It's bad enough that we've been forced to bail out Wall Street. But now the Obama administration is hatching plans to raid our retirement savings, too.
To say that I'm "outraged" doesn't come close to describing the emotions I experience every time I think about the government's latest hare-brained scheme.
According to widespread media reports, both the U.S. Treasury Department and the Department of Labor plan are planning to stage a public-comment period before implementing regulations that would require U.S. savers to invest portions of their 401(k) savings plans and Individual Retirement Accounts (IRAs) into annuities or other "steady" payment streams backed by U.S. government bonds.
Folks, there's only one reason these agencies would do such a thing - the nation's creditors think that U.S. government bonds are a bad bet and don't want to buy them anymore. So like a grifter who's down to his last dollar, the administration is hoping to get its hands on our hard-earned savings before the American people realize they've had the wool pulled over their eyes ... once again.
It's easy to understand why.
To say that I'm "outraged" doesn't come close to describing the emotions I experience every time I think about the government's latest hare-brained scheme.
According to widespread media reports, both the U.S. Treasury Department and the Department of Labor plan are planning to stage a public-comment period before implementing regulations that would require U.S. savers to invest portions of their 401(k) savings plans and Individual Retirement Accounts (IRAs) into annuities or other "steady" payment streams backed by U.S. government bonds.
Folks, there's only one reason these agencies would do such a thing - the nation's creditors think that U.S. government bonds are a bad bet and don't want to buy them anymore. So like a grifter who's down to his last dollar, the administration is hoping to get its hands on our hard-earned savings before the American people realize they've had the wool pulled over their eyes ... once again.
It's easy to understand why.
Facing a $14 trillion fiscal hangover, the Treasury can no longer count countries such as Japan and China to be dependable buyers of U.S. government debt. Not only have those nations dramatically reduced their purchasing of U.S. bonds, most of our largest creditors are now actively diversifying their reserves away from greenback-based investments in favor of other reliable stores of value - like oil, gold and other commodities.
This growing reluctance couldn't come at a worse time. Just yesterday (Tuesday), in fact, the Congressional Budget Office estimated that the U.S. budget deficit would hit $1.35 trillion this year. And that's not the only shortfall the Treasury has to address. The U.S. Federal Reserve is supposed to stop buying Treasury bonds for its asset portfolio, a program the central bank put in place last year.
The upshot: The Obama administration has to find other ways sell government debt - without raising interest rates, a move that would almost certainly jeopardize the country's super-weak economic recovery.
Facing an uphill battle and increasingly skeptical buyers, the government is changing tactics and targeting the biggest pile of money available as a means of dealing with its fiscal follies - the $3.6 trillion sitting in U.S. retirement plans, including 401(k) plans.
The way I see it, the Obama administration can see the financial train wreck that's going to occur. So it's rushing to crack open the safe that holds our retirement money before anyone realizes that they've been robbed.
And if this plan becomes reality, that's just what it will be - robbery. American retail investors didn't sign up for the financial-crisis roller-coaster ride we've been on since 2008. We didn't approve the nation's five-fold increase in lending capacity. And we certainly didn't volunteer to help pay down a national debt that's doubled.
Few people realize that the federal government spent an estimated $17,000 to $25,000 per U.S. household in 2009 (the final figures haven't been calculated, yet). But that's no surprise: "We the people" didn't approve it.
At a point where it's spending money like a drunken sailor, Washington seems more interested in appropriating and redistributing our retirement savings than it is in fixing a system that's badly broken. If you add in all the stimulus spending that the taxpayers must now repay, the average government-agency-spending tab has zoomed more than 50% in the last couple of years. That's right - 50%.
So it's only logical that the administration would go after our 401(k) and IRA savings plans.
Disgusting, but logical.
Here's how the argument is likely to be framed.
The system we presently have in place is what's commonly called a "defined contribution plan." Under such a plan, the benefits we enjoy during retirement aren't determined in advance. Instead, those benefits are determined by how much money we contribute while working, and by the performance of the investments that we choose. The 401(k) is almost exclusively a defined contribution plan.
Years ago, Americans depended more upon "defined benefit plans" that promised a steady stream of income at a future date - with the actual amounts determined by our years of service or our earnings history. Old-fashioned company pension plans and even U.S. Social Security are examples of defined benefit plans.
