Posted on 11/29/2008 11:41:32 AM PST by DivaDelMar
It looks like many on this thread have 401k and IRA protection concerns but can’t quite put their finger on their worries. Specifically:
1. The fact that forced savings proposals are even being seriously considered should frighten even the most complacent. Please wake up to the reality that a socialist wave has overtaken the U.S. At the time the government confiscates the IRAs and 401ks we can drop the Socialist pretense and go right to the Communist descriptor.
2. The warm reception the Teresa Ghilarducci manifesto received in Congress was startling considering it said the following:
“Participation in the program is mandatory except for workers participating in equivalent or better
employer defined-benefit plans where contributions are at least 5% of earnings and benefits take the form of lifeannuities.”
“In the event of a protracted slump, the government retains the option of lowering the guaranteed return and allowing participants to access their funds. In other words, the federal government only guarantees that participants will not be locked into a lower rate, not that participants will earn a 3% real return in perpetuity.”
3. Now that Mr. Waxman has completed the palace coup, the corrupt fix for the Franken takeover is in, and the senate will soon be veto proof, the country will enter the dark ages of leftist controlled government which means they can do whatever they want to take over and redistribute all our wealth.
4. Reading the Forgotten Man by Amity Shlaes about the Great Depression shows the extremes a government will go for the “good of the people”. And these were basically Centrist politicians; imagine what the present agenda driven regime will do.
5. The general tone of the “they wouldn’t dare do that, would they?” and the “I can’t manage my own investments so the government can do it for me” responders on this blog plays right into the hands of the confiscators.
6. The debate may already be over. To “save” the economy, the Feds will be forced to confiscate all 401ks and IRAs. Once they control the funds, they will announce to the public there are not enough “safe” investments for all that money so they will have to buy “safe” U.S. Treasuries with the money. A plan very similar to the dying Social Security plan.
What makes the confiscation likelihood SO COMPELLING is buying U.S. Treasuries with investors’ money solves the problem of paying for the Wall Street and Detroit bailouts and funding spending plans for the new administration all without causing inflation.
This keeps Treasuries off the world markets to eliminate the inflation problem but unfortunately ends the retirement dreams of millions of Americans when they later try to collect their inflation adjusted 3% return from the government and the cupboard is bare.
My response to ***all*** thieves is the same - if you try to take my gold, I’ll make sure you at least get all of my lead.
That's why I'm afraid they'll freeze access quickly. Come January, I just might take what is left without waiting for congressional activity.
Yea, under the control just like SS. Just like SS, no money just IOU’S as the government, elected thieves, stole and spent it all.
If you did, you need remedial search education. Can we stop posting this article, please?
http://www.freerepublic.com/focus/f-news/2134324/posts
http://www.freerepublic.com/focus/f-news/2131791/posts
http://www.freerepublic.com/focus/f-news/2130011/posts
http://www.freerepublic.com/focus/f-chat/2129488/posts [title changed]
http://www.freerepublic.com/focus/f-news/2128948/posts
http://www.freerepublic.com/focus/f-news/2126622/posts
There are some more but I guess you get the idea.
“All those Obammy voters wanted change.”
They want your and my change. PIE.
It will be voluntary at first.
They'll get to your account (and mine) later, when it is considered more acceptable.
People will withdraw their money the instant it passes one house of Congress. They will never pass it through the other house and get Obama's signature fast enough to prevent the run on the banks and brokerages.
The mutual funds and brokerages are a very influential lobby on Capitol Hill. And a huge source of campaign money. Which means this thing is going nowhere fast.
I don’t know. Obama said he was going to issue a lot of executive orders. If he says it’s a crisis and acts accordingly the democratic process could be bypassed.
I’m going to be ready for anything.
It’s really not the kind of thing a president does by executive order. A law needs to be passed. Not to mention that Obama is not stupid enough to destroy the RAT party by doing such a thing. Or if he is, the Supreme Court would overturn him.
Congress would have to muster the nads to do it. And it wont, cause it doesnt have them.
My wife and I are not planning to wait until January. The next Congress can make the new law retroactive to 1 January. At least we know what 2008 tax rates are, and can figure what it will cost us.
>>Basically, the govt is going to make a deal ‘you can’t refuse’.
I’ll refuse.
>>They confiscated all the gold in the country for the last Great Depression.
correction: tried to confiscate.
>Why don’t you tell her that they did it once already with IRA’s
when, and under what circumstances?
bttt
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.