Posted on 10/19/2010 8:33:24 AM PDT by MarkLevinFan
This is not a joke! Listen to Mark Levin and read the Human Events article below. Mark interviewed professor Theresa Guilarducci in 2008 and replays it again. She’s the mastermind of this horrendous scheme.
(Excerpt) Read more at marklevinfan.com ...
She testified before a committee advocating the idea. She isn’t a member of congress last time I checked.
Chicken little much? Isn’t there enough stuff to worry about?
Does this mean I can put my tin-foil hat back in the drawer?
New Lame Duck Threat to Bailout Union Pensions
Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.
Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending...
Mark Levin said if he had described Cap & Trade five years ago, you would have thought he was nuts.
There will need to be a “crisis” during the lame duck session.
Undoubtedly the Fed or PPT can do something to the bond market or stock market.
Would individual IRAs be at risk? I’ve been thinking about rolling my 401k over into an IRA.
Yeah, it’s all looney until it comes before a vote on the floor. Then everyone will freak out. Or not.
No doubt they expect to find judges who will declare such a scheme does not constitute a violation of the fifth amendment.
I’ve been saying for at least 2-3 months now (maybe more) this will happen. Just didn’t specifically say in the LD session. It is the single largest untapped source of funding available that Democrats assume won’t cost them all that many votes considering the other three LD initiatives they will implement also:
1. Amnesty
2. Cap and Trade
3. Value Added Tax
The original congressional hearing was in 2008 I think.
I think the politician who would do this might have second thoughts if the possibility exists in their minds that they would be skinned alive.
Well, that’s the thing. Their insanity knows no bounds. And someone asked if IRAs would be affected.
Yes. 401ks, IRAs, *everything*.
If it passes a house or senate vote I will cash out everything and take the penalties.
Democrats and other demented marxists dream of seizing all assets held by private citizens and “redistributing” them to themselves and people who vote for them.
I’m keeping my tinfoil hat out until the lame duck session is over. The Demwits are going to be angry, hurt, vengeful, and determined to cut off America’s head to spite the rest of us. For certain they are going to want all of their money before they go, ...their money being our money plus non-existing borrowed money that will have to be paid by our kids and grandkids and their grandkids. ...Big government is Satan’s way of exercising his evil in God’s world, and Democrat are his minions.
“Cons-ta-tu-chen? We don’t need no stinking cons-ta-tu-chen!”
ListenHillary,
I’m convinced these politicians do not care about holding on to their offices. Apparently they know they’re going to be taken care of. And I’d bet that their families who have 401K’S WILL be protected. I can’t think an any other reason they’d be doing the things they’re doing.
Sort of like taking GM from the bondholders and giving it to the UAW, disregarding centuries of bankruptcy law precedents.
You and 25 million other Americans - invest it in iron and lead.........
Several Senators have temporary appointments and are supposed to be replaced immediately by the winner in the general election—assuming the Republicans pick up some of those seats, it will be harder for the Rats to get to 60 votes for any scheme like this...even some of the Democrats who are up for re-election in 2012 may fear voter anger if people discover that their retirement money has been confiscated to bail out union pension plans.
I would like to know this as well...we started putting all our IRA money into IRA CDs at a local credit union.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.