By laying claim to our retirement assets in exchange for 30-year Treasury bonds, annuities or other payout streams, the government will try to persuade us that we're not capable of managing our own money, that the stock market is too risky a place for most Americans, and that we need Big Brother to hold our hands and protect our futures.
What we need, the administration is going to tell us, is a defined benefit plan.
So expect a big snow job. But here's the problem.
Defined benefit plans are great only as long as they are well funded. Unfortunately, most aren't.
In fact, according to various studies, pension funds could already be underfunded by as much as $5.3 trillion. Add that to the $14 trillion we've already got on the table and we're talking a staggering $19.3 trillion - and that's with no escalators, no cost-of-living adjustments and no interest-rate increases. And that's assuming we don't need another round of stimulus.
Here's what the government isn't going to tell you. When pension funds transition from defined contribution plans to defined benefit plans, the only backing they have is the underlying assets themselves and the company or entity that's responsible for the plans - which in this case would be the U.S. government.
If the prospects of your entire future being placed in the hands of the federal government doesn't scare the daylights out of you after all we've experienced so far, I suspect that nothing will.
Our elected leaders, appointed government guardians, and Wall Street have together demonstrated a total inability to manage what they already control. There's no reason on the planet why they should be allowed to get their hands on our hard-won savings. All that will do is punish the thrifty, disciplined and far-sighted investor, while rewarding - or at the very least protecting - the inept politicians and career bureaucrats who allowed this crisis to occur in the first place.
By backing their plan with 30-year Treasuries, government backers of this plan are betting that you and I won't notice that the trouble with annuities and long bonds is that they tend to get annihilated by inflation. That's why even the most jaded professionals will tell you that investing in such instruments right now when interest rates are being artificially held down near 0.00% is bad juju: Interest rates have only one direction to travel - up, which tends to crush bond prices.
Right now, Americans are apparently smarter than the administration believes. In fact, a survey by the Investment Company Institute found that more than 70% of all households disagreed with the idea of requiring a retiree to buy an annuity with a portion of their assets. And it didn't matter whether the annuity was offered by an insurance company or by the government.
Let's hope that the full-court press that the administration is getting ready to deploy doesn't snow American investors. If the government succeeds, we'll look back and see that they pulled a pretty slick trick to get our support.
Unfortunately, it won't be the last trick they play with our retirement money. That last trick will come after they have control of our savings - when they make our retirements disappear.
News and Related Story Links:
This growing reluctance couldn't come at a worse time. Just yesterday (Tuesday), in fact, the Congressional Budget Office estimated that the U.S. budget deficit would hit $1.35 trillion this year. And that's not the only shortfall the Treasury has to address. The U.S. Federal Reserve is supposed to stop buying Treasury bonds for its asset portfolio, a program the central bank put in place last year.
The upshot: The Obama administration has to find other ways sell government debt - without raising interest rates, a move that would almost certainly jeopardize the country's super-weak economic recovery.
Facing an uphill battle and increasingly skeptical buyers, the government is changing tactics and targeting the biggest pile of money available as a means of dealing with its fiscal follies - the $3.6 trillion sitting in U.S. retirement plans, including 401(k) plans.
The way I see it, the Obama administration can see the financial train wreck that's going to occur. So it's rushing to crack open the safe that holds our retirement money before anyone realizes that they've been robbed.
And if this plan becomes reality, that's just what it will be - robbery. American retail investors didn't sign up for the financial-crisis roller-coaster ride we've been on since 2008. We didn't approve the nation's five-fold increase in lending capacity. And we certainly didn't volunteer to help pay down a national debt that's doubled.
Few people realize that the federal government spent an estimated $17,000 to $25,000 per U.S. household in 2009 (the final figures haven't been calculated, yet). But that's no surprise: "We the people" didn't approve it.
At a point where it's spending money like a drunken sailor, Washington seems more interested in appropriating and redistributing our retirement savings than it is in fixing a system that's badly broken. If you add in all the stimulus spending that the taxpayers must now repay, the average government-agency-spending tab has zoomed more than 50% in the last couple of years. That's right - 50%.
