The Feds Want Your Retirement Accounts

American Thinker ^ | 2-22-13 | John White

[radioone]

Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.

Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments." That thought generates some skepticism, as aptly expressed by the Richard Terrell cartoon published by American Thinker.

[radioone]

Now we know how they are going to pay for Obamacare.

[unixfox]

The Feds Want Your Retirement Accounts

And I want theirs. Along with their lifetime healthcare benefits, their security, their vacations and their lazy lifestyle.

Guess I'll have to wait for that 2 year gig in Congress before that will happen.

[G Larry]

Another item sufficient to anger the populace into action.

[Mouton]

It is ironic how many debates going on in DC about financial matters hinge on the debates coming regarding the Second Amendment and the abolishment of the trigger finger recall vote.

[THX 1138]

...Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings...,

...'cause that's just the kind of guys they are...

[Brooklyn Attitude]

Let’s compare this government to organized crime. Oh wait, they are the same thing, except that organized crime doesnt tell you how to live your life.

[TheRhinelander]

I’ve already told my financial adviser that if this even comes close to reality I’m pulling everything and will gladly take the tax consequences.

[ClearCase_guy]

Obamacare will fail -- it was designed to fail. We will have Single Payer health insurance: the government will control it all.
Social Security will fail -- they want it to fail. We will have government seizure and control of all retirement funds; your money will become their money.

Now, the next step: A lot of people have fixed-rate mortgages with low rates. That's good. If we have hyperinflation, paying your mortgage will be a breeze, as long as you get any kind of cost of living wage increase. But your property taxes may skyrocket. If you are out of work, your property tax may be too much for you, and the government will seize your home. I see massive housing takeover by the government as a distinct possibility.

Health, Housing, and Retirement -- the government may control 100% of all of that. Communist Utopia, here we come.

[5thGenTexan]

Those who have managed to build trillions in surplus (real savings) need no help from those who have only created trillions in debt.

[rockinqsranch]

Agree.

[E. Pluribus Unum]

"[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments."

[Obadiah]

I’ve already told my financial adviser that if this even comes close to reality I’m pulling everything and will gladly take the tax consequences.

This^^^

[The Working Man]

What’s both interesting and Machiavellian is that under this proposal the Government gets your “contribution”, invests it in Government Bonds and gets both the Principal and Interest when you die. And when you consider the “Death Panels” of Obamacare it becomes even more obvious that it is to the Governments benefit for “Unproductive Citizens) aka Senior Citizens and the disabled to die earlier if possible because they are no longer “productive” to the Economy.

[E. Pluribus Unum]

Health, Housing, and Retirement -- the government may control 100% of all of that. Communist Utopia, here we come.

Anybody with no money in the bank gets it for "free."

Anybody with any money in the bank pays through the nose until they too have no money in the bank.

Now that's "equality."

[E. Pluribus Unum]

"I see you have some money there. Give it to me."

[circlecity]

The inner city predator class along with all the government workers relying on unfunded pension promises will be all for this. Now that the takers outnumber the producers the nationalization of private retirement accounts is almost certain to happen. Get your money out now.

[E. Pluribus Unum]

I’ve already told my financial adviser that if this even comes close to reality I’m pulling everything and will gladly take the tax consequences.

They will just classify that as "money laundering" and use the asset forfeiture laws to take it.

[Mich Patriot]

If this happens, the commie bastards who vote for it should be shot and strung up immediately. Dem, Pub, every last one should be made an example of.

[Mouton]

Do you think it was an accident this years flu vaccine was virtually ineffective, 9% effectiveness rate, for those over 65? Those were the numbers reported today.

[Lou L]

Why should the Government intervene in people's savings decisions? The justifications for Government intervention in private financial decisions are varied. Panic over the economy, Wall Street, mandating savings equity, eliminating investment risk, financial crisis losses, retirement security, much-needed oversight, your 401K becomes a 201K, shoddy financial products, and predatory investment bankers are just a few.

And somehow, depite all those obstacles--no matter how contrived--those who managed to sacrifice and save, ammassed over 19 trillion dollars?