Market sell off, bogus GDP, Japan downgrade, credit cards

Schiff Report video blog Jan 28th 2011
http://www.schiffradio.com/

Category:

News & Politics

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[Dziaji]

@independence4wales not really. I just thought you were trying to troll. no hard feelings.

[independence4wales]

@Dziaji Sounds like I touched a nerve, apologies for that. 

[Dziaji]

@wunderbeast Yeah I think that is a great move, and yes you have to pay income tax on top of the penalty. I already liquidated my 401K to do the exact same thing. I think of it this way: even if the income tax and penalty total a 40% hit on your 401k, you were probably matched 100% on your contributions anyway by your employer. So really, the taxes and penalties equate to the free money contributed by your employer that you wouldn't have gotten if you didn't put your money in the 401k.

[wunderbeast]

@Dziaji i absolutely agree with you about the credit card rate. let me ask you this then: what about dipping into my retirement account? yes, i realize there's a 10% penalty and it's for when i get old...but i don't turn 60 for another 30 years and who knows what the dollar will be worth then, or if it'll even exist at that time? then again, i just read that on top of the 10% penalty for early withdrawal, i have to pay income tax on that too. such bs if that's true.

[Dziaji]

@wunderbeast don't listen to independence4wales. There is no guarantee how fast silver will appreciate and credit card rates are so high that it is too risky of a move. If you have SAVINGS, then silver is an excellent buy. This kind of carry trade play is only a good idea with a really low interest rate, not a 30% credit card interest rate.

[Dziaji]

@independence4wales I was actually talking to wunderbeast about this because he was asking if it was a good idea. Go back to trolling Justin Bieber videos.

[independence4wales]

@Dziaji The only person talking about not paying the credit card company back is you. The only person talking about taking out a loan with no intention of paying it back is you.

[Dziaji]

@independence4wales Try getting a decent apartment with delinquent credit. If you were buddy buddy with the fed like goldman sachs then yeah, go into debt expecting a bailout. You can't just advise people into bankruptcy.

I am guessing you maxed out your credit cards with no intent to pay them off. If not, what are you waiting for. Might as well try to get a home loan and strip the copper wire out of the house and ditch on the mortgage too. Or sell a rental car to a chop shop. it's all FRAUD.

[independence4wales]

@Dziaji Using credit to gamble on the movements of commodities is for the lower class? If you had bought silver 12months ago you would be up 100% now. I don't think even Madoff was giving that kind of return. If that is the bottom of the heap what kind of returns do you get? You must be putting Citi, Bank of America, Goldman at the bottom of the heap as well, because they have done the same thing, maxed out their credit. How do you class the taxpayers who paid for the mistakes of Citi, Goldman

[Dziaji]

@independence4wales Only for the lower class. If you wanna be on the bottom of the heap, by all means, go ahead and max out your credit cards.