US Senator Richard Burr 'dumped stocks worth $1.6m

[BillMasen]

https://www.telegraph.co.uk/news/20...r-dumped-stocks-worth-16m-despite-reassuring/

US Senator Richard Burr 'dumped stocks worth $1.6m despite reassuring public about coronavirus'

Richard Burr allegedly warned donors of a looming disaster while the White House was telling the public that the virus was not a threat

 

[JackDW]

I moved most of my 401k from high growth (high risk) to stable funds just a couple weeks before the stock market started dropping. So, am I suspected too???
Anyone with half a brain could see this one coming since China was the only thing on the news for a month before the drop. With the Chinese factories shutting down, there was no question it HAD to hit the US stockmarkets. I was just surprised it took so long.

 

[Brent S]

Anyone that thinks the majority of politicians don’t do insider trading or back room deals is either naive or stupid.....

 

[DrHenley]

It's hardly insider trading or a back room deal if you TELL EVERYBODY about it.

 

[Mountain trapper]

Smart move. That's the way your supposed the play the stock market. Sell when the market is high and buy when it's low.

 

[GeorgiaPeachie]

Anyone that thinks the majority of politicians don’t do insider trading or back room deals is either naive or stupid.....

So right! How else do they get into politics poor (most of them), but end up multimillionaires?

 

[KateMTx]

I don't think it qualifies as "insider" trading if half the world knows about it.

 

[Brent S]

The thing is they got closed briefings that instigated them to sell. This was information that wasn’t available to the public. Hey, if Martha Stewart can do a year then I could see the same...

 

[GeorgiaPeachie]

The thing is they got closed briefings that instigated them to sell. This was information that wasn’t available to the public. Hey, if Martha Stewart can do a year then I could see the same...

Don't count on it. Hillary is still not being held accountable. Neither are the ones who were over the failed coup on our President. Face it, politicians get away with things you or I never would!

 

[Brent S]

Don't count on it. Hillary is still not being held accountable. Neither are the ones who were over the failed coup on our President. Face it, politicians get away with things you or I never would!

That’s a fact, wealth and privilege gives you a different set of rules....

 

[GeorgiaPeachie]

That’s a fact, wealth and privilege gives you a different set of rules....

It’s a tough thing to swallow sometimes. For instance, that young, innocent navy guy who took 1 picture of the sub...never showed it to anyone, but he got put in military jail. Hillary had a server set up in her bathroom that was easily hacked and she gets away scot free! Just not right for a country that is supposed to be governed by the rule of law. There are a zillion other examples beyond this...it is not limited to any party.

 

[Mountain trapper]

Anyone that is high up in a large corporation knows a lot of inside information. You don't think that they do the same thing? We'd all do this if we had the chance.

 

[GaRp58]

I just pulled my money back out of Switzerland, is the IRS gonna come look for my sorry ass? They can come and look a my 20 year old car, 30 year old kitchen and 60 year old face and see if it worth messing with...Gary

 

[KateMTx]

I talked to some older friends of mine who are common-sense country preppers. So they're ready for the everyday disaster situations, etc. They are retired now, though, and have lost nearly $70,000 in their retirement accounts over the past couple weeks. I bet they wish they had the Senator's information.

 

[JackDW]

"have lost nearly $70,000 in their retirement accounts over the past couple weeks.", only on paper unless they SOLD. You don't lose a cent until you sell. At this time, just sit tight and let it ride. It will come back. The big investors are the ones who want smaller investors to panic and start selling. They want the stock market to get falling and falling and will be "selling short" the whole way down. Once it hits bottom, they will be "all in" and the people who just out on the way down will just lose it.

 

[Mountain trapper]

"have lost nearly $70,000 in their retirement accounts over the past couple weeks.", only on paper unless they SOLD. You don't lose a cent until you sell. At this time, just sit tight and let it ride. It will come back. The big investors are the ones who want smaller investors to panic and start selling. They want the stock market to get falling and falling and will be "selling short" the whole way down. Once it hits bottom, they will be "all in" and the people who just out on the way down will just lose it.

That's the way to do it. Sell when the market is high and buy when it's low. Just smart investing strategie.
Unfortunately for those that depend on their investments now for retirement are the ones that will be hurting.

 

[Brent S]

I do believe we will get thru this crisis eventually. I also feel that we are a long ways off the bottom of this. Once we do get a vaccine, or at least when this virus burns through its course, Business can begin to start the wheels turning again. One major problem though will be all the business that go under. At this point I’m guessing at least 10% to 15%. After the trillions of dollars the govt burns through to try and stave off this mess they won’t have enough to do a lot at the end of it. Add the crushing debt to all the unemployment and I don’t see a rosy outlook for a very long time. Yes the economy will grow and become positive again eventually, but how many years? I’m sorry to show such a dreary picture of this but my gut feeling tells me I’m on the right track.

 

[KateMTx]

"have lost nearly $70,000 in their retirement accounts over the past couple weeks.", only on paper unless they SOLD. You don't lose a cent until you sell. At this time, just sit tight and let it ride. It will come back. The big investors are the ones who want smaller investors to panic and start selling. They want the stock market to get falling and falling and will be "selling short" the whole way down. Once it hits bottom, they will be "all in" and the people who just out on the way down will just lose it.

They are certainly keeping it and waiting. But this was their retirement account which they were planning to cash out over the next 10-15 years.

 

[BillMasen]

Wow just found out US citizens who live overseas are the only people on earth who have to pay income taxes TWICE, once in the country they live in and again back in the US if they dont give up their US citizenship. Land of the Free becomes Land of the Fee.

 

[JackDW]

They are certainly keeping it and waiting. But this was their retirement account which they were planning to cash out over the next 10-15 years.

Yep, that includes me. I am scheduled to retire on June but I also planned my finances so we can live comfortably on our SS. That means putting off retirement until I am debt free (could have retired a couple years ago based upon age). I will withhold any 401K distribution until the stock market comes back or until I am required to take a minimum distribution.

 

[Brent S]

I’m fortunate enough to be debt free so was hoping to retire with SS in three years at 59 1/2. With savings, SS and my 401k I should be fine. Most say not to take SS this early but I have a couple clogged arteries in my heart and the cardiologist said I’d be lucky to make 70. With my love of Popeyes chicken I figured taking retirement early was smart.... of course all this was planned before the very real possibility of a depression was here. Right about now I am hoping there is still SS available in three years.
My motto is I’m not afraid to die, just afraid of running out of fried chicken before then!

 

[GaRp58]

Wow just found out US citizens who live overseas are the only people on earth who have to pay income taxes TWICE

That is a true screw, only with a bit of light in the tunnel. Only after you work and live in another country and are required to pay the local federal taxes AND exceed a certain amount of gross income, do you also start paying taxes into the US system. I do not know the present level of this double taxation law, but the last time I looked over 10 yrs ago, it was at $71,000 gross. I assume you pay the local taxes up to this level and only after this level, do you start paying to the IRS and only on the amount OVER this level of income....GP

 

[GeorgiaPeachie]

I’m fortunate enough to be debt free so was hoping to retire with SS in three years at 59 1/2. With savings, SS and my 401k I should be fine. Most say not to take SS this early but I have a couple clogged arteries in my heart and the cardiologist said I’d be lucky to make 70. With my love of Popeyes chicken I figured taking retirement early was smart.... of course all this was planned before the very real possibility of a depression was here. Right about now I am hoping there is still SS available in three years.
My motto is I’m not afraid to die, just afraid of running out of fried chicken before then!

Can’t the cardiologist fix your clogged arteries? Being not that old and a very active man, it would seem they could and should.