RonUSPSretired
Member
Does anyone know, off the top of their head, if we (retired) can roll over just part of our TSP funds to an outside fund i.e. Scottrade or do we have to do it all at once? I haven't had a chance to check the official yet.
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Malyla's Account Talk
- Thread starter malyla
- Start date
poolman
Top Return 2008
I pass a Scottrade office everyday, and always think I need to get in there and set up an acct. Need an extra push or something. I am still slowly learning about all of the trading vehicles and don't have enough confidence yet. Gl and I hope you make mucho dinar in your account
Thanks wv-girl,
I have some ideas on what I want to do. I'm going to start off slow. Scottrade has some very nice videos explaining answers to your questions. You can set up an account on - line and then see what I am saying. Example: There are so many different order types that I didn't understand and they have a video explaining all of that.
I tried trading almost 20 years ago through Franklin Templeton and did lousy. 1 thing is I didn't have the experience and I didn't have the tools like we do today. Example.. Internet, Charts, Graphs, Real - time info..
XL-entLady
Well-known member
I just opened a Scottrade account for spouse's Roth and I'm very pleased with the broker's customer service and with the trading platform. I'm looking to open my Roth with another broker, just to spread things around in this wacky economy. I looked hard at Zecco but found their trading platform to be slow and kind of clunky.
I've been reading good things about TradeStation and their $5 trades. Has anyone had any experience with them? Malyla, have you looked at that one?
Lady
malyla
Active member
Thanks Lady. I had not heard of this one. I'll check it out. Thanks. Malyla
XL-entLady
Well-known member
I have a baby eTrade account. It's a good trading platform and they have great research tools, but the trading commissions on my small account are expensive enough that I don't trade as often as I'd like. I'm going to roll it over to my new Scottrade account where the commissions are about $5 less than eTrade.
So I guess it depends on how fast you think you would run through those 100 free trades.
Malyla, don't mean to hijack your thread. Thanks for the hospitality!
Lady
Thanks Lady, I think I might try them out. Does anyone know how many times a person can roll over an IRA to different accounts? I have no idea how hard it is to accomplish. I will be glad when I can get the tsp $$$'s out and into an account where you can put stops in and actually do real time trades. I haven't decided yet if it should be all of the tsp or if just part of it. Or if that's even possible.
Per TSP.gov...
If you did not make an age-based in-service withdrawal from your account while you were still employed by the Federal Government, you can take out part of your TSP account balance and leave the remaining amount in the TSP until later. However, the remaining amount must be withdrawn by the withdrawal deadline — generally, when you reach age 70½. (See "How long can I leave my money in the TSP?")
You can request a partial withdrawal in an amount of $1,000 or more. Partial withdrawals are paid only as a single payment. You can have the TSP transfer all or part of the payment to a traditional IRA, eligible employer plan, or Roth IRA (if you are eligible). If you request your partial withdrawal by submitting a paper form, payments to you can also be deposited directly into your checking or savings account by means of electronic funds transfer (EFT). Regardless of the withdrawal amount or the balance in your account, spousal consent and notification requirements apply to the partial withdrawal. (See "How do the rights of my spouse affect my withdrawal choice?")
Uptrend
Well-known member
For those of us still working, I think I read on the TSP website you cannot roll any of the TSP until age 59.5 when you can make a one time withdrawal. However, you can put less than the max in, and put up to the IRS limits in an IRA and trade on a platform like Scotts or Ameritrade.
malyla
Active member
Thanks everyone for the info.
Lady - you are welcome anytime.
I had no idea there were so many choices for a trading platform. I'm still looking at all of them but Scottrade is so far looking the best. Are there any others out there? Ameritrade, etrade, zecco, tradestation, sharebuilder,... others?
Thanks again all.
Malyla
Lady - you are welcome anytime.
I had no idea there were so many choices for a trading platform. I'm still looking at all of them but Scottrade is so far looking the best. Are there any others out there? Ameritrade, etrade, zecco, tradestation, sharebuilder,... others?
Thanks again all.
