Posted on 08/22/2009 9:25:05 PM PDT by Earl Voak
Congress may confiscate every state pension fund into the bankrupt social security system. Indications that this strategy is being discussed in Washington have come in to us from several sources over the last few days.
Tonight, a correspondent who has just come home from a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, "Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state's pension plans into the bankrupt Social Security System." She is absolutely 100% sure that she understood him correctly.
Dear readers, please understand that we are bloggers, and not professional journalists. Our information comes from ordinary folk who do the best they can to understand the political scene. Ordinarily, this would seem so outrageous that we would wait to share the news until we could get more clarification. But the current administration has moved with such breathtaking swiftness to federalize private assets and plunge our country into socialism, that we feel the need to sound the alarm, just in case.
We'll keep updating this post as we find out more.
From the Friday, January 29, 1993 issue of the Washington Post we have this article (archived by the Seattle Times) -- Budget Cuts Vs. Social Security -- Tap Pension Funds Worth $4 Trillion, Panel Tells Clinton -- Employers Sense Danger 'Once They Get Taste Of This':
A bipartisan government commission yesterday recommended to the Clinton administration that it launch an aggressive effort to tap the retirement funds of millions of Americans to help pay for rebuilding the nation's roads, bridges and highways and give the economy a lift.President Clinton has indicated past support for the concept, which would represent an unprecedented effort by the federal government to deal with its budget woes by turning to the more than $4 trillion in cash, stocks and other investments held by pension funds.
Some opponents in the pension industry, who worry about protecting retirees, said they fear Congress might revoke the generous tax treatment afforded pensions if they actively oppose the initiative.
The recommendations by the congressionally chartered Infrastructure Investment Commission, which has had the strong support of Senate Finance Committee Chairman Daniel Patrick Moynihan, D-N.Y., include establishing the National Infrastructure Corp. It would be a new government-sponsored corporation that would encourage at least $30 billion in investment by pension funds. Several billion dollars in seed money for the new corporation would come from a new energy tax now under consideration.
Energy tax. Sound familiar?
10:19PM Full Metal Patriot -- Congress is planning to raid EVERY state's pension funds to prop up Social Security. This blogger has done some background research, and reminds us of earlier attempts to "redirect" retirement assets:
This rumor definitely caught my attention. After doing a little investigation, it looks like it's entirely true. Last year, House Democrats were contemplating abolishing 401(k) tax breaks and redirecting those funds into a new system of government-controlled retirement accounts to which all workers would be forced to contribute. And more information about the Democrats' immoral plans to ransack every American's personal retirement has been reported on CNN, The Wall Street Journal, and Carolina Journal. Now that they control both houses of Congress and have a big-government socialist in the White House, it looks as though Democrats are ramping up their machinations.
Very alarming is right.
And to be honest, I think that's what he wants. The way he pushes hot buttons, I pretty much believe that he's trying to make his opponents make the first move and initiate rebellion. At that point, he will feel more empowered to get down and dirty and start governing like an actual dictator.
JessJessJess
If he wants rebellion, then he’s going to get it. However, I’m not so sure that the military will back him up; he’s going to need their support to stay in power. Otherwise, he’s history. We’ll have our own Nuremberg trials in DC, and Obama, Pelosi and Reid will all be marched to the gallows for treason.
The Pension Benefit Guaranty Fund could declare state pension funds insolvent and take them over. They shouldn’t be able to legally but look at the auto and bank takeovers. They followed a similar pattern. Declare the institution insolvent, take it over ‘for it’s own good’. The Delphi auto pension, for instance, is already Federalized. I wouldn’t shrug this off.
Wait...state pension funds like those that support unions like AFSCME and SEIU? Well, they do fully support everything this administration proposes, all I can say is welcome to the opposition. LOL
Flash point. Are they really this stupid?
Flash point indeed!
WTF!!!!!!!!
That was a rhetorical question..... right?
BTW, most of our CA pensions are broke.
[a blogger at] a Tea Party Townhall Meeting in Salado, Texas with US Representative John Carter (R-Round Rock) issued the warning. She said, "Representative Carter informed the crowd that talk has been bandied about Congress to appropriate every state's pension plans into the bankrupt Social Security System."
The groundwork of limiting private equity firms from participating in the banking industry has already begun. The Feds are requiring double, or more than double, Tier-1 capital in some cases to participate in these numerous bank takeovers. It’s directed against private funds and state pension funds. The signs are there.
Can someone explain exactly what a “state pension fund” is. Would this be private companies or what?
Thanks
Sure thing. Which part in particular?
Bookmark for later
“BTW, most of our CA pensions are broke.”
Which ones?