So it's only logical that the administration would go after our 401(k) and IRA savings plans.
Disgusting, but logical.
Here's how the argument is likely to be framed.
The system we presently have in place is what's commonly called a "defined contribution plan." Under such a plan, the benefits we enjoy during retirement aren't determined in advance. Instead, those benefits are determined by how much money we contribute while working, and by the performance of the investments that we choose. The 401(k) is almost exclusively a defined contribution plan.
Years ago, Americans depended more upon "defined benefit plans" that promised a steady stream of income at a future date - with the actual amounts determined by our years of service or our earnings history. Old-fashioned company pension plans and even U.S. Social Security are examples of defined benefit plans.
By laying claim to our retirement assets in exchange for 30-year Treasury bonds, annuities or other payout streams, the government will try to persuade us that we're not capable of managing our own money, that the stock market is too risky a place for most Americans, and that we need Big Brother to hold our hands and protect our futures.
What we need, the administration is going to tell us, is a defined benefit plan.
So expect a big snow job. But here's the problem.
Defined benefit plans are great only as long as they are well funded. Unfortunately, most aren't.
In fact, according to various studies, pension funds could already be underfunded by as much as $5.3 trillion. Add that to the $14 trillion we've already got on the table and we're talking a staggering $19.3 trillion - and that's with no escalators, no cost-of-living adjustments and no interest-rate increases. And that's assuming we don't need another round of stimulus.
Here's what the government isn't going to tell you. When pension funds transition from defined contribution plans to defined benefit plans, the only backing they have is the underlying assets themselves and the company or entity that's responsible for the plans - which in this case would be the U.S. government.
If the prospects of your entire future being placed in the hands of the federal government doesn't scare the daylights out of you after all we've experienced so far, I suspect that nothing will.
Our elected leaders, appointed government guardians, and Wall Street have together demonstrated a total inability to manage what they already control. There's no reason on the planet why they should be allowed to get their hands on our hard-won savings. All that will do is punish the thrifty, disciplined and far-sighted investor, while rewarding - or at the very least protecting - the inept politicians and career bureaucrats who allowed this crisis to occur in the first place.
By backing their plan with 30-year Treasuries, government backers of this plan are betting that you and I won't notice that the trouble with annuities and long bonds is that they tend to get annihilated by inflation. That's why even the most jaded professionals will tell you that investing in such instruments right now when interest rates are being artificially held down near 0.00% is bad juju: Interest rates have only one direction to travel - up, which tends to crush bond prices.
Right now, Americans are apparently smarter than the administration believes. In fact, a survey by the Investment Company Institute found that more than 70% of all households disagreed with the idea of requiring a retiree to buy an annuity with a portion of their assets. And it didn't matter whether the annuity was offered by an insurance company or by the government.
Let's hope that the full-court press that the administration is getting ready to deploy doesn't snow American investors. If the government succeeds, we'll look back and see that they pulled a pretty slick trick to get our support.
Unfortunately, it won't be the last trick they play with our retirement money. That last trick will come after they have control of our savings - when they make our retirements disappear.
News and Related Story Links:
- MyFoxNews:
OBAMA / DEMOCRATS LOOK AT TAKEOVER OF 401(K) IRA ACCOUNTS TO FINANCE GOVERNMENT
- Bloomberg News:
Retiree Annuities May Be Promoted by Obama Aides
- MarketWatch.com:
Deficit to hit $1.35 trillion in 2010, CBO says
- Wikipedia:
Juju
- Tax Policy Center:
Defined Contribution Plan
- Bloomberg News:
Hidden Pension Fiasco May Foment Another $1 Trillion Bailout
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While I need to see more of the plan to hijack the 401K, it is DOUBTFUL when it comes from the FIXnews channel…Anyhow, wouldnt’ surprise me if the government decided to do that. What the hell you right wing was thinking when Bush proposed to give your money to Wall Street..I mean the taking money out of SSI and put in the INVESTMENT VEHICLES..Oh wait, that’s when he give it to YOU guys…TEA party is just a bunch of hypocritical Republicans who SPENT like a drunken sailors in a sheep clothing. Where are those fiscal conservatives when the Republicans spent their ways? a Trillion tax cut spending in 2001….As far as I am concern, you all are just crooks like Bush and Obama..Republicans and Democrats
I am a conservative independent and a booster of the tea party movement. The tea party movement consists of dems, reps, and independents. It seems to me that it would qualify as non- partisan. Most of the tea party people are against growing debt, growing government, shrinking freedoms, and a president that wants to run our lives. It has been identified as the progressive movement and consists of dems and reps in congress. In November, people would be wise to check out who the progressives are before they vote. Americans have been asleep at the wheel too long because this movement has been building for quite a while. It is time to wake up and take note of where Obama is leading our government.
