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IRA Contributions Hit Record High As Unpatriotic Americans "Save More, Pay Off Debt, Spend Less"

Tyler Durden's picture




 

In what could be the most unpatriotic report ever, Fidelity reports that average IRA contributions for tax year 2013 reached $4,150 - an all-time high. That's great news, right? Not if you ask Janet Yellen as Fidelity notes younger investors, those in their 20s, 30s and 40s, are adopting the strongest savings behaviors as Americans are "saving more, paying off debt, and spending less." This is not acceptable in the new normal, don't they know debt is the bridge between hard work and play?

 

Fidelity Investments today released its second annual analysis of over seven million Individual Retirement Accounts (IRAs), which revealed that average contributions for tax year 2013 reached $4,1501, a 5.7 percent increase from tax year 2012 and an all-time high. Average balances were $89,100, a nearly 10 percent year-over-year increase.

“Saving more, paying off debt and spending less were the top three New Year financial resolutions cited in a recent Fidelity study and our IRA analysis indicates that Americans are taking those financial resolutions seriously,” said Ken Hevert, vice president, Fidelity Investments.

...Younger investors, those in their 20s, 30s and 40s, are adopting strong savings behaviors and have made strong increases with overall average contributions—3.9 percent, 6.7 percent and 6.2 percent, respectively from 2012 tax year to 2013 tax year.

*  *  *

We leave it to Steve Liesman to put these unpatriotic saving-not-spending young people straight...

"debt is always pointed out as a negative thing, when in fact debt is the great bridge between working hard and playing hard in this country."

 

"this country has been built on consumer debt," he proudly states

And for Mark Cuban to correct him!!!

 

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Wed, 07/23/2014 - 16:53 | 4994966 CashCowEquity
CashCowEquity's picture

Steve Liesman, the potato of our time. Wow, that high a position and a complete ass clown.

Wed, 07/23/2014 - 16:54 | 4994972 zorba THE GREEK
zorba THE GREEK's picture

Why are people still contributing to the ' Irish Republican Army ' ?

Wed, 07/23/2014 - 16:59 | 4994994 Lore
Lore's picture

Eye of Ra

Wed, 07/23/2014 - 17:16 | 4995038 BuddyEffed
BuddyEffed's picture

Is Janet somehow counting some of the QE monies or downstream effects as savings?

The filtered message could be, "If you are young and don't have money to spend, then don't fret because some other "mythical" strawman of a young person is "theoretically" not spending money either.

Wed, 07/23/2014 - 17:38 | 4995191 wallstreetapost...
wallstreetaposteriori's picture

must be all those non-qualifed gains on the sidelines making their way into the qualified market.....

Wed, 07/23/2014 - 20:03 | 4995780 max2205
max2205's picture

Well half of most of that is the Co match...still a shit number

I know people who quit 401kng years ago because it's a scam to steal your money...hell the company is going to fire you anyway....Uncle Sam gets 30% plus 10% before 59 1/2

Wed, 07/23/2014 - 20:09 | 4995800 Save_America1st
Save_America1st's picture

I started doing that shit about 6 years ago.  But one thing I hadn't done was cancel the cable TV service.  Until 2 days ago.  I kept the internet part and cancelled the cable.  Man that was great.  Cable company wasn't happy about it.  Fuckers even screwed me over and charged me for my full service yesterday instead of doing what they were supposed to do and deduct the cable cost which was going to be 50 bucks less per month. 

The other fucked up thing is that with internet and cable, the costs were 50/month for the internet part and 85/month for the cable part.  So when I cancelled I was figuring on saving 85/month. 

NOPE.  Those bitchez reversed the charges on me once I cancelled the cable.  All of a sudden I was only going to save 50/month without the cable service and they raised the internet service to 85/month.

oh well...that made me even more happy to cancel that shit.  No more bullshit propaganda to deal with and 300 channels that I absolutely hate while only having 2 or 3 channels that I only like to watch 2 or 3 days a week for an hour or two. 

What a total fucking waste of money. 

Wed, 07/23/2014 - 21:09 | 4996066 Thanatos
Thanatos's picture

Fucking TV is for the biggest idiots...

Broadcast infrasturcture was built with .gov subsidies out the wazoo.

Broadcasters revenue model: Charge SUCKERS to watch 60+% advertising while charging advertisers to show it to the SUCKERS.

When bandwidth gets too clogged with shit, hire a lobbyist  bribe a politico to subsidize some additional infrastructure...

Idiots.

Wed, 07/23/2014 - 23:52 | 4996670 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Do not forget the local charges that the .gov gets. The cable bill is not actually a reflection of the service you get, it is chock full of hidden taxes. Not a defense of the industry but your .gov overlords are never happy till they get some more:

Introduction

Here's a list of the common fees on your Comcast bill, along with an explanation of each.

Regulatory Recovery Fee

These monthly component fees are based on access line, subscriber or usage. They help defray the costs of complying with state regulations (such as telecom relay services for the visually/hearing impaired).

