Jim Cramer: Get all of your money out of the stock market now!
Posted October 6th, 2008 by mikiloe
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America's favorite stock pumper, Jim Cramer wants you to cash out your 401k, IRA and Investment accounts. "If you need the money in the next 5 years, get it out of the stock market".
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Cramer is saying sell?
Cramer is saying sell? That's the only bullish news I've heard in months.
40% penatly for taking out early vs DJ 10% loss...do the math
If you pull money out early, you have to pay taxes on them and you have to pay a penalty...total around 40% is yanked out of whatever you take out.
Let's say the DJ was around 10000 when the bailout bill was passed.
Do you really think it will go below 6000?
If you do, go ahead and pull out your 401k dough...and then call me about some swamp land I'm selling.
Dow may very well drop below 8,000 and even down to 6,000
That is what it was at about the time that Greenspan started getting the banks to inflate the credit-money supply by taking the interest rates really low.
So, yes it IS possible for the DOW to go down to 6K. (After 29 crash, the market went up then down deeper again and again in several cycles; ended up at about 1/2 of it's [early 29] peak.
The Dow's current peak was a bit over 14,000 -- so 1/2 of that is 7,000.
And currently the Dos is about 40% off from that peak.
So, whether the "loss" you would suffer from the penalty & taxes by getting out of the 401K system would be worse/better than staying in the market depends on WHEN you pulled your money out.
Wise people who pulled out of the market near the peak (or the lower "echo" peaks this spring) are actually AHEAD of people who stayed all in via index funds and the like.
PLUS, never forget that WHENEVER you pull that money out, whether it is now, or 5 years from now, or 10 years from now... you WILL pay taxes on it (even if you no longer need to pay the 10% penalty).
And what do you think... will taxes be LOWER or HIGHER in the future?
I'd be willing to bet that not only will taxes be (substantially) HIGHER in the future, but...
I sincerely believe there is a pretty HIGH chance that (in an effort to "prevent volatility" and justified as "SAVING people's pensions/retirement funds" from suffering in a subsequent further panic/crash) the government will in some shape or form justify that it should "seize control" of 401K's and IRA's and will "ration" how much you are allowed to withdraw or "move around" during any given year. (See there is ZERO point in confiscating "gold coins" because almost no one has any anymore... but what they DO have are 401K's and IRA's... and THOSE can/will be tempting "targets" for the drooling fascisti of the new WallStreet/Gov'mnt partnerships.)
No Penalty ..
You can always cash out of stocks and go into nice insured CDs that are still paying 4-5% GUARANTEED.
There are no penalties or taxes as long as you keep things invested in something.
Cramer is an idiot...
The time to get out was LAST October... and/or last winter/spring.
(I got 100% out in March... just in time, the MF's I was in are down over 30% since then).
I recently put a bit back in, but only "speculation money" that I used to buy a few things at what I felt were bargain prices (penny tickets in million dollar lotteries)... If I lose 100% of that money...well, I may shed a few tears, but it won't even put a dent in my savings.
This guy should be in cuffs and shackles
~~~~~~~~~~~~~
World's Greatest Business
http://www.gbemembers.com...
"The Number one reason people lose money is the FEAR of losing money." Sir John Templeton
"Committed To The Eradication Of Poverty Among Patriots"
Jim Cramer – Mr. Potatohead
http://www.lewrockwell.co...
401k
I got my 401k out of the market just before all this non-sense happened. Good thing too, I'd have 30% less value. Well worth the penalty I had to pay for the peace of mind knowing my FRNs are in my hand. Now I will turn those into something of real value, food, survival items, and other things. It's not a good idea to keep a lot of cash on hand right now.
Sure, I could have kept the money in that Morgan Stanley account, but who knows if they would even be around next week.
-----
Stock up, it's gonna be a long winter.
Luckily, I have a
Luckily, I have a self-directed IRA. It's all FRN's and yen now. (Shoulda bought more yen.)
Cramer admits
he is not allowed to invest in the stock market because of his show and giving advice.
However, I'm sure he has friends who just LUV him!
But ...
I bet there's nothing in his contract restricting his "friends" to invest for him.
-
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Lying ass = Cramer --- Equities have bottomed.
They are vertical right now. Remember this day and time. Cramer is from hell. He's a dog ass liar.
~~~~~~~~~~~~~
World's Greatest Business
http://www.gbemembers.com...
"The Number one reason people lose money is the FEAR of losing money." Sir John Templeton
"Committed To The Eradication Of Poverty Among Patriots"
great expose on cramer
http://www.deepcapture.co...
bet anyone a silver dollar he's (and/or his buddies) short on the DOW right now.
I don't know but he looked
I don't know but he looked kind of scared.
Yeah, that was really weird.
Yeah, that was really weird. Cramer did seem to be acting strange, as if scared.
He wants you to hold your
He wants you to hold your FRNs so when their worth nothing your screwed.
I reserve the right to govern myself.
No, he looks like he feels
No, he looks like he feels bad. I think he is telling the truth.
Cramer, the trained monkey...
leads the sheep to slaughter.
Jim Kramer is a control grid mouthpiece and you know it,
this is all scripted and he is one of them doing his job.
Ignore them.
Listen to Dr. Paul.
That's a head scratcher. Is
That's a head scratcher.
Is he telling the truth or just saying what the big dogs want him to say so they can bankrupt the system and buy up everything for pennies on the dollar?
Is this the Rothschild's version of telling the stock market that Napoleon defeated the English?
That is what a lot of the smart money did following the 1929
Crash. Those who "got out" a year or two before that bubble burst were able to come back and buy up significant shares of U.S. companies for, as you put it, pennies on the dollar.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
Jim Cramer is the George Costanza of Wall Street...whatever..
he instinctively says to do...DO THE OPPOSITE!!!
In Christ,
Dave
Take our NEW Presidential Poll, reflecting all 12 Candidates @
www.lionandlambministry.c...
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DON'T DO IT
THAT is the WORST advice I have ever heard ...THAT is sure to bring on panic & a down turn WHICH falls right into their hands ...DON'T DO IT....YOU will be playing their game....THE people your CONGRESS just voted to make solvent want you to do this ,to make back their shares...weee
A true PUTZ if I have ever
A true PUTZ if I have ever seen one!
This guy is a waste! Usually I do the opposite of whatever he
says... but lately Im beginning to wonder...in the past few weeks he's reccommended gold and now getting out of the market.
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
which is exactly why many
which is exactly why many are not doing either. He's a hack for the PTB and if he's suggesting to do one thing, everyone should do the exact opposite.