Freethinking, your anything but !
You need to see more of the plan ? If God himself was shoving down your throat, you wouldn’t see it !!!
Bush this, Bush that … etc… that is all you “Progressives” do lets keep one thing in fact, one only Congress can send money this is 4th grade civics, now if this was all Bushs fault then answer me this, the Democrats took over both houses of congress in 2006 now the non-thinkers believe that the Democrats have been in-charge for a little over one year, if fact the spending arm of the goverement has been in-charge for 3 years, so when one hears that Bush mess-up our economy remember the Democrats have been in-charge they own it lock, stock and barrel.
Please keeping gulping down the kool-aid thinking that the Tea party is just a bunch of hypocritical Republicans !!! cue dude, just don’t look at the 75% of independents of Mass who went to the right side !!! the one who know those tax-cuts took in money from increase tax revenues just like JFK did ! lean history it helps….
Socialism and communism go hand in hand with Obama. I am just a dummy that can balance my own check book and balance the Gov. check book also. Stop big Gov. first, to many Gov. jobs watching to many small working class. The big Gov. wolfs have eaten to many sheep and the sheep are now on the endangered list. Who’s been watching the wolfs? Not the wolf pack. We have assumed for to long that after the election, those that were in were going to take care of us, fools we have been.
Facts to consider. The “Council on Foreign Affairs and The “Tra-Lateral Group are pushing for ONE WORLD ORDER. When the Bilderburg Group (the wealthiest people in the world) along with the aforementioned sponsors get control, there will be new money printed for the “One World Order. The US Constitution will be gone. This is going on now. The Commies will have the world under control only after my death. The Democrats, have been in charge of the Congress far to long, they may not even know the outcome of they voting, many are attorneys that miss the common knowledge of the simple working stiff…. Keep in mind that there Republicans and Democrats in the groups above. DO NOT TRUST ANY GOV. BRANCH. I may suggest, STOP and or cash in the 401, hide the money, get the free things the Big Gov. promises when you show them your just a poor working stupid they want you to be. UNCLE SAM, COME WIPE ME, I AM DONE
Mr. H.
“The Commies will have the world under control only after my death.”
It sounds like maybe you are close to the end of the journey – let’s hope not – however the unfortunate part is that the “commies” at least are up front and obvious – the groups you mention are already in control and the plan is already in place and due to be implemented probably in the reasonably near future – but perhaps you meant that you would try to stop or deter their plan – in that case your statement is most likely true -assuming you are labeling the other groups as commies. I really appreciate the sentiment of getting cash for your 401K but when the currency is REPLACED what good will that do you – I guess you could use it as toilet paper.
Actually Tea Party members are mostly mad at the Bush Presidency for out of control spending and the fact that he started all this stimulus spending just before he left office, opening the door for Obama to continue passing stimulus bills. Most Tea Party members are dissatisfied with the Republican Party. Although the Democratic Party and its media constituents initially tried to portray the Tea Party protests and health reform protests on the Republican Party, even much of the liberal media has been forced to acknowledge that the majority of these protesters are not what you would call GOP loyalists.
What an idiotic thing to say, Freethinking. did you actually read what you wrote?
WOW…You need to chill.
They should all be hung for treason, or shot for sedition
While capital punishment is appealing it may not be enough. I propose we start manufacturing old fashioned STOCKS with the intent of placing most of our politicians and presidential appointed hacks on public display for several years. We should appease whats left of the ACLU by slopping them with gruel lest they become hungry. The big kahuna? Send him home to either Kenya or Indonesia with his guidon properly inserted and held with super glue.