Universal Connectivity Charge (or Federal Universal Service Fund)

This fee is a percentage of interstate and international revenues. It supports a federal fund that ensures the availability of affordable communications services to low income and rural customers (as well as eligible schools, libraries and health care providers).

State and Local 911 Tax

This monthly tax is tallied by access line, telephone number, account, or usage. It helps states and localities fund the 911 and E911 systems, along with other emergency services.

Federal Excise Tax

This 3% tax is imposed by the federal government.

State and Local Sales Tax

This tax is owed to the state or local government by subscribers.

Gross Receipts Taxes; State and Local Utility Taxes

These taxes are levied on service providers; the cost is passed on to subscribers.

State Communications Services Tax

We collect this money on behalf of the state.

Local Communications Services Tax

The rate for this tax varies; we collect it on behalf of the state.

Print
Wed, 07/23/2014 - 21:09 | 4996073 TheRedScourge
TheRedScourge's picture

The fact that people are saving more money now is a good sign that TPTB are about to tank the economy, so that they can confiscate those savings before they start to believe they don't need to be so dependent on the state.

Wed, 07/23/2014 - 17:35 | 4995099 Escrava Isaura
Escrava Isaura's picture

Hedgers: Keeping it simple

Can you name a 'Free-Market" nation?

Can you name a 'Non-Fiat' currency?

And when are you going stop playing? I mean, not working for dollars. Not paying taxes. Or move to another planet.

Wed, 07/23/2014 - 18:00 | 4995259 A Nanny Moose
A Nanny Moose's picture

Argument ad populum.

If everyone walked off a cliff, would you follow?

Wed, 07/23/2014 - 18:00 | 4995266 Escrava Isaura
Escrava Isaura's picture

What make you believe I would?

Wed, 07/23/2014 - 21:11 | 4996078 NemoDeNovo
NemoDeNovo's picture

I don't beLIEve you would, but I have little doubt you would follow the herd without question.........

Wed, 07/23/2014 - 21:54 | 4996259 Escrava Isaura
Escrava Isaura's picture

NemoDeNovo,

I am a Wolf... I hunt alone

Wed, 07/23/2014 - 17:01 | 4995010 Duffy
Duffy's picture

mostly for the neat t-shirts.

Wed, 07/23/2014 - 17:08 | 4995029 lordylord
lordylord's picture

If you are saving in dollars (and never heard of gold) you're better off blowing your paycheck on booze and babes than letting it lose all value in 20 years.

Wed, 07/23/2014 - 17:08 | 4995040 NOTaREALmerican
NOTaREALmerican's picture

Not if you invested in the stock market right now.   They should be going all in.   Don't fight the Fed, our you'll be priced out forever!

Wed, 07/23/2014 - 17:17 | 4995091 ebworthen
ebworthen's picture

(note to voters:  turn on wry sarcasm detector)

Wed, 07/23/2014 - 17:11 | 4995060 ebworthen
ebworthen's picture

A new generation of suckers.

Do they realize that they can't get to the money until they are 59-1/2 years old, and by that point withdrawals will be taxed at 50%?

Wed, 07/23/2014 - 17:27 | 4995138 Ariadne
Ariadne's picture

50%? Withdraw? IRAig? With Senator Pocahontas robbing the cradle, on behalf of some other yet to be named cradle? According to Pharaseosi thats a mandate to wipe out all merkins before they reach the age of 59-1/2. 

Wed, 07/23/2014 - 18:49 | 4995467 Mr. Magoo
Mr. Magoo's picture

Or the government will confiscate everyone's IRA and MYRA and lump it into one gigantic socialist fund of which they will bankrupt just like social security and give everyone else the crumbs which will not be worth much after the dollar collapse

 

http://www.wnd.com/2014/01/obama-step-closer-to-seizing-retirement-accou...

http://www.silverdoctors.com/flashback-jim-rogers-ron-paul-predicted-myr...

http://www.silverdoctors.com/the-401k-scheme-government-to-confiscate/

http://www.zerohedge.com/news/2014-01-29/ira-confiscation-its-happening

Wed, 07/23/2014 - 19:46 | 4995720 cynicalskeptic
cynicalskeptic's picture

BINGO!!!!

After the next market crash - which the banks and financial firms will somehow make money on while everyone else gets screwed - you can bet that the gov will grab retirement accounts and 'protect them' by 'investing' them in government bonds.

This way EVERYONE gets shafted instead of only those with over $100,000 in bank accounts.

Wed, 07/23/2014 - 20:38 | 4995944 Cobra
Cobra's picture

I think it's actually 67 years old for us in our thirties... And if that's the case 50% tax is a gift.

Wed, 07/23/2014 - 17:05 | 4995028 medium giraffe
medium giraffe's picture

Perhaps you should ask Congressman Peter King.

https://en.wikipedia.org/wiki/Peter_T._King#Support_for_the_IRA

Wed, 07/23/2014 - 19:50 | 4995736 cynicalskeptic
cynicalskeptic's picture

There are 'good' terrorists - like white provo IRA types - and 'bad' terrorists like Muslims.  Peter mskes sure the terrorists he supports aren't a threat to the US or its close allies (Britain isn't THAT close an ally and Scotland has the oil and gas)

Wed, 07/23/2014 - 17:41 | 4995089 Escrava Isaura
Escrava Isaura's picture

Zorba... "Why are people still contributing to the ' Irish Republican Army '"

It beats me!

