If Obama wins he will nationalize your 401K

Vanity | 9/7/2012 | Pietro

[Pietro]

I beleive that if Obama wins this election he will move to nationalize our 401Ks and every other pension plan in the country. Why?

Consider:

Even after raising taxes on the "rich" he'll be no nearer to reducing the deficit; and then Obamacare kicks in.

His big idea boys will look around and notice the trillions locked up in pensions and 401Ks. They'll figure its all the government's money anyway and so they'll grab it.

They won't be able to go through the legislature so they'll need to use one of the Cabinet dept's to make the grab, and they'll have to do it quick, before you can react.

The election will show them the % of moochers vs % of producers and so they'll be comfortable thinking a majority supports the theft.

[Lazamataz]

Don’t see how.

Tortuga.

[The Antiyuppie]

“They’ve already talked about doing this, plus taking 40% of our interest on stocks.”

It will happen slowly, i.e., with taxes - the frog in the pot method.

[ArmyTeach]

ping

[muawiyah]

We have hydrocarbons ~ we import cheaper hydrocarbons from people who hate us. The theory is that we benefit from a world price since everybody has to pay it.

Actually, if you close off the importation of a critical commodity with a high protective tariff, and you're a big enough customer, you can bring down the world price. Plus you quit exporting hard earned capital to the people who hate you.

Technically our largest source of imported hydrocarbons is Canada ~ a polygon if there ever was one ~ but we can continue to import their oil while taxing that sent here from other markets ~ e.g. Venezuela.

That's a box ~

I don't see any room for Obama and his running dog lackeys in there.

[Pietro]

A famous bankrobber, Willie somethingorother, was asked why he robbed banks. "That's where the money is" says Willie.

Where's the money, Triple?

[Lazamataz]

Porcupine.

[Stentor]

Teresa Ghilarducci Presents Plan for Mandatory Universal Pension System

A warning that it's Youtube. This one has the pedigree that might give her the ear of Red Barry.

[Lazamataz]

Hydraulic.

[ctdonath2]

Easy choice.

[muawiyah]

Leverage

[DannyTN]

So one New York professor suggests an alternative account to a 401k, and this becomes "Democrats plotting to nationalize your 401k?" Give me a break.

Tell me one senator or congressman that is on record supporting this? And even the alternative account she suggested doesn't amount to nationalizing your 401k.

[Freedom4US]

Believe it or not, Argentina was, at one time, the third wealthiest country in the world, with a huge middle class.

Then the socialists took over. A hundred years later, they haven’t recovered.

[MarkL]

I have no doubt that they want to do it, but it would destroy the country's economy in an instant. 401K and retirement plans have funds invested in stocks and bonds. Were the government to do this, they would have to leave IOUs in place of the funds, in effect nationalizing every publicly traded company, and in order to access the liquid value of those stocks, have to liquidate them, crashing the stock and bonds markets.

It would lead to economic turmoil never seen before in the US.

Mark

[Pietro]

So Ms Ghilarducci is going to save me from myself by taking all of my money.

Perfect logic from a leftist outlook.

Thanks for the link.

[Pietro]

They wouldn't sell off the stocks and bonds, rather they would assume control over the management of the various porfolios.

In effect, establishing a national annuity, from which they could dole out payments.

And btw, it would destroy the ecomony.

But then what effect would Cap & Trade have on the economy?

Or algore's btu tax?

Or for that matter taking over the healthcare of every man woman and child?

Exactly what leads you to believe that destroying the economy is off the table?

[Tolerance Sucks Rocks]

And in the end, it won’t do a damned thing to solve the problem, because your 401(k)’s and pensions will be invested in overrated junk bonds (treasuries), and those trillions of our dollars the government gets in return will run out soon enough.

[Tublecane]

“without just compensation”

According to Kelo and other decisions confiscation via eminent domain can be for public benefit instead of the required public use. How hard would it be to define “just” as “whatever we feel like”?

[Tolerance Sucks Rocks]

As I understand it, our total worth in the middle of the last decade was about $43 trillion, while our estimated debt is about $222 trillion, when unfunded liabilities are factored in, so no, we do NOT have enough assets to cover our debts, as far as I know, unless you’re counting the natural resources that the environMENTALists are refusing to let us exploit. Then, maybe so, but I doubt it.

[Tolerance Sucks Rocks]

Hey, if I don’t have to pay the FICA anymore, I’ll go with plan A, thank you very much. Plan B would eventually end up in the crapper anyhow #unfundedliabilities

[Defiant]

Hard to define an amount of money as being worth something other than that amount of money, but the socialists would try. Or just tax it 100 percent if you don’t hand it over to the government. This is what makes Roberts’ decision so insidious; through a tax, you can violate all the other parts of the constitution. It is the end of the Republic and our rights as citizens, as a legal matter, unless a later court repudiates it.