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The Government Generously Offers To Help You "Manage” Your Retirement Account
zero hedge ^

Posted on 02/02/2013 7:29:39 PM PST by Perdogg

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1 posted on 02/02/2013 7:29:44 PM PST by Perdogg
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To: Perdogg

If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?


2 posted on 02/02/2013 7:31:59 PM PST by Cowgirl of Justice
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To: Perdogg

If they really want CW-II, they can try that.


3 posted on 02/02/2013 7:32:10 PM PST by Da Coyote
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To: Perdogg
notably those from the retiring Baby Boom generation, may fall prey to financial scams

Said the government flim-flam man with his government scam.

/johnny

4 posted on 02/02/2013 7:33:17 PM PST by JRandomFreeper (Gone Galt)
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To: Cowgirl of Justice
where would be a good place to put their money?

6 months ago, I would have said ammo.... but there isn't any on the open market anymore. My .22LR have appreciated 500% since I bought them.

/johnny

5 posted on 02/02/2013 7:36:02 PM PST by JRandomFreeper (Gone Galt)
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To: Perdogg

From the article:

“The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams . . .”

I’ve already fallen prey to one financial scam - it’s called Social Security.

By coincidence, it turns out the amount I’ve put in my private retirement account almost exactly matches the amounts contributed by me and my employer in FICA. Yet present projections are that my private account will pay on my retirement almost *twice* what Social Security will - *and* that includes preservation of my principal for my heirs.

The last thing I want is those sharks anywhere near my individual retirement funds.


6 posted on 02/02/2013 7:37:57 PM PST by Stosh
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To: Cowgirl of Justice

physical commodities, underground bunker with air filtration, self defense necessities.


7 posted on 02/02/2013 7:40:45 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Cowgirl of Justice
If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?

Your matress. Also, at least part of it denominated in another currency.

8 posted on 02/02/2013 7:41:29 PM PST by Vince Ferrer
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To: Cowgirl of Justice
If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?
There's no good place.

Wherever you put it, they'll come after it.

9 posted on 02/02/2013 7:43:05 PM PST by Bratch
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To: JRandomFreeper
notably those from the retiring Baby Boom generation, may fall prey to financial scams

Yeah...ponzi scams like like Social Security....

10 posted on 02/02/2013 7:47:20 PM PST by TADSLOS ( "I ask sir, what is the militia? It is the whole people except for a few politicians."-George Mason)
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To: Perdogg
Corrected link
11 posted on 02/02/2013 7:47:28 PM PST by Bratch
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To: Cowgirl of Justice
[If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?]

One option is numismatically significant gold and silver coins.

12 posted on 02/02/2013 7:48:08 PM PST by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: JRandomFreeper

Just like they protected people who had money parked at MF Global?

Thank God Almighty, safe at last, the government regulators are here to help.


13 posted on 02/02/2013 7:48:15 PM PST by heartwood
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To: JRandomFreeper

Hot dog. What a great idea.

But but but....

Tell me of a bigger scam than social security. That makes Murdof look like a totally incompetent crook.


14 posted on 02/02/2013 7:49:23 PM PST by old curmudgeon
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To: Perdogg

“The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams”

http://www.johnspeedie.com/healy/bull.wav


15 posted on 02/02/2013 7:51:35 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Bratch
Wherever you put it, they'll come after it.

If it's gold, bury it and booby-trap the hell out of it.
Then let the government brownshirts come after it.

16 posted on 02/02/2013 7:53:45 PM PST by Lancey Howard
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To: Bratch

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.


17 posted on 02/02/2013 7:55:15 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: JRandomFreeper

“We’re the Government, and we’re here to help you.”


18 posted on 02/02/2013 7:58:18 PM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: Bratch

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.


19 posted on 02/02/2013 7:59:11 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: BenLurkin

Cool, sort of like hiring a reformed hacker to be head of cybersecurity. They’re certainly in a position to know about financial scams, but it’s the “reformed” part that worries me.


20 posted on 02/02/2013 8:02:27 PM PST by RegulatorCountry
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To: JRandomFreeper

The first thing a con artist must do before pulling off the con....convince you that he cares about you.


21 posted on 02/02/2013 8:02:51 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: Cowgirl of Justice

Good land. Land with timber, farming or hunting lease potential. You can live there, farm it, grow veggies, lease it, cut firewood, sell timber or just sit on it until you can sell it once again for the same relative value or greater.