I mean this indoctrination article.

Wed, 07/23/2014 - 18:06 | 4995283 snr-moment
snr-moment's picture

That would be the "investing in yourself" part Mark Cuban was alluding to.

Wed, 07/23/2014 - 18:14 | 4995309 Escrava Isaura
Escrava Isaura's picture

snr-moment... "investing in yourself"

What does it mean?

Could you give an example who is NOT?

Wed, 07/23/2014 - 18:19 | 4995326 snr-moment
snr-moment's picture

Don't get out much, do ya?

I'd start with the Entire Occupy movement and generalize to the entire FSA

Wed, 07/23/2014 - 18:42 | 4995431 Escrava Isaura
Escrava Isaura's picture

So, you're telling me that:

The Occupy Movement is not investing on themselves.

And the FSA, that was closed in 1953, is not investing on themselves.

 

Wed, 07/23/2014 - 18:43 | 4995447 snr-moment
snr-moment's picture

Complaining, as an investment, has had it's run.  Works in good times, not in bad.  Witness the next generation  paying down debt.

The FSA I referred to is still in operation, and, in fact, burgeoning.

Wed, 07/23/2014 - 18:49 | 4995466 Escrava Isaura
Escrava Isaura's picture

Sir, with all the due respect,

Did you look at student loans?

Wed, 07/23/2014 - 19:02 | 4995535 snr-moment
snr-moment's picture

Student loans?  Would you call that "investng in yourself"?  For some maybe, for most it's becoming the equivalent of an upside down mortgage. Propped up by the regime, because higher-ed has beome a jobs program for the US.

Wed, 07/23/2014 - 19:11 | 4995588 Escrava Isaura
Escrava Isaura's picture

Sir, you are the one that said "Investing in yourself" and that “the next generation paying down debt.”

Would you like to reconsider your statement? Or, clarify it.

Wed, 07/23/2014 - 18:53 | 4995484 Escrava Isaura
Escrava Isaura's picture

Then, you said: "Complaining has had it's run"

Can you show me it here?

Wed, 07/23/2014 - 19:04 | 4995553 snr-moment
snr-moment's picture

I can show you 7 trillion of new debt. I can show you stagnant GDP and stealth inflation.  All the complaining in the world won't fix our economic woes.

Wed, 07/23/2014 - 19:13 | 4995592 Escrava Isaura
Escrava Isaura's picture

So, in this case,

Do you know how much is the private debt?

Thu, 07/24/2014 - 08:59 | 4997413 N2OJoe
N2OJoe's picture

Do you mean in addition to the tens of Trillions in public debt being slammed onto the back of the private taxpayer?

Wed, 07/23/2014 - 19:03 | 4995544 sessinpo
sessinpo's picture

Escrava Isaura   So, you're telling me that:

The Occupy Movement is not investing on themselves.

And the FSA, that was closed in 1953, is not investing on themselves.

----

just because one is investing in oneself, doesn't mean it is a good investment. One can mal-invest towards itself. I put the Occupy movement in this category. They think they are investing well, but most of them are uninformed and propagandized. Thus there efforts are mal-investments. I put the bitcon community in the same category.

As for the FSA, it has just been broken up and expanded into other departments. And an expansion of government is truly mal-investment.

Wed, 07/23/2014 - 19:10 | 4995584 Escrava Isaura
Escrava Isaura's picture

sessinpo,

I was answering, more like inquiring, a previous statement by snr-moment

Wed, 07/23/2014 - 19:17 | 4995608 Escrava Isaura
Escrava Isaura's picture

sessinpo, you said: "FSA, it has just been broken up and expanded"

FSA was closed way back. Do you mean the "National Security Agency" in Columbia, Maryland?

Wed, 07/23/2014 - 21:14 | 4996093 NemoDeNovo
NemoDeNovo's picture

FSA = Free Shit Army, but I'm pretty sure you knew that, just continuing to be a good Alinsky Agitator aren't you?

Wed, 07/23/2014 - 21:59 | 4996280 Escrava Isaura
Escrava Isaura's picture

NO! I didn't know about this slogan/abbreviation.

But thanks to let me know... So now I can make sense of the message.

Wed, 07/23/2014 - 23:58 | 4996682 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

FSA= Free Shit Army... will never end even when less than 20% are supporting the other 80%.

 

Teach a man that taking from his fellow citizen is a "right" and he will never learn what "wrong" means.

Wed, 07/23/2014 - 18:51 | 4995473 Freddie
Freddie's picture

Obama, Democrats and RINOs will just confiscate it all one day.  Sooner than you think.

Wed, 07/23/2014 - 19:08 | 4995573 sessinpo
sessinpo's picture

Freddie   Obama, Democrats and RINOs will just confiscate it all one day.  Sooner than you think.