Malyla
RonUSPSretired
Member
Thanks so much Tom and Malyla for the use of your thread. That answers my question. I've been dragging my heels re: pulling out of tsp. But given the restrictions and the fact I'm currently needing to take a monthly withdrawal to offset my pension, I need to become more proactive to keep what I have left from dwindling down so fast. The discussions about different trading platforms have been most helpful.--Ron
RonUSPSretired
Member
Vangaard was reccommended to me, in the past. It might be worth checking out again
Corepuncher
Well-known member
I have several friends who have settled on Firsttrade. I would check them out. A second option is think or swim.
malyla
Active member
KevinD
Well-known member
malyla
Active member
There are a few people on the MB and on TV saying that we need to punish the actors in this financial collapse. These same people are angry that Obama's administration is not going to go after the culprits. In answer to this I have done a little (very little) research on who should be punished. Here is my analysis - FWIW.
Part 1
Who should be punished - Phil Gramm! Without him and some other legistators, none of the other culprits in this financial disaster could have succeeded in destroying our economy. Needed deregulation (Thanks Phil) to allow legal actions for making money as taken by AIG, Bear-Sterns, Countrywide, Fannie Mae, and Lehman Brothers to ruin the world markets. Without the repeal of the second Glass-Steagall Act in 1999 and the passing of the Commodity Futures Modernization Act of 2000, all introduced by Phil Gramm, there would have been no opportunity for the financial mess we are in now with CDS's, CDO's, AAA ratings/downgrades, and SEC loss of oversight. My argument is outlined below and heavily relies on wikipedia articles as referenced (in italics):
______________________________________________________
Between 1995 and 2000, Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. During that time he spearheaded efforts to pass banking deregulation laws, including the landmark Gramm-Leach-Bliley Act in 1999, which removed Depression-era laws separating banking, insurance and brokerage activities.
Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000[5]. One provision of the bill is often referred to as the "Enron loophole" because some critics blame the provision for permitting the Enron scandal to occur.[6]. Gramm's wife, Wendy Lee Gramm, was on the board of directors of Enron when it collapsed, and she was named in many of the Enron shareholder lawsuits.
Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act — was partly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[8][9] The Act is most widely known for repealing portions of the Glass-Steagall Act, which had regulated the financial services industry. Gramm responded to criticism of the act by stating that he saw "no evidence whatsoever" that the sub-prime mortgage crisis was caused in any way "by allowing banks and securities companies and insurance companies to compete against each other."[10] The Act, it should be noted, passed the House by an overwhelming majority and passed by unanimous consent in the Senate, though it was introduced on the last day before Christmas holiday and never debated by either congressional body. [11]
The Washington Post in 2008 named Gramm one of seven "key players" responsible for winning a 1998-1999 fight against regulation of derivatives trading.[12] Gramm's support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.[13]
2008 Nobel Laureate in Economics Paul Krugman, a supporter of Barack Obama, described Gramm during the 2008 presidential race as "the high priest of deregulation," and has listed him as the number two person responsible for the economic crisis of 2008 behind only Alan Greenspan.[14][15] On October 14, 2008, CNN ranked Gramm number seven in its list of the 10 individuals most responsible for the current economic crisis.[16- http://ac360.blogs.cnn.com/2008/10/14/culprits-of-the-collapse-7-phil-gramm/ ] In January 2009 Guardian City editor Julia Finch identified him as one of twenty-five people who were at the heart of the financial meltdown. [17- http://www.guardian.co.uk/business/2009/jan/26/road-ruin-recession-individuals-economy] An Internet poll currently ranks Gramm #1 among 25 people selected by Time as candidates to blame for the economic crisis. [18- http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html ]
Gramm was co-chair of John McCain’s presidential campaign[19] and his most senior economic adviser[20][21] from the summer of 2007[22] until July 18, 2008.[19] In a July 9, 2008 interview on McCain's economic plans, Gramm explained the nation was not in a recession, stating, "You've heard of mental depression; this is a mental recession." He added, "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."[23] Gramm's comments immediately became a campaign issue. McCain's opponent, Senator Barack Obama, stated, "America already has one Dr. Phil. We don't need another one when it comes to the economy. ... This economic downturn is not in your head."[24] McCain strongly denounced Gramm's comments.[25] On July 18, 2008 Gramm stepped down from his position with the McCain campaign.[26] Explaining his remarks, Gramm stated that he had used the word "whiners" to describe the nation's politicians rather than the public, stating "the whiners are the leaders."[27] In the same interview, Gramm said, "I'm not going to retract any of it. Every word I said was true."[28]
Gramm quote- "In economics, we define labor exploitation as paying people less than their marginal value product. I recently told Ed Whitacre [former CEO of AT&T, who retired with a $158 million pay package] he was probably the most exploited worker in American history because he took Southwestern Bell, which was the smallest of the former Bell companies, and he turned it into the dominant phone company on earth. His severance package should have been billions."[32]
http://en.wikipedia.org/wiki/Phil_Gramm for complete article
______________________________________________________
Senator Phil Gramm
Former US senator from Texas, free market advocate with a PhD in economics who fought long and hard for financial deregulation. His work, encouraged by Clinton's administration, allowed the explosive growth of derivatives, including credit swaps.