22 posted on 02/02/2013 8:08:14 PM PST by WorkingClassFilth
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To: MtnClimber

You need the gold to store your wealth until the collapse has stabilized. You need the brass and lead to survive the collapse.


23 posted on 02/02/2013 8:10:14 PM PST by fr_freak
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To: Perdogg; Jack Black; Travis McGee

That’s a line.

Thieves are fair game.


24 posted on 02/02/2013 8:12:59 PM PST by FreedomPoster (Islam delenda est)
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To: Perdogg
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams

Like that ponzi scheme Social Security!?

25 posted on 02/02/2013 8:14:18 PM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: fr_freak

I hear you and have thought about it. The brass and lead thing I agree with. With gold, I really don’t know. Historically it has been valued, but if we were plunged into 100s of years of “dark ages” would gold be valuable during the dark ages or would barter of useful items be more useful?

Hopefully 2014 gives Barry the Userper a brick wall that he cannot pass and he will be written into history as the worst and most constitutionally damaging presidents ever, but with Woodrow Wilson snorkling his butt.


26 posted on 02/02/2013 8:33:34 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: Perdogg
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings...yes indeed, the Government has done so well in managing its own finances, I sure need its help in how to manage mine......
27 posted on 02/02/2013 9:01:45 PM PST by Intolerant in NJ
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To: Cowgirl of Justice
I'm, admittedly, terrible with money.
Seeing this theft coming, however, I've been thinking of taking the penalty hit, cashing out my IRA, and investing in real estate as the housing market seems to be recovering and the interest rates are low right now.
28 posted on 02/02/2013 9:04:53 PM PST by Washi (PUSH BACK! Encourage your legislators to introduce pro-second amendment legislation.)
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To: Perdogg

never saw this coming... oh wait...


29 posted on 02/02/2013 9:08:32 PM PST by sten (fighting tyranny never goes out of style)
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To: JRandomFreeper

Ammonow.com shows average prices and last week’s and month’s. My .223s are coming down finally.


30 posted on 02/02/2013 9:27:49 PM PST by gotribe (obama = the Great Divider)
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To: Perdogg
"...whether and what authority we have,” bureau director Richard Cordray said in an interview

Isn't Cordray one of the recess appointees that the appeals court ruled was invalid? How come this guy is still collecting a paycheck, let alone trying to determine his regulatory power? Does the House have the authority to withhold his salary?

31 posted on 02/02/2013 9:30:43 PM PST by PeevedPatriot
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To: Cowgirl of Justice

Don’t take the hit, not worth it. These guys are not able to loot your IRA account. Not going to happen.


32 posted on 02/02/2013 9:39:30 PM PST by The_Media_never_lie (Actually, they lie when it suits them! The crooked MS media must be defeated any way it can be done!)
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To: gotribe
Ammonow.com shows average prices and last week’s and month’s. My .223s are coming down finally.

When there's charts on the internet tracking prices on ammo... It's like silver or gold, except it's useful and fun.

If it keeps going like it is, I'll pay next year's property tax by selling a brick of .22LR.

/johnny

33 posted on 02/02/2013 9:48:05 PM PST by JRandomFreeper (Gone Galt)
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To: PeevedPatriot
Isn't Cordray one of the recess appointees that the appeals court ruled was invalid?

The very same.

34 posted on 02/02/2013 9:50:42 PM PST by okie01 (The Mainstream Media: IGNORANCE ON PARADE)
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To: The_Media_never_lie
Not going to happen.

And you can keep your gold and regular light bulbs and regular flush toilets and keep the doctor you like.

I don't trust 'em as far as I can throw 'em. That's trillions of $$s sitting there that the government needs.

Roosevelt shouldn't have been able to outlaw possession of gold, either.

But he did, and our corrupt government went along with it.

/johnny

35 posted on 02/02/2013 9:57:20 PM PST by JRandomFreeper (Gone Galt)
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To: Perdogg; All

Unaccountable bureaucracies are socialist constructs.

Socialism Is Legal Plunder - Bastiat

http://www.usdebtclock.org

BIG GOVERNMENT IS CRONY SOCIALISM

From socialist architect/bureaucratic brianless child to senator...

http://dealbreaker.com/2012/12/elizabeth-warren-director-of-the-consumer-financial-protection-bureau-doesnt-sound-so-bad-anymore-does-it/

http://www.huffingtonpost.com/2012/07/18/cfpb-capital-one_n_1682578.html

As big as anything...well...since OBAMACARE!