----

If I could give you 1 billion up votes I would Freddie. Government is a parasite that expands to kill the host. We are the host. Everything will be subject to stealing to our parasitic government. They have no morals and only follow laws favorable to them. Either internal war or total subjugation is in the future.

Wed, 07/23/2014 - 20:33 | 4995922 The Alarmist
The Alarmist's picture

Q: "Why are people still contributing to the ' Irish Republican Army ' ?"


A: They're investing in Ireland, where the capital is Dublin every day!"

Wed, 07/23/2014 - 17:14 | 4994991 hedgeless_horseman
hedgeless_horseman's picture

 

 

...that high a position...

What are you talking about?  Liesman is a CNBC reporter.  This is a position only slightly higher than...well...nothing.  His status is even below every other junior varsity cheerleader on the planet because he is older, heavier, uglier, and balder.  He is right there with Baghdad Bob.

As CNBC's senior economics reporter, Steve Liesman reports on all
aspects of the economy, including the Federal Reserve and major economic
indicators.

 

http://www.cnbc.com/id/15838058

 

"Just remember...if you can't be an athlete...be an athletic supporter."

Wed, 07/23/2014 - 17:15 | 4995081 ebworthen
ebworthen's picture

I'd add "dumb as a box of rocks and a walking hemorrhoid" but thanks for the supporter joke, that's our boy Stevey.

Wed, 07/23/2014 - 17:22 | 4995119 disabledvet
disabledvet's picture

Be earned his Nobel Prize actually. And as the PSSR seems prepared to go the way of the USSR "con gusto" I'm more than willing to give this guy a pass. He witnessed first hand the "deep state implosion" and I think correctly sees the problem as not being "too much communism in the USA."

The dollar is still well nigh worthless...so for his thesis to be accurate (growth without inflation) we would have to see a big surge in the Bucky.

We'll see.

Boeing got hit hard today on great earnings news. I think half the planet deciding "give war a chance" is starting to impact the global airline industry.

Wed, 07/23/2014 - 17:28 | 4995148 ebworthen
ebworthen's picture

Liesman or Obama?

Liesman is an establishment hack, a bag carrier, a disingenuous sop - and I'm trying to be nice.

Wed, 07/23/2014 - 17:39 | 4995199 john39
john39's picture

damn, is it me or does liesman look like a ferengie in that picture?

Wed, 07/23/2014 - 17:41 | 4995189 Escrava Isaura
Escrava Isaura's picture

hedgeless_horseman.... "Liesman is a CNBC reporter.  This is a position only slightly higher than...well...nothing.

So why are you advertising 'Wasting time' on him?

Wed, 07/23/2014 - 17:45 | 4995208 hedgeless_horseman
hedgeless_horseman's picture

 

 

I don't know.  Maybe, because I fear that some of my family, friends, and neighbors might actually think he is credible and knowledgeable because he is in "such a high position" and buy into his sell-side and .gov propaganda.

Wed, 07/23/2014 - 17:47 | 4995220 Escrava Isaura
Escrava Isaura's picture

I am afraid you’re expecting too much of brainwashed people.

 

Wed, 07/23/2014 - 18:11 | 4995302 Escrava Isaura
Escrava Isaura's picture

H_horse,

So say your best friend came to you and asked you: I just read about this IRA. What do you think?

Wed, 07/23/2014 - 19:20 | 4995614 nightshiftsucks
nightshiftsucks's picture

You may think you're smart ut you're not. It's like you'e searching for a bad smell only to realize it's coming out of your ass.

Wed, 07/23/2014 - 19:27 | 4995642 Escrava Isaura
Escrava Isaura's picture

nightshiftsucks,

Not smart....

"Just the facts, ma'am"-- Dragnet's 1953


Wed, 07/23/2014 - 17:15 | 4995086 NoDebt
NoDebt's picture

He's the Ted Baxter of business reporting.

Wed, 07/23/2014 - 17:18 | 4995098 ebworthen
ebworthen's picture

"How about a Fresca!?"

Wed, 07/23/2014 - 17:35 | 4995155 hedgeless_horseman
hedgeless_horseman's picture

 

 

He's the Ted Baxter of business reporting.

That is being way too hard on Ted.  Ted never hurt anyone with his nonsense.  However, since you bring up the topic, the obligatory MTM shot...

Who can take a nothing day and suddenly make it all seem worthwhile?

Wed, 07/23/2014 - 20:22 | 4995870 Cruel Aid
Cruel Aid's picture

Fox alert

Thu, 07/24/2014 - 00:08 | 4996711 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

HH she was so damn hot. Grew up watching her pointy things making my thing get pointy.

Wed, 07/23/2014 - 17:29 | 4995154 Colonel Klink
Colonel Klink's picture

The UGLY, IT BURNS!

Wed, 07/23/2014 - 18:52 | 4995480 Freddie
Freddie's picture

Isn't there some rule on ZH against posting pictures of douchebags?

Thu, 07/24/2014 - 00:07 | 4996705 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Steve Liesman and his family and friends make a living from the polices of the FED. Why would he ever believe that what they are doing to the nation is not a good thing.

