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Obama Begins Push for New National Retirement System..401K at risk?
National seniors ^ | 11/11/2012 | National Seniors

Posted on 11/16/2012 7:16:48 AM PST by mikelets456

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

(Excerpt) Read more at nationalseniorscouncil.org ...


TOPICS: Business/Economy; Constitution/Conservatism; Government; News/Current Events
KEYWORDS: 401k; nationalize; obama; steal
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To: mikelets456

I can guaran-d*mn-tee CW-II if those clowns even THINK of touching my 401. And that includes debasing it by Krugmanning my money by printing worthless dollars.

Go ahead, Obamadorkfelons, make our day.


51 posted on 11/16/2012 8:07:36 AM PST by Da Coyote
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To: Belle22
"Take loans out on them & then repay very slowly,...."

Sounds like wise counsel - we don't get creamed in penalties for a loan, we take the cash and Zero gets IOUs.......

52 posted on 11/16/2012 8:08:45 AM PST by Psalm 73 ("Gentlemen, you can't fight in here - this is the War Room".)
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To: EEGator; Flycatcher

“Give up” isn’t in my lexicon. ;-)


53 posted on 11/16/2012 8:08:57 AM PST by Dead Corpse (I will not comply.)
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To: Triple

Sooo, how’s this different from Social Security?


54 posted on 11/16/2012 8:11:19 AM PST by SargeK
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To: Da Coyote

Everyone should check the terms of your 401.
The trick lately is to make it so you can’t take the money out or roll it into a private IRA.
The next step is to remove any cash equivalent account.
Then the next “safest” account available wont say so up front, but will be treasury heavy.
This is a de facto confiscation.


55 posted on 11/16/2012 8:11:58 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Dead Corpse

That’s what I like to hear.


56 posted on 11/16/2012 8:14:05 AM PST by EEGator
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To: Dead Corpse; EEGator
“Give up” isn’t in my lexicon. ;-)

But "Bring it!" sure is.

Gonna be an interesting year. I can't look beyond that. Four more years of totalitarian encroachment is just unthinkable.

57 posted on 11/16/2012 8:14:10 AM PST by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: Flycatcher
But "Bring it!" sure is.

I'm known to some as being a bit pugnacious. ;-)

58 posted on 11/16/2012 8:16:36 AM PST by Dead Corpse (I will not comply.)
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To: Flycatcher; Dead Corpse

Just try not to stress on it too much. What happens, happens. You’ll drive yourself crazy if you dwell on it.


59 posted on 11/16/2012 8:18:38 AM PST by EEGator
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60 posted on 11/16/2012 8:19:16 AM PST by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
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To: bigbob

I knew that also, didn’t expect it to happen that fast. The bombs are coming in from so many directions I feel like I can’t concentrate on one target to hit back. Guess that’s the plan. Last time I sent off an email to George Miller telling him if he wants to steal my money I would take a hunger strike to the streets with news media and I actually got a response! BS response, but at least not one of those ready made ones.


61 posted on 11/16/2012 8:24:20 AM PST by Rusty0604
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To: mikelets456

Imagine, if you will, the chaos in the market if all 401k and IRAs are liquidated.


62 posted on 11/16/2012 8:24:36 AM PST by Mike Darancette (I don't understand why the Boomers are so passive.)
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To: Dead Corpse
Lol!

Yeah, I noticed that yesterday on the big seccession petition thread. I participated on that thread too. Couldn't believe all the hand-wringing candyasses in FReeperland that are scared of their own shadow.

I despise these people. They're the last people we need in a foxhole.

But you handled yourself well. There's a lot to be said for "pugnacious." In my book, it's a positive trait.

All the best!

63 posted on 11/16/2012 8:24:40 AM PST by Flycatcher (God speaks to us, through the supernal lightness of birds, in a special type of poetry.)
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To: mikelets456

This and the gun takeover will cause a lot of people in D.C. to be swinging from lamp posts.


64 posted on 11/16/2012 8:33:30 AM PST by crosshairs (Hurricane Barry is 1000 times more destructive than Hurricane Sandy.)
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To: mikelets456

the best run private pensions - as opposed to simple 401k plans - all are infinitely more sound than social security;

if there should be any across-the-board and bipartisan attacks on unsound retirement plans, it needs to start with the governments’ already existing plan - social security, a ponzi scheme if there ever was one


65 posted on 11/16/2012 8:34:06 AM PST by Wuli
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To: Flycatcher
Couldn't believe all the hand-wringing candyasses in FReeperland that are scared of their own shadow.

"Sunshine patriots" have been a problem for a long time.

Thomas Paine. Said it better than I ever could.

Or as one of my favorite Authors put it...

As much as "sunshine soldiers" or "summer patriots", beware an ally -- more common than you know -- whose fear of the uncertainties of success moves him to surrender at the very moment of victory. -L. Neil Smith. Tactical Reflections.

66 posted on 11/16/2012 8:34:33 AM PST by Dead Corpse (I will not comply.)
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To: Las Vegas Ron

This isn’t the first attempt. And the Public Unions are pushing it so that the money confiscated will pay out more of their member’s lavish pensions for awhile longer before they all are insolvent. Look at CA; they passed forming a committee to implement a plan for private employees, RUN BY CALPERS!


67 posted on 11/16/2012 8:42:15 AM PST by Rusty0604
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To: David

Congress sent out a letter to the admin about nationalizing retirement: http://www.humanevents.com/2010/05/04/republicans-sound-alarm-on-administration-plan-to-seize-401ks/


68 posted on 11/16/2012 8:49:09 AM PST by Rusty0604
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To: Las Vegas Ron

the site doesnt look really well put together and who the heck are National Seniors. Looks like a ruse to me.


69 posted on 11/16/2012 10:37:12 AM PST by Chickensoup
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To: Rusty0604; LucyT
Congress sent out a letter to the admin about nationalizing retirement: http://www.humanevents.com/2010/05/04/republicans-sound-alarm-on-administration-plan-to-seize-401ks/

That's really ancient news--that is May of 2010. The hearing was in the fall of 2012. My sense of things is that this is a non-issue--this is something the real extreme Left Wing fringe wants to pursue but it doesn't look to me like it is going anywhere. These are just fuzzies bouncing off the wall--even this Administration is probably not going to take on some thing like this.

Just my view--it might be wrong. If you see anything that looks like real current action, let me know and I will look into it. At present, I don't think it is going to happen in the current cycle and lots of other things are on the table as real threats.

70 posted on 11/16/2012 8:38:20 PM PST by David
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To: massgopguy

I’m looking for something referenceable about this proposal. If you can find anything, I would appreciate it.


71 posted on 03/18/2013 6:48:55 PM PDT by FreedomPoster (Islam delenda est)
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