Posted on 04/27/2015 3:06:57 AM PDT by markomalley
This is the actualization of that which was proposed by Clinton Administration Ghoul Teresa Ghilarducci in the early 90s before Republicans took over the House of Representatives. She maintained that all retirement and investment accounts should be “assessed” a fee so that government could do its good work (I’m guessing she was also on the HillaryCare secret panels, too).
These people will call it “protecting your retirement” but what it will be is an assessed penalty (likely a percentage of the total package) when it (your retirement plan) doesn’t meet their (ObamaCare-like) standards.
It’s a twofold strike: 1) assess massive penalties to fund government largesse for the leeches, and 2) eventually force you to put your retirements into socially responsible, government approved instruments. Think about that. You’d be forced to invest in Tesla, or wind power, solar power, “Green” technology companies and every other AGW or eco-nut fringe mania out there (many I’ll be who will become massive Democrat campaign contributors if not already).
There is, of course, a final option. If they could gain or consolidate enough legislative and judicial power, they would rather just take your retirement altogether and give you a chit that is good for a few bucks more per month on Social Security. They want, and will have that money by hook or crook. Count on it.
This is why I quit contributing to my 401K when obutthead was elected. Some call me stupid for not taking advantage of the “booming” market. I see it as not putting any more of my money where the government may very well declare it not mine very soon. I just wish I were old enough to get out what I already have in there.
Quantitative easing is a huge tax nobody is talking about and its in force now. Every month the government clicks a mouse and adds $87 billion dollars. What is the effect? I went to Lowes to buy a pair of channel locks (hand tool). When I last bought a pair several years ago they cost about $5. Today they are $29.99.
If you adjust for inflation (adding money into the economy) gas is probably as cheap at $2.80 today as it was in 1970 at $.38. I saw an article yesterday saying that the Fed saw no way to end QE and that it would become a permanent feature of the economy. Now that will affect your 401k as no company (other than possibly Apple) is growing faster than inflation.
Mattresses as saving depositories are looking better and better
ping for later
sharply curtail choices of assets and investment strategies in 401(k)s
Aren’t they limited enough?
I’ve been joking for years about withdrawing my paltry savings and putting it under the mattress. Now it’s no joke.
Actually, as the dollar becomes declines, all that paper under the mattress will become worthless anyway.
I had thought about putting it in gold, but even that has lost value. There just is no safe investment vehicle anymore.
Thank you Republicans and Democrats.
Gold prices may go up and down but precious metals “values” for investors are subject to manipulation. Cost averaging is the way I look to go
Don’t think of gold as an investment, but as a way to preserve wealth for the long term. The ultimate buy and hold. That is why govts try to seize it from private citizens when financial markets crash and cash (aka givt promissory notes) means nothing
I believe when the next financial crash happens (and it will), the sheer magnitude of the collapse will dwarf any previous financial calamity in world history.
The entire world has more debt (both corporate and government) than at any time in human history. The Stock Market "gains" are a joke and a mirage - propped up by fictitious "money" that the Fed "pumped." Now they are screwed - they cannot raise interest rates and they cannot stop "pumping."
http://www.wnd.com/2014/01/obama-step-closer-to-seizing-retirement-accounts/
Congress and Obama has been making stealth plans to seize IRAs, 401Ks, and all the rest should everything collapse. Obama is his supporters have all the machinery in place to do so today.
Government Lays Groundwork To Confiscate Your 401k and IRA: This Is Happening
The "groundwork" is already complete. Further, the government know EXACTLY how much is in every retirement account (that is why they dictate that you must disclose it to them).
When there are EBT food riots, and the Amish are burning down the cities, what priority for "emergency" spending do you think Obama will choose? The preservation of a middle or upper middle class white couple's retirement account?
The Treasury already "borrows" from retired civil servants Thrift Savings Plans accounts, and has taken that money twice in 3 years (citing "emergency measures"), and said they "paid it back." It is all smoke and mirrors. When the stuff hits the fan, the only reserves of cash they can hope to draw upon are the IRAs and 401Ks, and they will take them. They will issue you a worthless bond in return. Mark my words.
In 1933, FDR (via Executive Order, not even law) had the Federal Government seize all private gold holdings.
The Feds raided safe deposit boxes, and US citizens who had gold were arrested and their assets taken.
We all know Obama is ruling by "Executive Order", and that Congress will never stop him.
What makes anyone believe that when the next crash happens, Obama and his private alphabet soup agency private armies won't take all gold and silver?
All he has to do is say that private holdings of gold and silver are illegal, and cannot be stored, transferred, or used in any transaction for barter or commerce.
Stroke of the pen.
There is too much money, in the eyes of the thieves in DC, in tax avoidance or tax delay plans out there. Start with that premise and move to any thought of how they are going to get their hands directly or indirectly onto it. Directly means seize it. That may come later. The second is the incidious way: direct how it can be invested in ideas they like i.e. low income housing projects, solar, wind power et al; put a yearly “custody fee” on it; and/or perhaps scare enough people who are in 401’s to pull their assets out and pay a high income tax rate plus an “early withdrawal” penalty. So, either they drip you to death or just lop off you assets in one fell swoop.
The time has come for the government to go before we all become part of it.
Unfortunately these waters have been tested for years. Wherever there’s money, the imperial government is looking for ways to get its hands on it.
I agree 100%. There are those who tell me that they will NEVER appropriate our retirement accounts, because people of both political (or maybe I should say all) parties have them and the thieves wouldn’t want to make everyone angry and risk a great up rising/backlash. I don’t think they care, and that could very well be why all our government agencies are arming themselves so heavily.
Good grief. No one is trying to take it away from you. There was one instance where an obscure professor testified to a committee, proposing it. No one took her seriously, except for the conspiracy theorists.
This is simply a misguided attempt to prevent financially-illiterate people from making poor investments. They have a point, but this is a sledgehammer approach to a problem that could easily be solved with one small change: ban company stock funds from 401(k)'s.
I've personally been burned by a bad investment advisor, and am still involved in a class action lawsuit as a result. But, I don't think more regulation is needed.
There are actually better choices than ever for the passive retirement investor: the lifecycle funds. There are fees that you could avoid if you do it yourself, but for many investors, the fees are worthwhile.
“regulations that would sharply curtail choices of assets and investment strategies in 401(k)s, IRAs, and other savings plans...”
Looks to me like a strategy to herd livestock into pens for slaughter.
I call the currency monopoly money since it isn’t too far from it in terms of value.
Another lesson in economics is found in the Hitchhiker’s guide to the galaxy. The golgafrinchams (sp?) made leaves their currency and got a full on experience in inflation.
The shoe store event horizon is another funny one.
Put all my savings into forever stamps.
Luckily, they smartened up and burned down all the trees.
I’m afraid the fire that might be started for us will pale in comparison assuming it comes.
Douglas Adams wrote some great stuff.
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