In 2001, he told a Senate debate: "Some people look at sub-prime lending and see evil. I look at sub-prime lending and I see the American dream in action."
According to the New York Times, federal records show that from 1989 to 2002 he was the top recipient of campaign contributions from commercial banks and in the top five for donations from Wall Street. At an April 2000 Senate hearing after a visit to New York, he said: "When I am on Wall Street and I realise that that's the very nerve centre of American capitalism and I realise what capitalism has done for the working people of America, to me that's a holy place."
He eventually left Capitol Hill to work for UBS as an investment banker.
http://www.guardian.co.uk/business/2009/jan/26/road-ruin-recession-individuals-economy for complete article
_____________________________________________________
end of Part One
Part 1
Who should be punished - Phil Gramm! Without him and some other legistators, none of the other culprits in this financial disaster could have succeeded in destroying our economy. Needed deregulation (Thanks Phil) to allow legal actions for making money as taken by AIG, Bear-Sterns, Countrywide, Fannie Mae, and Lehman Brothers to ruin the world markets. Without the repeal of the second Glass-Steagall Act in 1999 and the passing of the Commodity Futures Modernization Act of 2000, all introduced by Phil Gramm, there would have been no opportunity for the financial mess we are in now with CDS's, CDO's, AAA ratings/downgrades, and SEC loss of oversight. My argument is outlined below and heavily relies on wikipedia articles as referenced (in italics):
______________________________________________________
Between 1995 and 2000, Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. During that time he spearheaded efforts to pass banking deregulation laws, including the landmark Gramm-Leach-Bliley Act in 1999, which removed Depression-era laws separating banking, insurance and brokerage activities.
Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000[5]. One provision of the bill is often referred to as the "Enron loophole" because some critics blame the provision for permitting the Enron scandal to occur.[6]. Gramm's wife, Wendy Lee Gramm, was on the board of directors of Enron when it collapsed, and she was named in many of the Enron shareholder lawsuits.
Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act — was partly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[8][9] The Act is most widely known for repealing portions of the Glass-Steagall Act, which had regulated the financial services industry. Gramm responded to criticism of the act by stating that he saw "no evidence whatsoever" that the sub-prime mortgage crisis was caused in any way "by allowing banks and securities companies and insurance companies to compete against each other."[10] The Act, it should be noted, passed the House by an overwhelming majority and passed by unanimous consent in the Senate, though it was introduced on the last day before Christmas holiday and never debated by either congressional body. [11]
The Washington Post in 2008 named Gramm one of seven "key players" responsible for winning a 1998-1999 fight against regulation of derivatives trading.[12] Gramm's support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.[13]
2008 Nobel Laureate in Economics Paul Krugman, a supporter of Barack Obama, described Gramm during the 2008 presidential race as "the high priest of deregulation," and has listed him as the number two person responsible for the economic crisis of 2008 behind only Alan Greenspan.[14][15] On October 14, 2008, CNN ranked Gramm number seven in its list of the 10 individuals most responsible for the current economic crisis.[16- http://ac360.blogs.cnn.com/2008/10/14/culprits-of-the-collapse-7-phil-gramm/ ] In January 2009 Guardian City editor Julia Finch identified him as one of twenty-five people who were at the heart of the financial meltdown. [17- http://www.guardian.co.uk/business/2009/jan/26/road-ruin-recession-individuals-economy] An Internet poll currently ranks Gramm #1 among 25 people selected by Time as candidates to blame for the economic crisis. [18- http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html ]
Gramm was co-chair of John McCain’s presidential campaign[19] and his most senior economic adviser[20][21] from the summer of 2007[22] until July 18, 2008.[19] In a July 9, 2008 interview on McCain's economic plans, Gramm explained the nation was not in a recession, stating, "You've heard of mental depression; this is a mental recession." He added, "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."[23] Gramm's comments immediately became a campaign issue. McCain's opponent, Senator Barack Obama, stated, "America already has one Dr. Phil. We don't need another one when it comes to the economy. ... This economic downturn is not in your head."[24] McCain strongly denounced Gramm's comments.[25] On July 18, 2008 Gramm stepped down from his position with the McCain campaign.[26] Explaining his remarks, Gramm stated that he had used the word "whiners" to describe the nation's politicians rather than the public, stating "the whiners are the leaders."[27] In the same interview, Gramm said, "I'm not going to retract any of it. Every word I said was true."[28]