Sweet! If this planning has any truth to it, the Democrats will help assure that Republicans get tons of otherwise liberal vote heading the GOP way.
Billions of dollars, already stolen by union thugs and politicians in the respective states.
Now the feds want to steal them?
LOL, they will have to fight the other thieves for them!
One wore blue and one wore grey
As they marched along the way
A fife and drum began to play
All on a beautiful morning
I sure hope so. A lot more than these 3 will be heading these.
National Infrastructure Investment Act would help address these problems by creating an instrument that can help finance long-range investments with public and private capital...
See B. Schwartz and Third Way
Stories abound. Go to this link for one of many stories.
http://www.npr.org/templates/story/story.php?storyId=106689576
And there goes the NEA
Rush Limbaugh used to talk about this happening during the campaign.
I remember a while back when Jesse Jackson got the DNC to endorse the idea of government siezure of private retirement accounts to fund reparations.
Union members will still get theirs, you can bank on that
If I understand this story correctly, one government (federal) wants to steal from other governments (states) in order to make sure that normal, non-government Americans who have earned their social security checks (by dumping money into the system during their working lives) keep getting them. I’m not sure how concerned I should be.
Don't bet on it
Today the White House in an emergency move to stave off a national disaster has nationalized all state pension funds across the country that were set to default.
"This move will ensure that your future retirement benefits are secure from defaulting. We were within weeks of a meltdown and we believe it has been averted" The President said at a hastily planned press conference.
Because the federal government is simply going to be shifting the burden of all that debt (those retirement funds are as fictional as the social security trust fund) to the taxpayers.
Of course you are 100%, the federal government needs to havr total control of everything to make everything better.
Because the federal government is simply going to be shifting the burden of all that debt (those retirement funds are as fictional as the social security trust fund) to the taxpayers.
Of course you are 100%, the federal government needs to havr total control of everything to make everything better.
Where exactly is this in the US Constitution?
This action would be illegal, unethical, immoral, and . . . but we’re talking about a Democrat controlled Congress aren’t we?
At the rate Obama is going, I wouldn't count on there being an election. But if there is, It will be just for show.
People better seriously start looking at their 401k, and getting them converted into other investments, then start slipping them into markets out of the country.
buying gold and silver bullion isn't safe either. If they are desperate enough to steal our 401ks, they'll take our gold too, just like they did in the 30's.
First they took control of the banks, now they have control over all your money held in them whether its cash or investments. I wonder how many smaller private banks these big government owned banks they (with all your pension investment funds in them) have been secretly buying up?
No, they are this greedy. Remember, these people think they RULE us.
Yup - Argentina has had 50 years of Peronism socialism. The country was the 7th wealthiest in the world around WW2. I doubt today it is in the top 50.
Your No. 16 post .... I suspect you’ll find some obscure details which I’ll use to figure out a way to ‘secure mine.”
I think there are a few states that would seriously challenge any attempt by the federal rats to steal “their” pension funds. There are already several states asserting sovereignity from federal overreaching.
I hate to break it to you, but they shift the burden of all that debt caused by their reckless spending and outright thievery to the taxpayers the moment it's created.
Who did you think pays the interest on the National Debt? Why do you think it's called "our" national debt?
This post is pretty creepy!
.
Fed is turning into a giant Hoover vacuum cleaner for assets and property of the middle class, and, the move is so large as to be effectively permanent. Most of 300,000,000 people will be poor soon, and, history has never dealt well with large populations of poor people. Will the middle class survive through the end of THIS year with the current administrations draconian ‘solutions’?
Moving state pensions into Social Security should stand anyones’ hair on end. Does not the middle class understand and see that it is being cleaned out systematically?
Worldwide pensions are steadily collapsing, and world trade (shipping) continues to sink...recovery is imaginary as of now in spite of fairy-tale US media assertions.
In the US, www.pensiontsunami.com has daily info on the general course of US pensions...have a look. Looks to me the govt. wants to grab them while they have some value to be gleaned for transfer to the banks and other financial priorities. SS is only full of IOUs. If pension assets are absorbed, they will be transferred forthwith and the IOUs in SS will expand exponentially. We will never know where the assets went as govt. is accounting for nothing now.
Yup. You'll (taxpayers) wind up paying for all their priveledged benefits regardless of your condition.
Remember, their intent is to completely OVERWHELM us with changes, etc.
You would be if you had other retirement investments besides Social security.
If that's all you are going to be living on, you're going to be living very lean. VERY lean.
Better start chopping and stacking up all the firewood you think you're going to burn over the rest of the years you plan on living after you retire. Don't leave it till you retire. You may be to old and rickety to chop wood, then you'll be lean and cold.
Did our capital move to Caracas?!! “Appropriate state funds??!!”
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