Bought and paid shill for the Federal Reserve. This POS still claims that his economist buddies who have recieved the "  The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel " is an actual Noble Prize. He never makes the distinction which proves he is a liar.

There is no prize for Economics given by the Noble Prize system in case some you did not know

Wed, 07/23/2014 - 16:58 | 4994998 Pareto
Pareto's picture

Its fucking amazing isn't it?  That this was the best CNBC could do. That they couldn't find ANYBODY else more qualified.  But thats what it has come to hasn't it. We've stood capitalism on its head and Liesman typifies the end result of doing just that.

Wed, 07/23/2014 - 17:14 | 4995084 NOTaREALmerican
NOTaREALmerican's picture

I think they did pretty good with him.   He "sells" the American dream.   It's all about "selling" (putting bullshit into the brains of) dumbasses.

Wed, 07/23/2014 - 17:42 | 4995200 Escrava Isaura
Escrava Isaura's picture

Pareto... "That this was the best CNBC could do."

What's your best? Show us.

Wed, 07/23/2014 - 17:42 | 4995213 QEternity
QEternity's picture

I'll bet all my silver that the 401k's and the IRA's are gonna get reaped well before any of us hit retirement

Wed, 07/23/2014 - 18:30 | 4995382 tarsubil
tarsubil's picture

I'm not a big fan of Cuban but my opinion just went up a notch. I hope the kids live debt free. That is the peaceful way of telling the bankers to go fuck themselves.

Wed, 07/23/2014 - 16:58 | 4994977 FuzzyDunlop21
FuzzyDunlop21's picture

Pay off debt? What the fuck!! Dont these TERRORISTS know debt is wealth?? I believe its even a line (or should have been ) in 1984:

“War is peace. Freedom is slavery. Debt is wealth. Ignorance is strength.
Wed, 07/23/2014 - 16:56 | 4994978 Pareto
Pareto's picture

My bet is that Steve Liesman, if you pulled a credit bureau on him, is flat ass broke, and has two or 3 judgements against him with a credit utilizaion rate of over 95%.

Wed, 07/23/2014 - 17:04 | 4995021 buzzsaw99
buzzsaw99's picture

i might be inclined to agree with that speculation. he's always bleary eyed so i suspect he might be drinking heavily which would explain a LOT.

Wed, 07/23/2014 - 20:25 | 4995879 Cruel Aid
Cruel Aid's picture

I believe he's a dead/pot head

And apparently he can jam a guitar

Wed, 07/23/2014 - 22:01 | 4996287 therover
therover's picture

"I believe he's a dead/pot head, and apparently he can jam a guitar "

Nothing wrong with that !

Wed, 07/23/2014 - 16:57 | 4994984 Rainman
Rainman's picture

Good thing the consumer isn't really 70% of the economy ...

Wed, 07/23/2014 - 16:58 | 4994997 Dr. Richard Head
Dr. Richard Head's picture

I believe the American economy is now bombs and bribes.

Wed, 07/23/2014 - 16:57 | 4994988 Dr. Richard Head
Dr. Richard Head's picture

While I applaud savings, isn't the IRA just another mechanism into Wall Street's front-running, derivatives ridden casino of theft and pillagary?

Wed, 07/23/2014 - 17:06 | 4995033 fonzannoon
fonzannoon's picture

The fed is upset because record amounts of retirement money is being stuffed into the stock market?

has this place lost it's mind?

Wed, 07/23/2014 - 17:27 | 4995144 disabledvet
disabledvet's picture

The BANKS don't want a huge increase in savings as that flattens their spreads and hammers their trading profits.

It does mean IF TRUE however interest rates will remain "at or near zero" for a long time and could create fuel for a surge in consumption of say...fuel cells, solar batteries, airships, you name it.

Wed, 07/23/2014 - 17:08 | 4995039 Charles Nelson ...
Charles Nelson Reilly's picture

I rolled mine over from a previous employer 3 years ago to a self directed ira.  Half of it is now PM's in storage, other half in cash.

Wed, 07/23/2014 - 19:54 | 4995743 cynicalskeptic
cynicalskeptic's picture

Unless 'storage' is under your direct control, half your IRA is cash - a promise to pay and  the other half is ....a promise to give you gold

Physical possession.

Wed, 07/23/2014 - 17:31 | 4995162 Colonel Klink
Colonel Klink's picture

Yep, it's the prime robbery mechanism for Fraud street, that and pensions.

Wed, 07/23/2014 - 17:00 | 4994993 Da Yooper
Da Yooper's picture

Debt ='s Slavery

 

But remember the markets are rigged & manipulated

 

It is a "SPECIAL" club for the bankers & you aint in it

 


Wed, 07/23/2014 - 17:13 | 4995080 kchrisc
kchrisc's picture

"Debt = Slavery"

 

However, one can just walk off this plantation and use guillotines to "payoff" the debt.

 

The most powerful weapon the American people have to use against the DC US tyrants is Rejection.

The system of fraud and theft that has been built up upon the backs of the American people is dependent upon our backs. Withdrew our backs, and the whole thing collapses. This is our greatest weapon.

