Chicago, not the WPA, is new model (foresees Obama taking 401Ks to pay for 'infrastructure')

WND ^ | December 11, 2008 | Craige McMillan

[Shady]

This will be the biggest robbery in history, and if the US taxpayers don’t stand up against this, we are doomed. Really. Next it will be our houses...

[WorkerbeeCitizen]

I seriously doubt that the taxpayer can stand up to this, this will be mandated by executive order or some such monkey business.

[garykfd]

B4 Obambi gets mine I’ll quit my job take my 401k and pay the early withdrawl penalty and he can kiss my @ss

[OpusatFR]

“take my 401k and pay the early withdrawl penalty...”

Yup. Most will do the same.

Zero would cause a bigger stock market crash.

[LibLieSlayer]

Seizing private industry and wealth is what marxists and muzzies do... aint’ it great!? We get a twofer with President Elect Antichrist! (extreme, extreme sarcasm... except about the Antichrist)

LLS

[LibLieSlayer]

"I seriously doubt that the taxpayer can stand up to this, this will be mandated by executive order or some such monkey business."

“Monkey business” (love your term) by President Monkeyboy... wait until he starts flinging his own feces at us.

LLS

[LibLieSlayer]

I am prepared to shut down my business until he leaves office... if need be. I will NEVER support a marxist regime in America... NEVER!

LLS

[libs_kma]

Many years ago when I was young and stupid I cashed an IRA ealry and payed the penalty.

When all was said and done I think it was a 60/40 split, and I got the 40.

[Dawn531]

We’ve decided we’d do the same, i.e. pay the penalty, and the taxes...something is better than nothing!

[EBH]

already did that

[EBH]

PS: Decision was based on the fact 0bama was (s)elected to office. Pulled it on Nov. 5th. They were already talking about taking 401K/IRAs in Oct. I figured to do it on the 2008 tax year because who knows what 2009 will look like and they just might mandate after 1/20/2009 that 401k/IRAs be frozen until they legislate the change. Imagine you still making contributions, but can't stop them, can't touch the money, can't change a thing until their moved over into the new system...

[woofer]

I’ll quit my job take my 401k and pay the early withdrawl penalty

It will be more than the ten percent early withdrawal penalty. You'll have to pay current income tax on the withdrawl, too.

Either way, 0bama will get all or half of it. Your way? The feds don't have to pay interest on the amount confiscated in taxes.

[CPOSharky]

Bernie Ebbers ruined my 401K. If the goverment wants my wealth they will have to take my land and house (paid for before the “bubble” burst).

What will the market look like after the Trillions in 401k money disappear?

[MarkL]

The solution? It's elementary, my dear Watson. Simply confiscate retirement accounts. Oh, they wouldn't call it that, of course. All they would need to do is to require that 401K, IRA and other self-directed retirement plans be "invested" in Treasury bonds, as a condition of retaining their tax-deferred status. The once-vast amount of money in these accounts will force the price of federal debt back down to where 401K/IRA "investors" will earn about 3 percent interest on their "government-guaranteed" investment.

Given that the vast majority of 401-K accounts are invested in corporate stocks and bonds,along with some municipals, this sort of act would require a sell-off of stocks and bonds like the world has never seen, causing a crash of the stock markets in an instant. I mean, if the government needs cash, they would have to sell the instruments. The problem is, who would buy them? I suppose foreign governments might... The only possible way I can see of this sort of thing working is immediate implementation of a totally socialist economy, where all ownership of those stocks and bonds are immediately transferred to the federal government, in return for the assurance that the government will take care of us all. I think about 1/2 of the population (the ones who voted for Obama) would go for that...

Mark

[Pessimist]

“I’ll quit my job take my 401k and pay the early withdrawl penalty”

Really? What if they up the penalty to 20%? 25%? More?

I’m thinking they won’t mind much if people do that.

[NTHockey]

They will do this just as FDR closed the banks and forbade Americans from owning gold. I fear that we are close to that kind of mentality that would allow this. Those that have the most to loose will move their IRA’s to Swiss banks and be spared. The rest will see their lifelong savings disappear.

As for the houses, after the House of Lords and the House of Commons give up theirs, come talk to me./s

[Fresh Wind]

I’ll quit my job take my 401k and pay the early withdrawl penalty

Watch Lord Obama make the confiscation retroactive. We are so screwed.

[ladyvet]

[Lou L]

Given all the comments about people selling off their 401(k)s and paying the penalty and taxes, surely the stock market would come crashing down for good.

Maybe Obama will get the Federal government to buy a whole bunch of "short" positions in the Dow and S&P, announce the 401(k) grab, then cash in on the short sales.

I still don't believe this kind of grab can be pulled off. They could institute higher taxes on withdrawls, but I just can't see a way to damage that much of a good thing by going after 401(k)s.