What the Hell Was That Sound?
- Stocks were battered on Monday, with benchmark indexes falling through key support levels after a disappointing factory activity report, heightening concern about the economy before Friday's monthly jobs report.
The Dow Jones Industrial Average closed down 326.05 points, or 2.08 percent, at 15,372.80.
The S and P 500 fell 40 points, or almost 2.28 percent, to 1,741.89. The Nasdaq declined 106 points, or 2.6 percent.
That's a few years of deferred comp gains flushed away. But hey, let's talk about legalizing 11 million illegals and putting them into a job market that is non-existent as people leave the workforce in record numbers.
Labels: general
posted by SCC at 12:02 AM
54 Comments:
Put your money in your mattress like your grandparents told you to do. The banks are going to screw you.
I think that 11 million number is low.
Some say 30 is more realistic.
Legalization of half that many will, as they say, leave a mark.
ya know the walmart ceo has blamed the food stamp cuts for the company missing sales expectations..
cut the income of 48 million people and i guess that might happen eh.
so looks like more layoffs.
can't wait for him to see the effect of the 1.4 million that were cut off from their extended unemployment benees in jan.
stock markets in asia are currently down 5 percent tonight. it's worse than in 2008
I demand that all FOP officers running for office disclose all financial interests. If we knew that about Shields we would not have voted for him.
Doherty, Angelo, Cortes,.... I want to know.
America
And, as usual, one of my detectives will pull her money out of the market at the bottom and cry how she can't afford to retire now.
Leave it alone, people. The market will come back. Again. And again.
Remember RahmBOooo and the Dems when you vote one party rule
You get what you deserve
I don't agree... Those people ((illegals) are already in the job market. They are your landscapers, cooks, housekeepers, stock clerks, car wash employees, drywallers .... All jobs our young people are waiting with bated breath to someday have... Give me a break
" Leave it alone people".
If you have a 20 to 30 year time horizon.
Study the recovery of the market from the great depression. Remember, this time has potential to be worse if we lose world reserve currency or petro dollar status.
Anonymous said...
ya know the walmart ceo has blamed the food stamp cuts for the company missing sales expectations..
cut the income of 48 million people and i guess that might happen eh.
so looks like more layoffs.
can't wait for him to see the effect of the 1.4 million that were cut off from their extended unemployment benees in jan.
stock markets in asia are currently down 5 percent tonight. it's worse than in 2008
2/04/2014 12:50:00 AM
Hand outs are NOT income!!!
You voted for this economy. I didn't.
Sit tight.
Minor correction.
this is what big money demands of government, shit on the entire country who makes low to middle low wages and force them on the government tit.
Then hire in all the illegals at shitdog money to do the same job..
Big money will not be told they can't control the country and the economy. They'll do what they want now, they've got a government printing up pretty paper saying they can do whatever they want now.
Free markets are not free. Greed and panic drive the markets and the economy now, and without government helping that along big money would never be able to achieve the wage drops and benefit cuts they demand so the rich can see their profits continue to rise even in a shit economy.
That's true greed my friend, and you think these are the people to "trust" running this economy in a free market? Yeah....right
http://www.nytimes.com/2014/02/03/business/
the-middle-class-is-steadily-eroding-just-ask-
the-business-world.html?action=click&contentCollection=Business%
20Day&module=MostEmailed&version=
Full®ion=Marginalia&src=me&pgtype=article
The correction is expected. The market is also expected to make average gains in 2014. If you are diversified the hit was not bad and surely is not several years of deferred comp gains. The loss is about 3% for the year. But, no one knows for sure and no one can predict the market.
Elect the person that will cut president pay to salary of a lieutenant and donate difference to cpd memorial .
well if I would've known, I could've saved 35k. Then again if I would've known I wouldn't be the POPO. Sit back and enjoy the ride, and put a seat belt on!!!!!
A few years of Deferred Comp gains? What the hell are you invested in?
Anonymous said...
Put your money in your mattress like your grandparents told you to do. The banks are going to screw you.
2/04/2014 12:17:00 AM
You sound very smart.
Anonymous said...
I demand that all FOP officers running for office disclose all financial interests. If we knew that about Shields we would not have voted for him.
Doherty, Angelo, Cortes,.... I want to know.