How can we stop the the government from confiscating or hijacking hard working people’s money that the people have saved over years and convert it into an annuity using government bonds? Is it so that they can spend on bailing out the failing Banks, the AIGs, GMs, etc, so that huge bonuses can be doled out to the top management who can in turn contribute huge sums to political parties? The government have already misused Social Security Funds as it is, to fund frivolous wars and provide aid to some foreign countries that really doesn’t deserve aid. On top of it all media thrives on every news and compound the problems just to get higher ratings to sell adds, including political adds. All this is getting worse than Mr. Madorf’s debacle. When will it all end? It looks like a huge conspiracy network against the hard working John Doe citizens, to reward the “wanabe” Madorfs in this country.
How can we stop them?
Answer: Never put money into retirement accounts in the first place.
Answer: If you did put money into retirement accounts, remove all that money NOW. Either pay the penalties, or better yet avoid penalties altogether by investing your funds in foreign real-estate or some other investment that is thoroughly outside the reach of the the feds. That is not easy, but can be done. I say “foreign real estate” because it is inherently “non-divisible” – so even if they pass a law that says you must give them your retirement funds, it will almost certainly not include “non-divisible” assets like a single chunk of real-estate with a single deed. Stop being whining children and take whatever medicine is required to “deal with it”, even if you must take some losses to achieve your freedom and independence from the predator powers-that-be.
honestann…thanks for the info. wish you could tell me more.
I watch the news every day; all day long but have not heard about the threat to our 401K’s!
I am vehemently opposed to anything the gangster Obama plans. I think our country is being run by crooks! Look how the DOJ has handled the black panther voter intimidation case. They cover up and lie to us and think we are too dumb to know the difference.
What do I do with my pitiful 401K now? How can I keep it out of Obama & Co’s hands?
Can’t this website come up with better comments to post out of 85 responses than “Freethinking’s) partisan rant? Sad. Get a new moderator without the political agenda.
Although I respect Keith Fitz-Gerald’s views and commentary, it certainly would be more meaningful if someone- anyone, had bothered to look up the proposed new regulations in the Federal Register. Not comfortable just with “widespread media reports” in which none of them cited the applicable date and section of the Federal Register for reader follow-up. It is important for any reader to verify a report like this on account of the potential seriousness of the financial implications.
Future confiscation of private pension financial assets may or may not occur, but if it looks imminent, then I reserve the option to decide which country gets MY (tax) dollars. Not sure where (country) one would move to escape, but some of us might not want to hang around. Afterall, doners decide who gets their blood. So, who cares what the majority ends up doing?
I have so far been unable to find anything in the federal registaer. However, There is information in the Dept of Larbor that lays out what this article talks about. There currently is a comment period set to run through May 3 of this year and identifies government agencies to submit comments to.
I’ll go back and look it up and post where it can be found. Additional information can be found in an article “OBAMA/DEMOCRATS LOOK AT TAKEOVER OF 401(K) IRA ACCOUNTS TO FINANCE GOVERNMENT” BY Jerome R Corsi – 2010 WorldNetDaily.
I’m convinced this is for real and have contacted my state representatives. Even if its not you should contact your representatives anyway just to try to stop something like this from ever starting.
Not much information on this exists so its important to elevate awareness. If you remember the attempted short fuse health care cramdown attempt, what stopped it at first and bought time was awareness. I’ve been “copying” this article and “pasting” to Microsoft word. Once there you can ad your message and email, or write a letter, to gove officials, letters to the editor, friends, relatives, your broker will be very interested, church groups etc. We need people to be talking it up.
Hope you find this
Jim Morris
To Mr Bradely’s request,
The last paragraph on page 5257 of the Federal Register ends with question 38 -
“Would making a lifetime annuity or other lifetime income product the default form of benefit payment have an impact on employee contribution rates?” etc.
That’s all the 6 pages were – questions.
Below is reference to the DOL site where “lifetime income Options” were discussed in question format. It states it was originally posted by the Treasury which was – questions. Clicking on the below will bring up the document or it did before I pasted it here. Below it tells where you can submit comments. I plan to do so and hope others will also. That’s the only way this can be stopped.
Originally Posted by The Treasury
The Department of Labor and the Department of the Treasury (the “Agencies”) are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue.