Quit Paying--put it into food, steel and lead, and precious metals, etc. They stole what ever "debt money" they loaned you in the first place via fraudulent-reserve banking and soon you won't be able to pay them anyways, so just stop now.

Quit Obeying--If they are in violation of the Constitution then they are criminals and not legitimate.

Quit Playing--Quit being a tool for them to use.

The Four Rs
Rejection: Quit paying, quit obeying, quit playing
Revolution: It is inevitable, so prepare, as they are.
Retribution: The guilty must answer for their crimes against the American people and the Constitution.
Restoration: Restore the American people, country and Constitutional republic.

Wed, 07/23/2014 - 17:22 | 4995108 NotApplicable
NotApplicable's picture

Well, they could walk off the plantation, if only most of them weren't completely dependent upon it.

Besides, if the people go rogue, they'll soon find themselves as popular as Putin, with a terrorist label to boot.

Oh, and TPTB would stop propping everything up and let the SHTF.

Divide and conquer. So simple, even an immature criminal can do it.

Wed, 07/23/2014 - 17:34 | 4995180 disabledvet
disabledvet's picture

Governors COULD start budgeting responsibly...keeping the teachers but ditching the overhead. Letting Google Prime handle mail delivery "for a cost less than the typical PO Box."

Start seizing Federal Properties in the name of economic development.

I see nothing wrong with larger States issuing their own currency if backed by gold either. We'll see how well the Texas National Guard does at securing Texas' border.

Wed, 07/23/2014 - 17:47 | 4995219 NotApplicable
NotApplicable's picture

Well, they could if the states weren't on the hook too. They owe Uncle Sugar billions for unempleyment insurance benefit loans.

http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2014/0...

Wed, 07/23/2014 - 17:53 | 4995239 Escrava Isaura
Escrava Isaura's picture

Disable,

I have a friend in Arlington, VA that's married to a teacher and he told me that his wife makes around $120 thousand. And when she gets her PHD she will make $160 thousand.

Would like to reconsider your statement?

 

Wed, 07/23/2014 - 19:23 | 4995627 nightshiftsucks
nightshiftsucks's picture

And that's sustainable ?

Wed, 07/23/2014 - 19:35 | 4995673 Escrava Isaura
Escrava Isaura's picture

You would have to ask Disablevet, because Disablevet said: "Governors COULD start budgeting responsibly...keeping the teachers

Wed, 07/23/2014 - 22:44 | 4996453 kchrisc
kchrisc's picture

With respect, but faith in pols or crats at any level is misguided at best.

Governors SHOULD be made to go away.

 

"Hey, guillotine and governor both start with 'G'."

Wed, 07/23/2014 - 17:38 | 4995197 Nick Jihad
Nick Jihad's picture

Agreed. The 47% know where their checks come from, and that's the reason for all the ire directed at the Tea Party. They know what happens if the minority of taxpayers doff the yoke.

Wed, 07/23/2014 - 19:39 | 4995693 Escrava Isaura
Escrava Isaura's picture

Nick Jihad, you said: "47% know where their checks come from"

Here's a $10 dollars challenge: That you have NO idea how the money you earned came to creation?

Wed, 07/23/2014 - 23:59 | 4996685 dellievan
dellievan's picture

It bothers me when I lose rouge when I go rogue on my luge.

Wed, 07/23/2014 - 16:58 | 4994996 SmackDaddy
SmackDaddy's picture

suckers.....

Wed, 07/23/2014 - 17:00 | 4995003 Duffy
Duffy's picture

Why anyone takes neo-Keynesian premises seriously - I can not understand.  Especially people who have any sort of even low level background in science.

You have fiat loaned into existence at interest, you have fractional reserve money creation...more interest...  debt outstanding will always grow faster than money, sorry currency supply, and currency supply will increasingly trend toward recipients of interest payments.  It's quite simple.

Loaning more to spend more can't work forever, and we're well past the point where deficit spending isn't affirmatively hamstringing future growth, etc.

 

This fuckery relies on sophists with PhDs talking to journalists and politicians who are easily convinced by jargon and buzzwords like "create jobs" - even in the absence of even weakly circumstantial evidence that government deficit spending does a fuckin' thing but add to debt and transfer more wealth to aggregations of extant capital.

 

Fuckers!!!

 

 

aaargggh!!!  it's all so fucking stupid... these fucking fucks and their fuckery!!!

Wed, 07/23/2014 - 17:05 | 4995024 NOTaREALmerican
NOTaREALmerican's picture

Don't forget the 1st law of bullshit.  

Anything  + bullshit ->  $ ^ bullshit.

 

Try it out for your self:   pick up any object near you.   How much is it worth?   Now,  create some good quality bullshit about it and ask your self how much it's worth?

See?   Lot's more.   Works on debt, works on fiat (of various types), works on deities.  

Bullshit,  don't leave home without it. 

Wed, 07/23/2014 - 17:03 | 4995011 buzzsaw99
buzzsaw99's picture

paying off debt is the best investment a young person can make. it is a guaranteed tax free return which also lowers overhead enabling even greater savings. the old days when you got decent interest on bank deposits and tax writeoffs for mortgage interest are OVER.

