Posted on 01/13/2010 4:46:07 AM PST by moneyrunner
Worked for Worldcom for several years leading up to their bankrupcy. Company sponsered 401k, nostly in Wcom stock that went to zero.
No big deal, I have two other retirement incomes that do well.
there - all fixed
A lot of baby boomers, post boomers and seniors voted for this and they are about to get screwed big time by Hussein. Just like Argentina, somewhat like ICeland, Weomar Germany, Zimbabwe, etc etc.
But they wanted an illegal Kenyan, marxist, usurper, in Hairy Reed’s words “light skinned without a Negro dialect” muslim. Enjoy. He is like Pol Pot in what the young will do to the elderly.
Keep watching the TV and ball games sheep.
A lot of baby boomers, post boomers and seniors voted for this and they are about to get screwed big time by Hussein. Just like Argentina, somewhat like ICeland, Weomar Germany, Zimbabwe, etc etc.
But they wanted an illegal Kenyan, marxist, usurper, in Hairy Reed’s words “light skinned without a Negro dialect” muslim. Enjoy. He is like Pol Pot in what the young will do to the elderly.
Keep watching the TV and ball games sheep.
No surprise there. With the welfare state taking up well over 50% of receipts, there is a shrinking amount of discretionary money available to the Dems, in spite of horrendous debt being made.
Solution is to tap into the wealth generated by the trillions socked away by individuals in 401ks and IRAs. This is real money, not IOUs that are in Social Security Trust fund.
Liberals will try to convey that this is the govt’s money as taxes have not been paid on it. They will confiscate and give SS “credits” to those whose accounts have been confiscated.
I think only reason they haven’t done to date is it will kill the stock market, which is weighted heavily to these retirements investments.
Obama and the Dems are already laying the groundwork. The sheep will just keep watching TV and ball games.
There is a lot of interesting discussion here in case you missed it.
http://www.freerepublic.com/focus/f-news/2424037/posts
Watch this next fraud...converting traditional IRA’s to ROTH IRA’s. THEN, pull the rug out from under the wretches!!!Absolute B-—turds!!!!
AMEN
Yep. This happens, and that's when you'll start to see pols swing from lampposts, IMHO.
I'm not sure if even Dem Politicians are dumb enough to really try this. I think they'll float some trial balloons (That's already been done, I think) ....then wise up quick.
But, who knows. These are interesting times.
A move like this WILL lead to a violent revolt. Don’t take our stuff. We worked hard to earn it.
See my post 31....Great minds think alike. :-)
Yeah...I've been watching this meme get pushed pretty hard in all of my financial mags. My thought is always "So, what happens when they decide to tax Roths? Or IRAs? Or, just tax everything?"
FWIW, I left my IRAs AND my Roths alone. Figured that I'll not put all my eggs in one tax basket. It's not a sure-fire insurance, but it's the best idea that I could come up with, short of burying everything in tin cans behind my house.
Oh, I realize its in the market, but once it becomes a treasury, it's cash to greedy politicians.
They'll figure out a way to lessen the impact. That's too much money for them not to have it.
And I can only encourage the majority to push forward to hasten the outcome.
I’m wondering how a Self Directed IRA which owns houses will work?
I have a SD IRA where it owns notes on rental properties, and owns properties outright.
So what do they do then, take the houses? Take the income? I don’t think this will work.
Another reason to ditch the big business of Financial Planners on Wall Street and do what makes sense to me.
F them. I’ll find a way to make sure they take over a charcoal asset if they decide to sieze my IRA assets.
One of the biggest mistakes people make is to invest their 401K in their company stock ESPECIALLY if it has done well. I have lots of GE retirees as clients. GE did spectacularly well for decades. Right until it hit its peak around 2000. Then it lost 90% of its value. Not a Worldcom ... not a scam ... just an overpriced stock that will take decades to regain its old price.
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