Full test of the request can be found HERE
Comments should be sent to e-ORI@dol.gov. Include RIN 1210-AB33 in the subject line of the message.
Our money and assets are irresistable targets for Government, whether or not we have trillions of dollars of debt, which just makes it imperative to attack. Our savings. our wages, our spending and our property are at jeapardy now. Fiat currency and Government socialism is doomed to fail eventually, it’s just a matter of how fast and what will be the ideocyncratic details. Even the threat of taking 401k’s would create problems, due to premature withdrawals in adding to the uncertainty of the future. The threat itself will increase tax revenues due early distributions for fear of the takeover. Capitalism requires certainty, equal justice and rule of law, not arbritrary rewards, punishments, redistribution and attacks on private ownership.
The Federal Gov’t needs to keep their hands OFF our HARD EARNED 401K plans? We have done without luxuries, necessities to have some money when we retire. I can save, budget, manage my money, I’ve never got into situations where I overspent because I live frugally and save. I am entitled to my 401K without their stealing it. This could cause Americans to be wary of saving in 401K plans and just spend or hide the money.
It is amazing to me that so few voters have understood that: Conservative and Republicans and/or, fiscal responsibility and Republicans, are both oxymorons. It is because of that political blindness that this Nation is facing such a grave economic situation.
Add to that the following facts:
1. The Democrats continue to have Wall Street insiders in the White House.
2. The gang of five on the Supreme Court just sold out American Voters to the corporations.
I see a very bleak future for our children and grandchildren.
in response to the above bilge by freethinking. maybe you need to get a brain and start doing some thinking. you come on here and start sounding off about a subject that you know absolutely nothing about !! Its the democraps in congress that have since 2007 and still are doing the spending!! with the barak insane noboma administration behind them all the way. !! also the bush administration NEVER took my or anybody elses money out of ssi to give to wall street . Instead , it is the noboma administration that has fleeced tax payers to the tune of ….TRILLIONS….. on bailouts and take overs of any industry he wishes to control!!!! The reckless spending of the noboma administration dwarfs the spending by the previous administration by a nearly 5 to 1 margin . the bush tax cuts had absolutely …..NOTHING….. to do with the deficit.!!!!! period!!!! Republicans like bush and mc cain campaigned as conservatives and governed as liberals and their policies have been soundly rejected. Now we have as president , one of the biggest con men ever to hold an office of any kind and he is fleecing the people of this nation blind right in front of their noses!!!
Is there any evidence the transfer of 401 (K) or IRA funds to government-backed securities will be required, or is this an assumption at this time? Given freedom of choice to participate or not participate in a federal government plan is fine. Being forced to participate in such swindle by a fiscally and morally bankrupt government is thievery and spits in the face of freedom and the pursuit of happiness. updates on this vital subject matter is greatly appreciated.
In my opinion, President Obama will go down in history as the worst President this nation has ever seen. Stealing to survive is reaching epidemic proportions in my neighborhood. The equipment I use in my farming has been stolen SIX times and I’ve replaced it at my own expense each time because insurance companies are canceling customers who file claims against their Homeowner’s policies and it’s really risky to run a farm or business without Liability Insurance! We finally installed a $10,000 alarm system which has stopped the thefts from farm buildings. Now they only steal items that must remain outdoors like gate openers, etc. The really sad thing is most of the thieves around here steal for drug money, not food!
A 30 year treasury bond when you’re 20 is one thing, but at my age I’ll be dead before it matures. Are they going to take the age of they persons money they are stealing into account? Keep your hands out of my pocket and my 401K. I’d love it if the government also gave me control over my own social security contributions.
Also the two party system needs to go away. People always vote party lines because they can’t think for themselves. Why is there only two running for president and they are always ones picked for us behind the scenes?
One last note: The buyout package should have been distributed to those who have done the right things (save, pay their bills, not defaulted on a mortgage because they bought more than they could afford) as a reward for being a good citizen. Not rewarding thieves who will continue in their ways and bring this country to it’s knees. There should not have been a buyout and the market should have been left to correct itself.
If this president indeed comes up with a plan to take my retirement. That would be the last draw. I would support a nationwide drive to impeach this idiot. I think he has driven this country to it knees and should be ousted. Never in all my years of living have i seen such idiots running our country. We better get these left wingers out of office and have lost sight of who they work for. November should be the month we will take back our country from these left wingers.. I am totally pissed.