America
2/04/2014 01:00:00 AM
http://990s.foundationcenter.org/990_pdf_archive/362/362467755/362467755_201012_990O.pdf
True when you see the fop inflated salaries, I asked a clean slate vp guy how much is the salary he said I quote "I think lieutenants pay" I thought "oh you didn't know, you better call somebody" they talk about pension see page 13 this is from 2010 how many raises have fop officers since? Look at the column how many hours worked for that salary?
Why not a debate as has been published on this blog numerous times? Are they to afraid the truth will come out? Cowardly maybe. Lets see the guys talk about pensions but yet they will draw 75% pensions of the salary on page 13 of the 990's why not like the union says about exempt " pensions should be civil service rank" why not fop guys campaigning do the same?
http://m.youtube.com/watch?v=EP4Ai2fy3yA
Go to 35:25 on this video listen to Anna say " the membership finally got ahold of this information that is why they are pissed off" beautiful, guess the old guard and new guard don't want us the "membership" who pay 100% of the salaries of the elected to be kept in the dark. Come on debate, lots of fair and balanced questions,same room and then we could watch the candidates when the lie or tell the truth why no debate?
Deferrred comp (overall stock market) was incredible last year. I invest in 5 different funds in deferred comp. Three of them gained between 35 and 40 percent in 2013. Other two over 25 percent. A little correction is ok. I made twice as much in deferred comp last year as my $85,000 salary. Have 16 years on, out of here in 4 more. And will be able to retire with 800,000 to 1.2 million in deferred comp depending on market. Last 14 years I've maxed it out. There is no reason that every cop should not be maxing out deferred comp every year ($17,500). Just go in with the mindset your salary is roughly $65,000-70,000 per year. Lets face it, the pension will be severly diminished. Don't count on it. Take a minute and go online and up your savings if they are too low. You will be so much more financially secure later in life and won't be working in your 60s and 70s when the pension is paying 25 cents on what used to be a dollar.
Just checked my Deferred Comp. account....over $7000.00 gone with the wind.
Anonymous said...
And, as usual, one of my detectives will pull her money out of the market at the bottom and cry how she can't afford to retire now.
Leave it alone, people. The market will come back. Again. And again.
2/04/2014 01:05:00 AM
Maybe, no guarantee. NASDAQ was around 5,048 in 2001, now around 3,500 13 years later, still down 30%. Not disagreeing with you, but times have changed,Obama is in, pension funds,47% quite a few reasons history may not repeat itself
Anonymous said...
And, as usual, one of my detectives will pull her money out of the market at the bottom and cry how she can't afford to retire now.
Leave it alone, people. The market will come back. Again. And again.
Look at the bright side of things. Now you will get to work with her for a few more years,lucky you.
And, as usual, one of my detectives will pull her money out of the market at the bottom and cry how she can't afford to retire now.
Leave it alone, people. The market will come back. Again. And again.
-----------------------------------------------------
If are in fixed you SHOULD put your money the market when it is down.
(Buy low ... sell high)
Obamacare To Crush Workforce By 2.5 Million Workers In Next Decade, CBO Admits
When the "impartial" Congressional Budget Office first attempted to predict the impact on the US labor force as a result of the administration healthcare ponzi scheme, also known affectionately as Obamacare and less affectionately by other names, it estimated that 800,000 Americans would drop out of the labor force by 2021. Moments ago it just revised that projection, admitting that it was off by the usual 100% or so: the hit to the US labor force due to Obamacare is now estimated to soar to 2.3 million through 2021, and furthermore the CBO just admitted that the enrollment rate will be dramatically below the White House's baseline estimates, with 2 million fewer people signing up this year than previously estimated....
http://www.zerohedge.com/news/2014-02-04/obamacare-crush-workforce-25-million-workers-next-decade-cbo-admits
This is to be expected in an Obamanation economy. The poorest among us don't have money in the stock market. Those that do have need to have their money reduced to nothing/worthless, so that everyone will be equal. Than everyone will be happy.
Scumbag Democrats looking for votes in the illegal immigrant population and Americans can't find jobs.
