Posted on 02/26/2010 1:09:19 AM PST by Lexluthor69
Economic Policy Journal reported yesterday that Business Week has mysteriously pulled it’s link, as well as others that deal with the topic.
http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html
That’s not the worst of it, IIRC.
While under current rules, any remaining 401k or IRA funds go to your heirs, under the proposal they are considering your heirs would get 50%.
With gov’t taking the rest.
Armed rebellion is coming if this happens......
Re. your Denninger article, you may find this of interest
http://www.freerepublic.com/focus/f-news/2450230/posts
Thank you.
Between that and the news that China dumped 34 billion worth of bonds, looks like they have found the suckers to buy their paper.
Us.
What if they held an auction........and nobody came?
401's and IRAs are already non-liquid retirement accounts that exist under the permission of IRS tax law. Big difference from a completely liquid cash account held at a local bank. I think it would much more difficult for them to hook into private cash accounts than it would be to swap 401ks for government annuities, and such a move would be perceived much more harshly by the public.
They can actually make a pretty convincing case for letting them "protect" our retirement money with treasuries: all they have to do is stop propping up the equity markets and let them fall.
There is no such plausible justification for confiscating cash deposit accounts, and I do believe that doing so really would spark a violent rebellion in this country.
Besides, I can literally go get my money out right now if I want, not so with a 401k.
“Besides, I can literally go get my money out right now if I want, not so with a 401k.”
Right now? Prolly yes, but after April 1, if you are in CITI, maybe not.
http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2
I’m not in Citi. I said I was in a small local bank. I wouldn’t put my money into one of the malignant TBTF banks for anything.
IMO, this will spread. That is why the ONLY funds I do not have under my direct control are my “operating funds” in my checking acct. Cleared out my MMA and savings acct. more than a year ago from my sound(for now), local bank. With the miniscule return from both, the loss is negligable.
It's as if the Politburo in Washington is testing how far they can push freedom-loving, law-abiding citizens.
Guns/ammo/reloading equipment and non-hybrid seeds are the new gold.
You Betcha!
btt
Thank you!
I’ve been concerned about this for a while. We decided to take a portion of our IRA and purchase some acreage. The penalty was worth a little peace of mind.
That is unless the government decides we can’t “own” anything.
Bricks and mortar works too.
Wouldn't you think there would be a similar outrage for retirement accounts? I could see them ending the program or reducing contribution amounts, but not directly taking or redirecting the assets.
>>>If you think it is possible for them to take your IRA, wouldn’t they take your bank account as well?
Maybe they just want to borrow it for awhile... like 30 years or so.
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