Wed, 07/23/2014 - 18:30 | 4995380 potato
potato's picture

I'm pretty sure the best investment is maxing it out and defaulting. Wait seven years, and repeat.

That and seriously minimizing monthly expenses.

Wed, 07/23/2014 - 17:02 | 4995015 philosophers bone
philosophers bone's picture

Start an "Obama Misrepresentation Income Trust" where he certifies in a prospectus that the value of MyRA government bonds will never go down and then all of his post-presidency speech revenues can be paid directly to the investors?

Wed, 07/23/2014 - 17:03 | 4995017 Gringo Viejo
Gringo Viejo's picture

Damn "hoarders".

Wed, 07/23/2014 - 17:05 | 4995023 Pheonyte
Pheonyte's picture

Terrists! Bet they don't support the troops either.

Wed, 07/23/2014 - 17:06 | 4995031 Atomizer
Atomizer's picture

Fuck you Mr. Janet Yellen,

 

Why don’t you march your chrome dome ass back to the handler you report to. Frankly, I really don’t need any new shit & quite happy with my lifestyle.

Watch this video Janet. There is no ROI when you bleed a US country to fight wars for something that is only driven for a few singular people.

Wed, 07/23/2014 - 17:08 | 4995046 kchrisc
kchrisc's picture

"...average IRA contributions for tax year 2013 reached $4,150 - an all-time high."

The sheeple never learn.

Gold and silver. Steel and lead. Grub and ground.

 

"Guillotine nutritional guidelines: Eat two helpings of bankster for every one of pol and crat."

Wed, 07/23/2014 - 17:17 | 4995097 NotApplicable
NotApplicable's picture

I got a letter at work from HR recently pointing out that I was missing out on planning for my retirement.

Never mind that I stopped contributing to this scam of a casino several years ago.

Wed, 07/23/2014 - 23:00 | 4996506 kchrisc
kchrisc's picture

Reminds me of when I worked some corp. nearly 20 years ago.

HR and the "administrators" could not believe that someone would not "participate" in their scheme. I would get letters and even called in with my supervisor to "discuss" it.

During one of their "open-enrollments" at our location I quietly explained inflation, fees, 'tax erosion," discounting, etc. to the two broads, yes broads, that they had sent. I basically told them that taken all together, I was much better on my own, "Thank you very much."

They must have had a "don't bother" field in their database, as I was never bothered again.

 

Note: "Broad" is a woman whose main competence is looks.

Wed, 07/23/2014 - 17:10 | 4995054 stant
stant's picture

I picture Washington and fraud street in my mind like the elite in the last days in Berlin,sex and blow because they still can and the end is near

Wed, 07/23/2014 - 17:58 | 4995258 shovelhead
shovelhead's picture

I was thinking that reading the MM gating article.

Que Hitler bunker rant at finding out he cant get his money in 3...2...1...

Wed, 07/23/2014 - 17:13 | 4995068 DarthVaderMentor
DarthVaderMentor's picture

Herding the sheep to Wall Street so they can be shorn clean.....in a staged crash. Not enough sheep buying equities!

Wed, 07/23/2014 - 17:12 | 4995071 Peter Pan
Peter Pan's picture

It's all called reversion to the mean although savings of just over $4000 per year does not make for any sort of retirement especially when interest rates are negative in real terms.

Wed, 07/23/2014 - 17:17 | 4995093 NOTaREALmerican
NOTaREALmerican's picture

If they listened to Steve Liesman, they'd be all in stocks and, after 50 years, they'd have so much money they'd be billionaires.    Remember,  America is about RISK taking.  With risk comes reward, and winners never quit and quitters never win, and unless you give 110% (in stocks) you're not going to be able to complete with those who are.

Wed, 07/23/2014 - 17:13 | 4995078 22winmag
22winmag's picture

Keep stacking... cans of corned beef and sardines that is.

Wed, 07/23/2014 - 17:49 | 4995230 RaceToTheBottom
RaceToTheBottom's picture

Liesman listeners stack SPAM

Wed, 07/23/2014 - 18:09 | 4995299 Super Hans
Super Hans's picture

Gotta be cheaper than that can of Spam ($2.50) that I saw at wm yesterday!  I also did notice that trader jackoff's is no longer selling canned roast beef from brazil!  I had a can of that beef the other night!; it had expired 3 years ago, but it tasted great!

Wed, 07/23/2014 - 17:16 | 4995092 MaxPower92
MaxPower92's picture

I'm maxed out on debt.  I plan on paying back all my loans with Weimar dollars.

Wed, 07/23/2014 - 19:59 | 4995762 cynicalskeptic
cynicalskeptic's picture

Weimar Marks - Zimbabwe Dollars

More bang for your banknote with Zimbabwe currency - if  you can get someone to accept it.  

Hundred trillion dollar notes 

Wed, 07/23/2014 - 17:22 | 4995120 world_debt_slave
world_debt_slave's picture

don't forget the gov debt that keeps growing is on our backs for generations

Wed, 07/23/2014 - 17:26 | 4995125 ebworthen
ebworthen's picture

CNBC featured a Yahoo! Finance poll that asked:

"Recent studies indicate millennials prefer to sit on the cash they save. Are millennials a lost generation of investors?"