The socialists are running the table AND we have ZERO representation in Congress.

“Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. “ - Bastiat

Americans are being overtaken/looted/plundered/subjugated by coalitions of collectivists - all socialist.

Thanks for posting, Perdogg. BIG SOCIALISM BUMP!

Thanks to all of the tremendous posters at zero hedge and free republic.


36 posted on 02/02/2013 10:00:44 PM PST by PGalt
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To: MtnClimber

would gold be valuable during the dark ages or would barter of useful items be more useful? <<

http://www.321gold.com/fed/greenspan/1966.html


37 posted on 02/02/2013 11:59:54 PM PST by M-cubed
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To: Stosh

“I’ve already fallen prey to one financial scam - it’s called Social Security.”

You didn’t fall prey. You were coerced.


38 posted on 02/03/2013 12:19:08 AM PST by dixiechick2000 (Old age and treachery always overcomes youth and skill.)
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To: Cowgirl of Justice
where would be a good place to put their money?

Physical Gold and Silver. Some of it in bar form, some in coins. My preference is for Silver.

39 posted on 02/03/2013 2:21:31 AM PST by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: MtnClimber
...would gold be valuable during the dark ages or would barter of useful items be more useful?

Precious metals (Gold and Silver) are the way to go, because they are money. The concept of money - and why it always wins out over barter - requires a little unpacking:

Precious metals possess all of the attributes of money (fungibility, portability, store of value and so forth)

Fiat currency has most of the attributes of money, but it does not act as a store of value. After a few years a dollar bill has only a fraction of its original buying power. However an oz of Gold from (e.g.) the time of the Incas retains its buying power.

Something that has the attributes of money is valuable because it has those attributes. Would-be barterers can use money to overcome the otherwise insuperable problem of discovering a Coincidence_of_wants .

Trade requires money. Let's examine this vital function of money with respect to the coincidence of wants, and also get a feel for why Barter rarely works:


Chicken farm example:

You run a chicken farm, and you need to buy a great many things to keep your farm and family going.

In a given month you need - for instance - to buy chicken feed, to hire someone to repair your generator, to buy a nailgun to allow you to mend chicken barn #9, to hire a midwife to help give birth to your widowed daughter’s baby, to buy milk and bacon - and so on.

Some of these resources will be buyable with chickens or eggs. And some of them will not - there's no coincidence of wants if the midwife or the nailgun owner don't want chicken meat or eggs.

Remember: these people need to replace their consumables in order to stay in business: they can't use your food to buy more nails or WD40 or painkillers or whatever they need from their suppliers a hundred miles away.

But all or most of these resources will be buyable with money - with Gold or Silver. This is because offering money as part of a transaction vastly improves the chance of a coincidence of wants


Chicken farm example - continued:

You’ve had a successful month at the farm, and you now have loads of chicken meat and/or eggs to sell.

100 people line up to buy what you’ve got.

* 50 of them have horribly devalued fiat money, food-stamps and a bad attitude

* 40 of them have plans for barter - some of which are better than others.

    One is willing to work on your farm for food
    Another is willing to sell you their body
    Another has a stack of AA duracell batteries
    Another has some miniature bottles of scotch

- and so on, with dozens of variations. You have to gauge each transaction on its own merits - an exhausting process - and half of the barter offers are simply going to be unworkable.

* 10 of them have Gold and/or Silver.

Which customers will you prefer selling your produce to? They all want what you've got - but do you want what they've got? Again: real money vastly increases the chance of a coincidence of wants.

In summary:

Only Gold and Silver fulfill all of the prerequisites of money. This gives them inherent value - useful (for instance) in a survival situation.

Barter (however) turns out not to be a workable solution in the great majority of cases due to the need for a coincidence of wants.

Lastly - as we know: fiat currency can also be used to run a chicken farm. It has the appearance of money. However fiat currency is currently losing ~7% of its buying power a year. Once price inflation reaches a certain level, only real money will be accepted as money.

Hope this was helpful.


40 posted on 02/03/2013 2:53:48 AM PST by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: MtnClimber

“We will be like Zimbabwe if people don’t wise up by the 2014 election.”

