Posted on 12/23/2013 7:19:46 PM PST by bkopto
Some experts are concerned that the Obama Administration is poised to begin forcing Americans to stock their retirement accounts with low-return government bonds.
Richard Cordray, director of the Consumer Financial Protection Board, told Bloomberg News that his new regulatory agency was mulling a move to control the $20 trillion that Americans have invested for retirement. He specifically mentioned 401(k) plans and IRAs.
“That’s one of the things we’ve been exploring,” Cordray told Bloomberg reporter Carter Dougherty in January. Cordray’s seemingly stray comment was largely ignored by mainstream and financial media, but won the attention of fund managers and economists.
SNIP
Michelle Muth Person, an officer in the CFPB communications office, declined to be comment on plans to regulate retirement accounts but said that CFPB has “no immediate plans” for intervening in the management of individual accounts.
Despite the reassurance, economists and industry officials are still worried. “The runaway, unaccountable regulators at the Consumer Finance Protection Bureau would like to ‘protect’ the IRAs of U.S. citizens by making them into a $20 trillion ATM for the government,” says economist George Gilder.
(Excerpt) Read more at forbes.com ...
You WILL be forced into low yield .gov bonds or .gov annuities, so as to protect you from the Wall Street capitalists. Its for you own good, don't you know, as you are too stupid to fend for yourself.
Once they force you to buy them, they can just cancel the debt, “for the public good.”
That might just be what starts the revolution. Sharpen the guillotines.
bttt
later
Total BS! Americans have no intention of putting themselves out there for the good of the country. They will rely on ours to fix the problems.
As someone mentioned here recently, the country is primarily full of leeches and cowards.
Not only would this spark a revolution (I hope) but removing all the retirement accounts from the stock market would also crash the entire stock market and wall street — maybe a pleasant side effect for Obama
If they decide to force this....then it is time to withdraw your money from them.
Obviously the question is when. The when is when Obastard and all of his cronies have exited their 401K’s for cash or gold They will pull the trigger when there is no risk to themselves
Americans continue to be plundered
by the docile EXEMPT, whoring, treasonous Congress
and their undocumented EXEMPT Indonesian.
Hey, I’ve already warned people - tax deferred accounts are considered government property until all taxes due are paid. You get seduced into throwing your money over that wall, you’ll be damned lucky to ever see it again.
Maybe THAT’s the reason for all those hollow points DHS bought...
Since the Supreme Court ruled that you can be made to buy government healthcare, anything goes.
No they wont.
BTW, I already put that maximum allowed in a 401K type pretax savings.
It saves me a fortune in high income tax Maryland.
This would mean its time to burn DC to the ground....
The 401K is NOT worth the risk from your counterparty (i.e. .gov) to this vehicle.
Far more serious freedoms have been stripped from us, and nothing has been done about it. The Left is emboldened, and they will keep moving the line in the sand forward, even after conservatives have fallen over the cliff behind them.
I have zero faith in the American people, and pretty close to zero faith in conservatives that they will physically fight anything that comes out of DC.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.