I’m 65,My 401K is already Gone.Thanks Farny Franks & Chris Dodd. There was Nothing wrong
with Fanny May or Freddy Mac were there? You sorry excuse for Humans. I lost my house when I lost my Job of 40yrs. There went 1/3 of My retirement. There is No way I can live long enough to gain all I lost back. To the Jim Jones & Obama Cool-Aid drinkers here,(So Called Progressives.) When your Rep’s in congress send the IRS to take My home because of Tax’s all their going to find is a chared hulk of what was once a home. I’ll give Obama and you DUMB A** Progressives the same thing you left me and Mine. NOTHING!!!!! Am I angry at a congress that even as a failure gave itself a payraise? I say it like Pat Caddell did. We ” America” are made as hell and we’re coming,and we’re coming after you!! ( Congress ) Here, watch one of your own Progressive’s Speak. Cut and past if you need to you can do that can’t you. Bush was bad.But this trash lays at the Feet of Obama the Marx’st and his Saul Alinsky leanings. To the Progressives from my house to your. GO TO HELL!!!!
See video of Medina’s remarks:
http://www.youtube.com/watch?v=AK7K0itgQt0&feature=player_embedded
I answered where Mr Bradely could find info from the DOL & Treasury and it dissappeared.
I’m not writing the whole thing again but if he or any one wants to make a comment to DOL about these forced conversions to “lifetime income annuiities” send to: e-ORI@dol.gov
Include “RIN 1210-AB33 in the subject line.
I sent my comment and you are correct. Its time to withdraw all you monies now and take the penalty. Salvage what you can NOW!!!!!!!!!!!!!!!!
Every day we wake up to a new assault on our liberties and our future by this government. I first read about this 401K deal a year and a half ago, and thought it had gone away. I see that it has not. This will be the proverbial straw; people will go absolutely postal. Is this why I have been living way below my means and putting 90% of my paycheck into my 401K? So the government can get its filthy hands on my deferred pay? This is gangster government, pure and simple. I will be 59 1/2 on the 13 of February and I am cashing out my 401K. If I have to pay the taxes, so be it. At least I will have no penalty now. There seems to be no more Rule of Law. This government is going totally ad hoc. No one can count on anything anymore. This country wasn’t founded this way and cannot function for long this way. I truly believe it is the goal of these progressives/socialists to completely collapse the economy, remake it in the socialist image, sans our Constitution. Anyone who has done the “right thing” and lived responsibly indeed has a bullseye on his forehead. This is absolutely terrifying and really depressing. We are, I fear, heading for a revolution. They are backing us into a corner now. There is no other way out of this.
I agree 100% and have been predicting a revolution for some time–however I thought it would be after I was dead- I am afraid I was wrong and I am only 50! My 401K’s and IRA are being withdrawn this week and I do have a substantial amount- Over half a million in em that the government will not be in control of ever!
Yes! Congrats to one of the one-in-a-million folks who still are willing to do what it takes to protect themselves from the predators gone wild AKA governments of the USSA and its states. Yes, it hurts to lose a percentage of your money by cashing out, but put your money into gold and you’ll do just fine as the US dollar (and all fiat currencies) go the way of the dinosaurs over the next 5 years or so.
Wow – like it would have made a bit of difference of who was in office at this time. If we would have McCain and Sarah (the Palm Reader) Palin as the President and Vice President everything would have been fixed by now. (Sarcasm)
Greed and Personal Gain is what got us to this point and it does not have a political party.
Question: If Obama really has not accomplished anything of importance since coming into office. Are we technically still operating under the Bush administration policies?
You are an F-ing idiot–go drown yourself.