'..Leave it alone, people. The market will come back. Again. And again...'
ha yeah.. the market always comes back right. the investment advisers always pull out the charts and graphs to show it.
however here's the question. will it come back in our lifetime...in your lifetime.
here in illinois we already have 16 years of absolutely zero labor force growth.
now consider the 1997 college grad that has spent the last 16 years underemployed or unemployed.
if they were 23 years old then they are now 39 and what company wants to hire an old man 40 or older. if they had a high tech degree everything they learned in school is outdated.
to top it off over 50 percent of the workforce that includes people like this have sub-prime credit scores. they have no savings or disposable income to drive your pension investments higher which leaves us with the only ones driving the market higher is the fed with it's borrowing and that certainly can not go to infinity,
not to mention that to pay that debt back you can see the tax increases.
so good luck.
Only in America. You know what they do to illegals that cross the border in North Korea? Imprison them! In Afghanistan? They get shot! Here in the U.S. we fix 'em up with a job but we can't even look out for our own...
Who is that guy from the slate team, who acts like mobster wanna be?
Any politician with balls would say deport them then again find a politician with balls.
I blame George Bush....lol!!
And lets not forget, Governor Jello wants to delay announcing his budget until after the Primarys.. BOHICA...
How are those Obama/Biden bumper stickers working out for you America? Fools.
Good Time to buy. Income averaging folks. No worries here
The demonRATS response in 5... 4... 3... 2... 1......
"It's all the fault of the GOP and Tea Party extremists in the House!! They hate the poor, women, minorities, and children!!!"
Fyi pensions for officers are at their rank not their pay scale when they retire.
More facts no matter what you are promised, salaries cannot be lower for current officers so once the election is done those salaries are frozen for the rest of their term according to present lodge by laws. They CANNOT be lower during present term. Know facts be you take the ball and run with promises that sound great but don't hold up to the smell test.
John Catanzara
Anonymous said...
Elect the person that will cut president pay to salary of a lieutenant and donate difference to cpd memorial .
2/04/2014 08:29:00 AM
And the rest making $160,000 + expense accounts. Ridiculous spending our money like drunken sailors on leave! People talk about the mafia which is alive and well doing thing like this what is the difference? What is the education and experience of the top 5 guys? Will if new people take over he able to connect with city officials or is it another starter kit like mike shields was? Elect and think if not failure. Debate debate debate would be best for retired and active members.
Anonymous Anonymous said...
'..Leave it alone, people. The market will come back. Again. And again...'
ha yeah.. the market always comes back right. the investment advisers always pull out the charts and graphs to show it.
however here's the question. will it come back in our lifetime...in your lifetime.
here in illinois we already have 16 years of absolutely zero labor force growth.
now consider the 1997 college grad that has spent the last 16 years underemployed or unemployed.
if they were 23 years old then they are now 39 and what company wants to hire an old man 40 or older. if they had a high tech degree everything they learned in school is outdated.
to top it off over 50 percent of the workforce that includes people like this have sub-prime credit scores. they have no savings or disposable income to drive your pension investments higher which leaves us with the only ones driving the market higher is the fed with it's borrowing and that certainly can not go to infinity,
not to mention that to pay that debt back you can see the tax increases.
so good luck.
2/04/2014 11:10:00 AM
Wow, you were all over the board on that rant.
By the way, the market closed 72.44 points higher today than yesterday. Calm down, before you give yourself a stroke.
After five years of Obama, our economy is still in the dumpster.
Anonymous Anonymous said...
Just checked my Deferred Comp. account....over $7000.00 gone with the wind.
2/04/2014 09:08:00 AM
The only way it's 'gone' is if you're stupid enough to sell when it's at the bottom. If you can't handle seeing the market go up and down, up and down, get out.
DC just settled their contract-
February 4, 2014
Chief Lanier’s Statement on Arbitration Award
Yesterday, we received the arbitrator’s ruling on our collective bargaining agreement, ending a bargaining process that began six years ago. The arbitrator selected the District’s compensation proposal, which provides an increase of 4% retroactive to April of 2013, and increases of 3% effective Fiscal Years 2015 through 2017. It also provides increases in the amounts that the District will contribute to dental, optical, and employee assistance benefits.
While I am pleased that we will have a contract that takes us through Fiscal Year 2017, I am disappointed that it took this long to reach a result. The increases are in line with what the city provided to other unions, and the 4% increase for our members retroactive to April 2013 was actually more generous than what was offered to others.
