli\’s question was chilling. I agree with everything Jack said to Eli with one exception.

Unfortunately as a listener we have no way to know more about the specifics about Eli\’s 401k. I agree completely that drastically reducing his 401k contribution is essential to his immediate survival. However stopping contributions completely could have unintended consequences, such a losing employee matching, as mentioned by Gary, or not being able to start contributing for a prolonged time and having to wait for a open season etc. One thing is for certain, Eli please, PLEASE find someone knowledgable about finances, not a \"financial adviser\" salesperson, to help you find a way forward.

Political Atheist
15 years ago

I would suggest to Eli that YOU become the “someone knowledgable about finances.” These “financial advisors” are supposed to be the experts and you can see how useless many of them are. No one is going to have a more vested interested in your well being than you. No one is going to understand your situation better than you. There’s SO MUCH info out there on any topic in the world available to you via the internet. Read up on the details of your investment vehicles, understand the commitment you make and liquidity you give up in retirement plans, figure out the wheat from the chaff in financial blogs. Financial prepping and self sufficiency is no different than “traditional” prepping IMO.

Polemicturtle
Polemicturtle
15 years ago

I feel honored to get two replies to my very first comment.

@ Political Atheist & Modern Survival – I think you may have misread my response.

I suggested … possibly begged Eli to find someone to give him a financial education, and I specifically stated that the person not be a financial advisor.

As for the rest, I should have clarified. The nature of Eli’s questions made me wonder if he may have a different form of retirement plan than a 401(k). I’m aware of at least one plan that when you stopped all contributions required you to wait for an open season to begin contributing again. That makes me wonder if there are other plans with similar disincentives like it.