As a Canadian I have grown up in a semi socialist idealogical enviroment. I always watched the U.S.A. with admiration and pride. We are forced to pay into a government pention plan that really is just a front for the Government to steal! Don’t do it!!!! You will loose everything and then be asked to pay even more to cover the shortcomings!! Just like what we have here. Our government hopes we die or move out of country before we hit retirement age. I have always believed in the American Dream… Wether you are Rep.or Dem. don’t give up on what your country was founded on!!! I guess that is why all my vehicles are from GM,Chrysler,Ford. Oh yeah and my Harley Davidson. I just wish all of these bad seeds that have attempted to ruin the U.S. economy with all this fraud could be dealt with severely. But keep your market free and open! Better controls on the banking industry! You Americans always always band together to turn tough times into the best of times. P.S.- I am spending all the money I can afford too on U.S goods and vacations in the U.S.A. One last thing our regional airline Westjet flies all 737’s…another fantastic product made in the U.S.A. Take care down there and don’t stop dreaming big!
over my dead body
Fellow Americans..we are to blame for what is upon us. When you put your blinding trust in people to care for you and manage your assests with strict oversight and when evil hearted people are not keep at check you get what you deserve. We have seen our leaders for years go on these Sunday morning talk shows and dodge questions, misrepresent truth and throw shadows over good ideal and we eaxct no consequence upon them…we get whats coming to us. We must return as a nation to God..he is the ONLY ONE who can save us now.
Speak for yourself. A few of us have been diligently and energetically explaining what has been happening for decades, and have been considered wackos by all until recently, and sadly are considered wackos by most still. In a screenplay I wrote in 1968 I coined the term USSA in a story where the country actually changed its name in the year 2025. I wonder, will it really take that long? No god will save you, I can absolutely guarantee of that, because fantasy is fantasy, not reality. Neither SantaClaus (for kids) or “god” (for adults) exists. And even if I was wrong about that, which I’m not, notice that your “god” doesn’t meddle… seems he’s watched StarTrek and totally adopted their prime directive (do not interfere, no matter what). BTW, one of the BIGGEST reasons american idiots let the predator-powers-that-be get beyond the point of no return is… they wait for “god” to take care of it, rather than taking responsibility for their world and doing something about it. That plus their tendency to support authoritarianism, as indicated by their explicit adoption of the most extreme form of authoritarianism conceivable, namely “god”, the supposed ultimate authority.
Honstann,
I am new to the money morning newsletter and just read some of your posts.
I like your way of thinking and was wandering if you may share some of your financial ideas with me?
Jeff K
Tampa, FL
surfclicksave@yahoo.com
This is the most corrupt govt. that has ever been in control of this US.These communists are generating one lie after another.They claim they are saving all this money by removing 500 billion from Medicare,taking 21% out of payments to physicians,making young people buy medical insurance they don’t want and then stuffing their pockets with money which will eventually become useless.They also perpetuate this lie that Bush wanted to put all S.S. I into Wall Street. He only stated he wanted to put 3% of S.S.I into Wall Street. These communists never learned how to compute in percentages.
What a great idea. People have been fooled into believing that their only investment options are in the Wall Street Casinos. Since I’ve started my own business, I’ve begun researching alternative investments for my money. Why would I want to give some corporation my money to spend how ever they choose. Wall Street is fighting regulation now because they are a bunch of crooks who want to continue their business as usual. Corporatism is fascism. People need new alternatives to putting their retirement money into big executive bonuses. Bonuses are made of money stolen from investors.
I have to say that I voted for GW Bush the first term and watched as he messed up everything he put his hands on. We invaded a country on false pretenses (Iraq) and have plundered untold fortunes to no end. I can only imagine that it was done as a means to get their hands on and control the flow of oil. I watched as Bush ruined relations with several former friendly nations and pretty much turned the world against us. I watched as the government deregulated everything under the sun so the people in control could profit from it and swindle the investers. I voted for Obama and I do not see anything change except the face of the head crook. We are so far in debt and not one polotician has the balls to say stop spending. Sure many do say things like that but they really mean stop spending except on things that will make me money or get reelected. Obama’s scheme to have health care pay for itself is a farse from the get go. I watched as they change health care and it’s worse than it was before. The only plans I see being talked about are plans to spend massive amounts of money that we do not have to bailout corperate america from its bad investment binge.
It seems to me that no matter what party is in office we are in for more of the same. I have voted all my life and tried to read the fine print before doing so. All I get is lies lies and more lies.
I have had enough! Our great country is being manipulated to hell in a handbag so corperate top brass can profit. If you think your going to take my hard earned 401K to futher this stinking BS your mistaken.