After thought ... Wall Street has take 60% of my 401K ... CONgress has taken 100% of my Social Security
LOL
I already moved my money.
I expect bad economic times, but now the media will be positive and supportive of all decisions since after all, he’s their darling. Chris Matthews summed it up well a few days ago.
Start calling your mutual fund company and ask them what is going on. Or call your plan administrator. Start building the anger against Dems. The House Dems will hopefully overreach and then go to war with Obama. The more infighting they do the better. If this gets close to a reality, which I doubt, check into rolling into an annuity. I doubt the Dems will want a fight with the insurance industry.
Obama’s friend owns a decent size mutual fund company in Chicago. This would hurt his business.
Start calling your mutual fund company and ask them what is going on. Or call your plan administrator. Start building the anger against Dems. The House Dems will hopefully overreach and then go to war with Obama. The more infighting they do the better. If this gets close to a reality, which I doubt, check into rolling into an annuity. I doubt the Dems will want a fight with the insurance industry.
Obama’s friend owns a decent size mutual fund company in Chicago. This would hurt his business.
Start calling your mutual fund company and ask them what is going on. Or call your plan administrator. Start building the anger against Dems. The House Dems will hopefully overreach and then go to war with Obama. The more infighting they do the better. If this gets close to a reality, which I doubt, check into rolling into an annuity. I doubt the Dems will want a fight with the insurance industry.
Obama’s friend owns a decent size mutual fund company in Chicago. This would hurt his business.
Economic Policy Institute
New School for Social Research
Says it all.
I can’t understand how they can “take” my private property (401k)? I’ts like taking someone’s stock portfolio, 529? savings for college, cd’s (money not music).
This would be unprecedented. The Constitution prevents this type of perversion.
Since the Govt. stole the Social Security money. . .they have to Steal again to put money back.
Before Pelosi and Congress can “ACT” on this Americans who see it coming can withdraw the 401K dollars at the 10% penalty rate.
Rob the Government to pay Paul, before Paul gets robbbed by the Govt.
The KING can be thwarted using the laws of the land before the king can get a slow moving Congress to change the laws......No fast/Immediate Edicts from Rulers in the USA....sorry BHO ....not so fast fundamental Transformation
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism.
This is not new news but cold 17 times refried rancid old news. The whole story, every single f'in booring time, goes back to this one leftist professor's testimony before a committee hearing. If you post this crap one more time, credulous about the statements of one witness, you should be sentenced to 200 hrs of listening to congressional testimony. That will cure you of ever paying any attention to anything ever said in congressional testimony ever again.
I would like to see them try it. If they did and the Republicans were smart enough to take advantage of it, the ‘Rats would lose the House and the Senate in 2010.
Regardless of how such a scheme was implemented, the proposal to eliminate deductibility of contributions for both individuals and corporations would have several immediate impacts. First of all, the incentive of individuals to contribute and for employers to match those contributions would evaporate instantly. In turn, the incentive for companies to offer such plans would be removed, which is precisely what the sponsors of this scheme desire.
The Federal government would then take over management of the assets formerly sponsored by employers – and managed by financial service companies, which would have no incentive themselves to maintain further control of asset pools to which future contributions were unlikely to be made. In addition, the involvement of the Federal government would expose the financial industry to an even greater risk of control than they presently face.
Consequently, the mutual funds currently used to support defined contributions would be shut down, and the assets transferred into fixed rate guaranteed investment contract (GIC) accounts. There would then follow massive layoffs in the industries that comprise the private retirement services market, including mutual fund investment companies, financial planners, third-party administrators, tax accountants, brokerage houses, and on-line investment management services.
At the same time, private company employees would be locked into 3% fixed rate retirement accounts that would be managed similarly to Social Security: without any control, portability, or access until whatever age the Federal government decides you can get your own money back. And, to top it off, the government will now have access to trillions of dollars of formerly private wealth with which to… what? Keep in a “Trust Fund” like Social Security? The “Trust Fund” that isn’t really a “Trust Fund” because it was raided years ago by Congress and now consists of a huge pile of IOU notes?
Yes, exactly. The two congressmen presently hatching this scheme, “Baghdad” Jim McDermott and George “The Red” Miller are among the most radical members of an already hard left Democrat Party, and they will stop at nothing to perpetrate what would be the biggest heist in history: the organized theft of private retirement assets in order to redistribute them to their favored constituencies in exchange for votes and the promise of eternal fealty to the Democrat Party. Combine this with Barack Obama’s plan to dramatically raise taxes on high achievers and increase both capital gains and dividend taxes, we are staring down the barrel of the largest transfer of wealth in the history of humanity.
Make no mistake about it: they are coming for our money. When they begin to talk of universal “national service” and gun control, too, that is when you’ll know if you do not already that their intentions have nothing to do with Hope and Change, but with Money and Power. What our foreign enemies will choose to do as we retreat into a Euro-Socialist cocoon is another, even more serious matter that will doubtless be taken less than seriously by those we have now elected to lead us. Which is perhaps why I find myself praying a lot these days. I know I am not alone.