This is old news. I still don’t think they can confiscate our private savings (401Ks).
There will be too much outcry if they try.
However, that’s not the point.
The point is that the fascist bastards WANT to do it.
They most certainly can. They confiscated all the gold in the country for the last Great Depression. There was no ruling that it was illegal, so now it's precedence.
The question is how they will. Direct confiscation, confiscatory taxes on 401k accounts to make up for the 'missed' taxes, or confiscation by inflation, are among the choices. But the goal is definitely to break the back of the middle class.
The government confiscated gold in the 30’s. How/why is this any different?
If they “give” you a government account with like balance to that which they confiscate, have they met complied with the 5th Amendment prohibition against confiscation of private property without just compensation?
>>This is old news. I still don’t think they can confiscate our private savings (401Ks).
They didn’t think FDR would shut the banks down either. I would be wary of thinking that Versailles can’t do anything.
Of course, this will lead to Civil War - or slavery.
But they can tax them look at what they did with IRA’s IRA’s were just like 401K’s back in the 1980’s. Tip O’Neil came in and said that they were a vehicle for the rich and the IRA’s went away and they were brought back some time later in the form of a 401k.
"They" are Obama and his wealth-spreading Democrat pals in Congress, and if "they" have a filibuster proof Senate for the next two years, "they" can do any #@$%^#* they want to.
Well, let’s see...a DhimmiRat President, a DhimmiRat House and DhimmiRat Senate... They can pretty much do what they want, until the people challenge them, forcibly if necessary.
This socialist claptrap needs to be stopped, and quickly. I read somewhere that there has not been a rolling twenty-year period since the start of the twentieth century in which the stock markets didn’t advance. So, why are these communists trying to take over our PRIVATE retirement funds over this near term market correction?
Admittedly, the market has suffered. BUT...the damage done has been a result of the LibTards ramming the CRA down the throats of lenders, for starters.
I’d rather they just get the hell out of the economy, altogether. They’ve managed to muck it up completely. WHY would we think they are the same folks to fix it? Sounds like a classic example of the definition of insanity...
I don't think that they'd be fool enough to try it.
If only 1% of the folks affected were crazies and 1% of those decided to "do something about it", there'd be a lot of hell to pay in DC. They know it.
You think wrongly.
L
The program will be voluntary. If you don't volunteer to play, your retirement account will be taxed out of existence. I am 62 and retired. I cashed in my account last week as it was down nearly 40% of my contributions. The account's earnings are all gone. I bought gold at $748.00 an oz.
It will be voluntary at first.
They'll get to your account (and mine) later, when it is considered more acceptable.