 

21% said "Yes".

29% said "No, they'll just be late bloomers."

50% said "You need to have money to be able to invest."

 

Which means that 71% don't have money to invest or don't believe in investing.  Ooops!

http://finance.yahoo.com/ (halfway down the page on the right margin)

Wed, 07/23/2014 - 17:31 | 4995164 Pheonyte
Pheonyte's picture

They left out this response: "You need to have a free market to invest."

Wed, 07/23/2014 - 17:31 | 4995157 rsnoble
rsnoble's picture

Good source of bail-in funds.

 

Wed, 07/23/2014 - 17:39 | 4995195 czarangelus
czarangelus's picture

Oh by the way, fuck you old people.

After all your bitching that we're poor because we're lazy and have our iPhones up our asses all day, it fucking turns out that you are the looters and the millennial generations are busting ass to save as much of their meager wages as possible after you yank half of it for free pills and Hoverrounds.

We should render your fat down into oil and use you to lubricate our motors for what you did to us.

Wed, 07/23/2014 - 17:42 | 4995214 NOTaREALmerican
NOTaREALmerican's picture

Git your goddamn libertarian hands off my Medicare you goddamn hippy socialist,  I'm entitled to all goddamn hip replacements I want,  I PAYED FOR THAT Medicare! 

And get a goddamn haircut, you look like a girl!

Wed, 07/23/2014 - 18:18 | 4995335 SMC
SMC's picture

Direct your anger where it will do some good. The enemy does not reside at your local seniors center, the enemy is a fiscally irresponsible government serving crony-capitalists focused on global domination.

Thu, 07/24/2014 - 09:36 | 4997557 messymerry
messymerry's picture

Please add to that ridiculous public pensions!!!

Wed, 07/23/2014 - 18:34 | 4995394 snr-moment
snr-moment's picture

Go choke on your free condoms whipper snapper.

Wed, 07/23/2014 - 17:40 | 4995202 RaceToTheBottom
RaceToTheBottom's picture

Normally I don't like that Cuban blowhard, but this time he is exactly right.

Wed, 07/23/2014 - 17:43 | 4995212 Fuku Ben
Fuku Ben's picture

Lies man working for a propaganda company

Irony of Parody?

You decide...

Wed, 07/23/2014 - 17:43 | 4995216 DOGGONE
DOGGONE's picture

Conpersons are in control, pretending they are good guys. Just look at the fifth chart here.
http://patrick.net/forum/?p=1246619

"F___ the future! Spend it all now!"

Wed, 07/23/2014 - 18:05 | 4995282 Super Hans
Super Hans's picture

I have 3 IRA's with a total of $50 in each!

Ha! let the bitch try and raid them in the up-comming divorce!

 

Wed, 07/23/2014 - 18:11 | 4995301 snr-moment
snr-moment's picture

Sniff, sniff, sniff.......

 

Smell that?  A whole new generation of people developing libertarian/conservative ideals.

Wed, 07/23/2014 - 18:36 | 4995327 Otto Zitte
Otto Zitte's picture

Smells like gasoline and barbecue.

Wed, 07/23/2014 - 18:26 | 4995367 Fuku Ben
Fuku Ben's picture

The Americans are starting to sound like Japanese

Wed, 07/23/2014 - 18:39 | 4995415 yellowsub
yellowsub's picture

Why pay off the debt when the gub'mint will bail you out...

Wed, 07/23/2014 - 19:40 | 4995702 messymerry
messymerry's picture

Why pay off the debt when the gub'mint will bail you in...

FTFY,  ;-D

Q:  Can IRAs, etc. be bailed in???

Wed, 07/23/2014 - 19:09 | 4995576 Joebloinvestor
Joebloinvestor's picture

This all came from the "You're worth what you owe" mentality of the 60's and 70's.

Wed, 07/23/2014 - 19:13 | 4995594 Billy Shears
Billy Shears's picture

Lies-man, is CNBC for douche bag par excellence.

Wed, 07/23/2014 - 19:24 | 4995629 d edwards
d edwards's picture

Debt is the bridge between personal freedom and debt slavery.

 

The borrower is slave to the lender.

Wed, 07/23/2014 - 19:24 | 4995602 1stepcloser
1stepcloser's picture

These amerikans obviously don't understand how a debt based monetary system effeciently works.  Yes, pay off your debts and watch as the money supply dry up quicker than vegas..   Use your new 401K ATM Loan and boost the economy LOLOL

Wed, 07/23/2014 - 19:44 | 4995710 TrustbutVerify
TrustbutVerify's picture

So...there are some millennials with brains.  I hope they watch out for the unknown unknowns that could side-swipe them.  Do they know what the total debt figures are n this country?  

Wed, 07/23/2014 - 23:09 | 4996536 itchy166
itchy166's picture

Rack up all kinds of debt, put the money into Bitcoin, and then declare bankruptcy..

 

 

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