Skip to comments.Full steam ahead on theft of IRA's and 401k's by the D.C. ruling class
Posted on 12/11/2012 9:23:39 AM PST by Oldpuppymax
What is going to happen to our 401 (k) accounts and IRAs after January 1? Will the retirement accounts which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country? Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending fiscal cliff.
Listening to a poignant, impromptu speech given by Linda from St. Lucie County during the Allen West recount makes clear just how hard she worked to raise three daughters on her own. Its a story which certainly puts a...
(Excerpt) Read more at coachisright.com ...
Reads like poorly written scare mongering.
“A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds”
Social security funds are already kept in US government “special purpose” bonds. Of course, these bonds are backed by the very same deadbeat government that is financially broke and borrows 50 cents for every dollar it spends.
Has this coach guy ever written anything ground in fact? Ever?
The Socialists are salivating over the chance to get their hands on trillions of dollars .....that is a fact
Why else would the ruling class allow industrious people to accumulate wealth?
Of course they’re planning to expropriate it! Or, at least, most of it. (BTW, the Republicans will help by applying “means tests” that reduce social security and Medicare benefits to those who didn’t squander their whole paycheck during their working career.)
To all those who say, “I worked hard, earned that money, saved and invested to accumulate wealth”, they will reply, “You did not make that happen; somebody else made that happen. All your IRA belong to us.”
The clear message is that saving is for suckers.
I know we all know this so this is just a reminder: When good men do nothing to stop the insidiousness of evil acts, evil men will always prevail. In order for good to prevail, good men will need to resort to any and all means necessary to seek out, contain, conquer and punish those who commit evil deeds. Evil doer = one who willfully commits profound immoral acts upon an innocent being with absolute disregard for their victim. Perfectly describes a majority of today’s US politicians, corporate kings, AFL-CIO affiliate union bosses, the world financial cartels and most world leaders.
a source in Montana? is he talking to the sagebrush?
Maybe he’s a dental floss tycoon.
This would set off a new “tea party”.
The reason the phrase was employed a few years ago, is to avoid calling for the intended cure.
Zagger signed up on 2011-06-03.
RitchieAprile signed up on 2011-06-22
I start to get suspicious real fast when I see people who signed up fairly recently coming across with the ad-hominum attacks on a poster.
Now I understand that Blogs are notorious for poor writing, but in this case this is not the first nor will it be the last post on the topic of the Feds eying the 401k’s or IRA’s. And that too is understandable, there is a lot of liquid assets there that the Feds could REALLY use right now for Social Security and the budget deficits as well as the national debt.
A different poster put up information from a national financial source that stated there was almost 5.5 Trillion bucks in the 401k’s and IRA’s. Add on the various pension plans and that moves up to 16.5 Trillion or more. It doesn’t take a Rocket Scientist to see that and be concerned that the Fed’s are interested in those funds.
They won’t have to steal them. They’ll just engineer another market crisis, and when the values start plummeting the public will be racing to take them up on their offer of a “secure, guaranteed Government pension”.
“I start to get suspicious real fast when I see people who signed up fairly recently coming across with the ad-hominum attacks on a poster”
What are you suspicious of?
From Wikipedia: “An ad hominem (Latin for “to the man”), short for argumentum ad hominem, is an argument made personally against an opponent, instead of against the opponent’s argument.” I didn’t say anything about the writer in my comment so maybe you should keep your ad hominem “suspicions” to yourself.
I said the posting was poorly written scare mongering. I simply pointed out that the writer is obviously confused on the social security “trust fund” since it is already administered by the federal government and already holds US treasury bonds. I’m guessing that he meant to write about 401k and IRA accounts, but that isn’t what he wrote.
I totally agree with the underlying fear but with the current mix in congress I doubt that the votes are there to steal everyone’s private pension savings. Maybe after another and larger financial meltdown all the cry babies who cannot manage their money properly will demand to be saved by the federal government, who knows.
I agree that the posting was poorly written, scare mongering though? I think I might give a pass on that because of the poor writing. My way of looking at this is simple, the pattern being followed is familiar, first you float a trial balloon, if it busts then ignore it for some time. Then try again later on after tuning it and see what happens.
Eventually they get what they were after in this case they are after the 401k’s and IRA’s. Not so much I think because of what’s immediately in them but because working people have developed the “habit” of putting money aside for the purpose of providing for themselves in retirement. What I think the Feds want is the Bi-weekly “contributions” that currently are invested in Stock, bonds and money market accounts. I believe that they want that money to go into special T-bills to keep on funding their vast spending spree.
So I look at this as not so much scare-mongering as saying; “Hey People! Look over here at this, I think this is important for you to know about!”
Would the lefties in congress like to take your savings, your guns, your gold, your real estate, and take over running your life? Of course they would! They are closet communists who see themselves as the ruling elite who know what is best for everyone else and especially what would be good for them personally. I live in fear of all these things but I cannot run and hide from every possible boogeyman. I try to deal with the things that are actually happening in real life.
I don’t believe that congress will directly steal personal retirement savings because they have a very effective and secretive way to steal EVERYONE’S savings. They will simply continue to print money until the debt is gone and your savings are gone. Your entire lifetime savings, carefully packed away in your 401k or IRA account, can virtually disappear and become meaningless through steady inflation. The US doesn’t even need to experience hyperinflation (inflation over 50% per month) for this to become true. Look at the situation right now: huge monetary inflation but low velocity of money has held inflation on goods and services down around 10% per year while the government laughably claims inflation is less than 2%. Of course, they cannot admit to the actual inflation because many of their expenses (TIPS bonds, social security payments, etc.) are indexed to the official inflation rate. What interest can you get on a standard savings account? Roughly 0%. Even modest 10% inflation will remove half of your savings in 7 years. Why bother with a huge political fight to directly steal everyone’s savings accounts when you can simply remove its value and nobody seems to notice or care?
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