While the arbitrator refused to provide any retroactive pay increases from 2009 through 2012, the administration demonstrated its commitment to our members and to public safety by continuing scheduled compensation increases during those years. Even at the height of the financial crisis, we were able to maintain step increases for all members, provide a 4.2% retention allowance for all members, provide base retention differentials for 5% for members with 20 or more years of service, and provide for longevity increases of 5% of base pay at 15 years, 10% of base pay at 20 years, 15% of base pay at 25 years, and 20% of base pay at for members who serve 30 years. We were able to do this at a time when other unions in the District and other law enforcement agencies in the region were forced to freeze steps and benefits, and in some cases, furlough and even RIF employees. It was not easy to maintain these benefits during the financial crisis, but with the support of the administration, we were able to preserve these benefits. Preserving our pay and benefits at a time when other unions and jurisdictions were losing theirs sends a strong message about the administration’s commitment to public safety and more specifically, to the work that our members perform on a daily basis.
One aspect of the arbitrator’s ruling that should not be overlooked was his rejection of our effort to limit arbitrator authority. It is unsurprising that an arbitrator would reject common-sense limitations on an arbitrator’s authority designed to ensure that bad cops stay fired, and instead choose the union’s proposal to expand the scope of disciplinary cases that are subject to arbitration. This decision just further supports my recent testimony before the Council that common-sense legislative reform of arbitrators’ authority is desperately needed to ensure that officers who are not fit to serve are not ordered back into the communities by unaccountable arbitrators.
Despite the shortcomings of the award, I am grateful that we have a compensation agreement that guarantees raises for our hard-working members through Fiscal Year 2017. I am hopeful that the future stability provided by the guaranteed raises demonstrates the city’s support for the best police officers in the country and their families.
Cathy L. Lanier
Anonymous said...
Deferrred comp (overall stock market) was incredible last year. I invest in 5 different funds in deferred comp. Three of them gained between 35 and 40 percent in 2013. Other two over 25 percent.
What funds are those? share the wealth
And will be able to retire with 800,000 to 1.2 million in deferred comp depending on market
2/04/2014 08:52:00 AM
U will pay $280,000 to $420,000 in taxes!
Deferrred comp (overall stock market) was incredible last year. I invest in 5 different funds in deferred comp. Three of them gained between 35 and 40 percent in 2013. Other two over 25 percent. A little correction is ok. I made twice as much in deferred comp last year as my $85,000 salary. Have 16 years on, out of here in 4 more. And will be able to retire with 800,000 to 1.2 million in deferred comp depending on market. Last 14 years I've maxed it out. There is no reason that every cop should not be maxing out deferred comp every year ($17,500). Just go in with the mindset your salary is roughly $65,000-70,000 per year. Lets face it, the pension will be severly diminished. Don't count on it. Take a minute and go online and up your savings if they are too low. You will be so much more financially secure later in life and won't be working in your 60s and 70s when the pension is paying 25 cents on what used to be a dollar.
Glad you are doing so good. Not sure about your numbers tho. Total market took a hit in 2001-2002 and again in 2008 where it lost between 35 and 38%. Takes awhile to make those loses back. Also you were pretty lucky maxing out for 12 of the 16 years. Most po's can't afford $17,500 a year when you come on and 12 years ago were making in the high 30's and had to buy the uniforms.
You are doing the right thing and guys should take your advise but not expect those types of returns. NASDAQ hasnt recovered in 13 years was 5000 in 2001 and is around 3800 now.
The market is up because of the Fed printing money and purchasing Treasuries, forcing yields down on bonds, and forcing investors seeking a higher yield into equities. This is known as QE, or Quantative Easing. The Fed is on their third round of QE since the market crashed in 08. This can not go on forever and the Fed recently announced it is tapering off of it's per month QE allotment. At some point the market will have to get back to finding it's own way, but that will only happen when the Fed gets out of the markets. Anyone who has ridden this artificially inflated market up to current levels, up 40-50% from 3-4 years ago should be well advised into taking some of that profit down and booking it. Go to cash, Chicago Blended Fixed Income is a cash account, don't let the name fool you into thinking it fixed income/bonds. Park those hefty gains there at a 3.2% yield and see where the markets go over the next few months. The S&P 500 is showing signs it wants to test the 200 day MA, which is currently 1708, or 47 points lower. If that support line breaks then look for support at 1690 and 1660. The markets don't move up or down forever. It's never a bad idea to book huge gains and wait for clarity, regardless if your investment time horizon is 5 years or 20 years. Buy and hold forever doesn't work anymore!