I think more and more people are beginning to think we won’t be able to vote our way out of the mess we’re in. Take your money out of the 401(k), pay the penalty and buy hard goods... things that will be valuable even if (when) the economy goes into the tank. My wife (a non-drinker) is stockpiling wine. I just bought some tobacco seeds. There are “other” things we don’t talk about too. We have seven people living in this old house and all but the two grandkids (2 and 6 years old) shoot well. I sincerely hope we’re not tested but if we are, I also hope we pass the test.


41 posted on 02/03/2013 3:34:24 AM PST by oldfart (Obama nation = abomination. Think about it!)
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To: oldfart

Unless your wife’s storing high-end collectible wine, they won’t last forever. White wines might start turning 1-2 years after bottling. Reds might start turning bad after 3 years. (I work part-time at a winery.). Your mileage may vary, but just be aware.


42 posted on 02/03/2013 4:22:52 AM PST by Biff55 (If you run too far from the Alliance you end up in Reaver territory.)
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To: Perdogg

They don’t know what authority they have? How vaguely legislated is their mandate? If only we had a left that loved the Constitution.

Consumer Financial Protection Bureau = Coming For Profits, Bub.


43 posted on 02/03/2013 5:03:13 AM PST by 1010RD (First, Do No Harm)
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To: oldfart
Take your money out of the 401(k), pay the penalty and buy hard goods..

It doesn't make any sense if you have real money in it. The object of the game is to pay the least amount of taxes as you can. A working stiff Californian would end up paying close to 50% in taxes and penalties on cashing in a 100K IRA. A high roller would end paying 60% if not more. The way to go would be a 72T distribution.

44 posted on 02/03/2013 5:26:54 AM PST by EVO X
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To: VanShuyten

Gee, the government already 16 trillion in debt and climbing in charge of one’s retirment accounts, what could go wrong??


45 posted on 02/03/2013 5:27:13 AM PST by Mouton (108th MI Group.....68-71)
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To: heartwood
Just like they protected people who had money parked at MF Global?

Bingo! That is the event that set Ann Barnhardt off the hook. She rightly observed that Corzine took money out of the accounts that were not his to take (~$1billion?) and the guy is walking the street and our Fed-Gov is letting him walk.

Then add to that what happened to the bondholders at GM. These bahstids in the Fedzilla will come for the 401k's and retirement accounts sooner or later. They will say they won't and say they won't, and then one day you will here that great sucking sound.

46 posted on 02/03/2013 5:49:16 AM PST by VRW Conspirator (Sometimes it takes calamity to lead to serenity - FReeper RacerX1128)
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To: Biff55

How about a barrel of whiskey? It usually bets better with age and won’t go bad for a loooong time.


47 posted on 02/03/2013 6:22:20 AM PST by glorgau
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To: Perdogg

This is why they’re coming for the guns first.


48 posted on 02/03/2013 6:26:28 AM PST by Tench_Coxe
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To: Perdogg
"The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams,..."

You mean scams like Social Security?

Fact is, the government itself is a financial scam!

49 posted on 02/03/2013 6:28:50 AM PST by meyer (When people fear the government, you have Tyranny)
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To: dixiechick2000
You didn’t fall prey. You were coerced.

The LIES the Fed Gov told us back in 1936 ....

TAXES

THE same law that provides these old-age benefits for you and other workers, sets up certain new taxes to be paid to the United States Government. These taxes are collected by the Bureau of Internal Revenue of the U. S. Treasury Department, and inquiries concerning them should be addressed to that bureau. The law also creates an "Old-Age Reserve Account" in the United States Treasury, and Congress is authorized to put into this reserve account each year enough money to provide for the monthly payments you and other workers are to receive when you are 65.

YOUR PART OF THE TAX

The taxes called for in this law will be paid both by your employer and by you. For the next 3 years you will pay maybe 15 cents a week, maybe 25 cents a week, maybe 30 cents or more, according to what you earn. That is to say, during the next 3 years, beginning January 1, 1937, you will pay 1 cent for every dollar you earn, and at the same time your employer will pay 1 cent for every dollar you earn, up to $3,000 a year. Twenty-six million other workers and their employers will be paying at the same time.


View the original Fed LIE in it's entirety at http://www.ssa.gov/history/ssn/ssb36.html

as well as this excellent read "Social Security deceit" by Walter E. Williams, Feb 23, 2005 found at http://townhall.com/columnists/walterewilliams/2005/02/23/social_security_deceit
50 posted on 02/03/2013 6:41:24 AM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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