Gramm quote- "In economics, we define labor exploitation as paying people less than their marginal value product. I recently told Ed Whitacre [former CEO of AT&T, who retired with a $158 million pay package] he was probably the most exploited worker in American history because he took Southwestern Bell, which was the smallest of the former Bell companies, and he turned it into the dominant phone company on earth. His severance package should have been billions."[32]
http://en.wikipedia.org/wiki/Phil_Gramm for complete article
______________________________________________________
Senator Phil Gramm
Former US senator from Texas, free market advocate with a PhD in economics who fought long and hard for financial deregulation. His work, encouraged by Clinton's administration, allowed the explosive growth of derivatives, including credit swaps.
In 2001, he told a Senate debate: "Some people look at sub-prime lending and see evil. I look at sub-prime lending and I see the American dream in action."
According to the New York Times, federal records show that from 1989 to 2002 he was the top recipient of campaign contributions from commercial banks and in the top five for donations from Wall Street. At an April 2000 Senate hearing after a visit to New York, he said: "When I am on Wall Street and I realise that that's the very nerve centre of American capitalism and I realise what capitalism has done for the working people of America, to me that's a holy place."
He eventually left Capitol Hill to work for UBS as an investment banker.
http://www.guardian.co.uk/business/2009/jan/26/road-ruin-recession-individuals-economy for complete article
_____________________________________________________
end of Part One
malyla
Active member
Part Two
The second Glass-Steagall Act, passed on 16 June 1933, and officially named the Banking Act of 1933, introduced the separation of bank types according to their business (commercial and investment banking), and it founded the Federal Deposit Insurance Corporation for insuring bank deposits. Literature in economics usually refers to this simply as the Glass-Steagall Act, since it had a stronger impact on US banking regulation.[8]
Impact on other countries
The Glass-Steagall Act has had influence on the financial systems of other areas such as China which maintains a separation between commercial banking and the securities industries.[9][10] Although in the aftermath of the financial crisis of 2008-9 this influence is waning[11]
Repeal of the Act
See also Depository Institutions Deregulation and Monetary Control Act passed in 1980, the Garn-St. Germain Depository Institutions Act deregulating the Savings and Loan industry in 1982, and the Gramm-Leach-Bliley Act in 1999.
The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999. [14]
The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[7]
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. [15] It is therefore seen by some that the repeal of this act contributed to the Global financial crisis of 2008–2009[16]. However, such SIVs existed before the repeal of Glass-Steagall[17]
The year before the repeal, sub-prime loans were just 5% of all mortgage lending. By the time the credit crisis peaked in 2008, they were approaching 30%.
http://en.wikipedia.org/wiki/Glass-Steagall_Act for complete article and see
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act for complete article on the bill
_____________________________________________________
Credit Default Swaps were invented in 1997 by a team working for JPMorgan Chase[7][8][9]. They were designed to shift the risk of default to a third-party, and were therefore less punitive in terms of regulatory capital.[10]
Credit Default Swaps became exempt from regulation with the Commodity Futures Modernization Act of 2000, which was also responsible for the Enron loophole. U.S. Sen. Phil Gramm (R-TX) introduced the Act on behalf of financial industry lobbyists. The Modernization Act was rushed through Congress as a companion bill to the omnibus spending bill, the last day before the Christmas holiday[11]. It by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes [12]. The omnibus spending bill, which was 11,000 pages long, is the financial plan the government requires for everyday operations. President Clinton signed the bill into Public Law (106-554) on December 21, 2000.
http://en.wikipedia.org/wiki/Credit_default_swap for complete article and see
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 for complete article on the bill
______________________________________________________
So,....