Anonymous said...
And will be able to retire with 800,000 to 1.2 million in deferred comp depending on market
2/04/2014 08:52:00 AM
U will pay $280,000 to $420,000 in taxes!
2/04/2014 07:49:00 PM
that's if he takes it out in one lump sum. he/she can take his chances and leave it there and take annual withdrawals. of course, leaving it there, he may lose or gain depending on the market and type of fund. those annual withdrawals will be taxed but the hit wont be as bad as taking one lump sum.
Anonymous said...
Deferrred comp (overall stock market) was incredible last year. I invest in 5 different funds in deferred comp. Three of them gained between 35 and 40 percent in 2013. Other two over 25 percent. A little correction is ok. I made twice as much in deferred comp last year as my $85,000 salary. Have 16 years on, out of here in 4 more. And will be able to retire with 800,000 to 1.2 million in deferred comp depending on market. Last 14 years I've maxed it out. There is no reason that every cop should not be maxing out deferred comp every year ($17,500). Just go in with the mindset your salary is roughly $65,000-70,000 per year. Lets face it, the pension will be severly diminished. Don't count on it. Take a minute and go online and up your savings if they are too low. You will be so much more financially secure later in life and won't be working in your 60s and 70s when the pension is paying 25 cents on what used to be a dollar.
2/04/2014 08:52:00 AM
The limits per year are as follows: 7500 (97), 8000 (98-00), 8500 (01), 11000 (02), 12000 (03), 13000 (04), 14000 (05), 15000 (06), 15500 (07-08), 16500 (09-11), 17000 (12), and 17500 (13). That's between 185-200k that hes contributed since 1997 if he started maxing out that year. This means he's averaged roughly a 13% return since year 1 which is still quite impressive. I'm not gonna hate, if it's true good for you and enjoy.
In General all retirement schemes held in public institutions such as Finances or Public Sector, Union pensions are now A Hedge..
You can't count on that money. When you're a desperate bankrupt and you are holding some money Human Nature is to save yourself, not fall on your sword to uphold fiduciary duty to shareholders.
Cyprus Solution already blessed off by Lawrence Summers and Treasury Honcho Lael Brainard.
Understand Stanley Fischer new Vice Chairman of Fed means the Economy is going to undergo Neo-Liberal and IMF shock therapy.
Cyprus review: depositers accounts were nationalized to make up shortfalls of gambling investments in real estate.
Your pensions touched last, but it's all in one common pot now. Has to be they're bankrupt.
Save Self > Save Elites > Tax&Deposit livestock.
http://pundita.blogspot.com/2013/09/o-brave-new-global-economy-part-7-of.html
Deferrred comp (overall stock market) was incredible last year. I invest in 5 different funds in deferred comp. Three of them gained between 35 and 40 percent in 2013. Other two over 25 percent.
What funds are those? share the wealth
I don't know which ones he had but mine did very good. Lord Abbot was up 40%, DODGX was up 30 %
The limits per year are as follows: 7500 (97), 8000 (98-00), 8500 (01), 11000 (02), 12000 (03), 13000 (04), 14000 (05), 15000 (06), 15500 (07-08), 16500 (09-11), 17000 (12), and 17500 (13). That's between 185-200k that hes contributed since 1997 if he started maxing out that year. This means he's averaged roughly a 13% return since year 1 which is still quite impressive. I'm not gonna hate, if it's true good for you and enjoy.
I think the same. No way over that time did he average 13%. A couple of rough years during that time. Reminds me of the guy that gambles on the ponies, only talks about the daily doubles and trifectas he hits, doesnt remember the numerous days he was skunked. But like you, if he did this, the more power to him and I hope it continues and he enjoys the money.
Sure in 1929 they trusted the stock market good luck geniuses.
Legal gambling. That's all the stock market is. I would never bet my retirement on speculation. Instead Open a business or re-invent yourself and work a job you have always dreamed of after retirement.
Anonymous Anonymous said...
Sure in 1929 they trusted the stock market good luck geniuses.
2/05/2014 12:19:00 PM
You don't have to trust it to USE it to your benefit.
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