Posted on 12/01/2012 7:11:15 AM PST by Kaslin
The REVENGE Administration only has one fanatical objective and that is to REDISTRIBUTE as much of this country’s wealth as possible.
Do you know if zer0 can take total control of my savings plan (401K) with out the approval of congress? and will I have any say in this?
- Inflation: between 10-30% the first year, with another 10-30% increase in 2014 and 2015
- Taxes will skyrocket, first on the wealthy, but that won't be enough, so Obama will go after the middle class (he considers this "whitey money" anyway)
- Housing prices will fall even further as interest rates go up
- Companies will have to spend more money on lending money due to higher interest rates, which will cut their profits and force massive layoffs.
- Many business will close due to Obamacare, and those that remain open will cut back many employees to less than 30 hours per week - Those who rely on investment income will have a very hard time
- Bonds will become a very bad investment, and the stock market will lose anywhere between 20% and 90% of its value very quickly
If you don't have a fixed rate mortgage, refinance to one now! Don't pay off your mortgage early - that is madness with the coming inflation. If you still have an ARM, you are a fool to not convert to a fixed.....today!
Pay off other debt such as credit card debt or car loans.
Don't rely on whole life insurance (it is tied too much to stocks and bonds, which are going to get buried). Get term instead.
Gold will continue to be a safe investment, as well as some foreign currency and commodities (stay OUT of long term US govt bonds)
Now the Rat Party wants 100 percent.
The Establishment's New Normal
If you read Daniel, Ezekiel and Revelation, you will see that God had something quite different in mind.
Last I checked, House Democrats don't call the shots in that chamber.
What can we do? Yes, we have lots of money saved, take it out, suffer the penalties? IF it gets that bad, then we’re all screwed. I can’t go crazy thinking about this stuff. I drove myself crazy in Fall of 2008 with the market and decided whatever happens, happens. It was enough to drive me to drinking, lots of wine, back then.
Thanks, I’ll listen to that. I enjoy listening to Mark Levin, don’t get to listen to him as often as I use to, not in the car that time of day as much since I don’t drive daughter to dance several days a week anymore. Love listening to him and both his books.
I was unaware that Skeletor married. Now I know.
Plus, the next congressional redistricting will be based on the 2020 Census and take effect for the 2022 election. Western economies should have crashed, burned and come back to life again by 2022.
The US gov't can print all the money it wants. (This is exactly what they are doing to pay for Zero's profligate spending. So why would they bother? IRA and Koeoh accounts are "small change" compared to Zero's far larger deficits that extend "as far as the eye can see".) This idea is the drug-induced dream of about a half-dozen moonbat 'rats.
They think they do, but they sure don’t
>>>The real threat of conversion or confiscation would result in panic withdrawals from these accounts. <<<
Interesting point... considering that was exactly what I was thinking about, which makes me think that whatever confiscation happens will done in a far more insidious manner.
Evidently, all they need to do is get looney college professor to seed the notion of confiscation and some people will cash in their retirement accounts loosing a major portion of it to taxes and penalties.
Defund all pensions. No sense in paying retirees NOT to work when hard working Americans’ retirement SAVINGS are going to be stolen to pay for the welfare state.
>>>Evidently, all they need to do is get looney college professor to seed the notion of confiscation and some people will cash in their retirement accounts loosing a major portion of it to taxes and penalties.<<<
Appreciate you making my point about the “insidious” part. As agitprop goes, this would work well, along with further degrading the middle class and increased dependence on the state. It’s like a nonstop cluster. And I don’t mean peanut brittle.
Good example.
It’s astonishing how the thinking of Democrats differs from Republicans.
“Get out of the IRA & 401K plans NOW. Take the tax penalty hit and convert to cash while there is still time...”
I’m in my early sixties so I won’t get hit hith a penalty. Taxes, yes; penalty, no.
“Get out of the IRA & 401K plans NOW. Take the tax penalty hit and convert to cash while there is still time...”
I’m in my early sixties so I won’t get hit with a penalty. Taxes, yes; penalty, no.
[Article]
Private sector 401k and IRA owners are first on the Democrats' radar and may see their plans taken away soon. House Democrats are planning on eliminating those tax breaks and converting the private plans to government-controlled retirement accounts.....
The link supporting this statement leads to an old 2008 James Pethokoukis story, which does not reflect, of course, the political outcomes of the 2010 and 2012 elections that gave the House to the GOP.
The Democrats can lust after seizing 401(k)'s, Keough accounts, IRA's and the rest all they want, but the only way they'll get them is by some unimaginable Boehner treason, or blackmail, or by rolling tanks in the street and declaring government by decree.
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