Of all those listed in the top 10 culprits of the collapse on CNN, Phil Gramm is the worst as he made it legal and opague for the others to do their part in our downfall. The financial markets will not survive in their present state or even pre-1999 state, and we have Phil Gramm to thank for that (lets give his lobbyists their just dues as well <golf clap>).
So for all thoses out there looking to put someone in jail, it was all legal and we can't do anything about punishing these big players thanks to our people in congress (thanks again Phil). We can only shout our heads off to close the loopholes and get this lesson actuately recorded in our history books and taught to future generations. My 0.02 cents.
The second Glass-Steagall Act, passed on 16 June 1933, and officially named the Banking Act of 1933, introduced the separation of bank types according to their business (commercial and investment banking), and it founded the Federal Deposit Insurance Corporation for insuring bank deposits. Literature in economics usually refers to this simply as the Glass-Steagall Act, since it had a stronger impact on US banking regulation.[8]
Impact on other countries
The Glass-Steagall Act has had influence on the financial systems of other areas such as China which maintains a separation between commercial banking and the securities industries.[9][10] Although in the aftermath of the financial crisis of 2008-9 this influence is waning[11]
Repeal of the Act
See also Depository Institutions Deregulation and Monetary Control Act passed in 1980, the Garn-St. Germain Depository Institutions Act deregulating the Savings and Loan industry in 1982, and the Gramm-Leach-Bliley Act in 1999.
The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate[12] and by a 343-86 vote in the House of Representatives[13]. After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bipartisan bill resolving the differences was passed in the Senate 90-8 (1 not voting) and in the House: 362-57 (15 not voting). Having majorities large enough to override any possible Presidential veto, the legislation was signed into law by President Bill Clinton on November 12, 1999. [14]
The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.[7]
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. [15] It is therefore seen by some that the repeal of this act contributed to the Global financial crisis of 2008–2009[16]. However, such SIVs existed before the repeal of Glass-Steagall[17]
The year before the repeal, sub-prime loans were just 5% of all mortgage lending. By the time the credit crisis peaked in 2008, they were approaching 30%.
http://en.wikipedia.org/wiki/Glass-Steagall_Act for complete article and see
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act for complete article on the bill
_____________________________________________________
Credit Default Swaps were invented in 1997 by a team working for JPMorgan Chase[7][8][9]. They were designed to shift the risk of default to a third-party, and were therefore less punitive in terms of regulatory capital.[10]
Credit Default Swaps became exempt from regulation with the Commodity Futures Modernization Act of 2000, which was also responsible for the Enron loophole. U.S. Sen. Phil Gramm (R-TX) introduced the Act on behalf of financial industry lobbyists. The Modernization Act was rushed through Congress as a companion bill to the omnibus spending bill, the last day before the Christmas holiday[11]. It by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes [12]. The omnibus spending bill, which was 11,000 pages long, is the financial plan the government requires for everyday operations. President Clinton signed the bill into Public Law (106-554) on December 21, 2000.
http://en.wikipedia.org/wiki/Credit_default_swap for complete article and see
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 for complete article on the bill
______________________________________________________
So,....
Of all those listed in the top 10 culprits of the collapse on CNN, Phil Gramm is the worst as he made it legal and opague for the others to do their part in our downfall. The financial markets will not survive in their present state or even pre-1999 state, and we have Phil Gramm to thank for that (lets give his lobbyists their just dues as well <golf clap>).
So for all thoses out there looking to put someone in jail, it was all legal and we can't do anything about punishing these big players thanks to our people in congress (thanks again Phil). We can only shout our heads off to close the loopholes and get this lesson actuately recorded in our history books and taught to future generations. My 0.02 cents.
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