If you do a web search, you will find that George Miller (D-CA) among others were touting exactly this a year or more ago. The proposal Miller made was that Uncle Sam would guarantee the 401K holder the value of the fund as of mid 2008 (before the crash) if the fund would be turned over to be managed by Uncle Sam. Sounds good, doesn’t it? Until they would change the rules so as to deprive you of most of it.
AS soon as this looks like a reality, the market will crash as everyone, yours truly included, will go to cash out their 401k’s and IRA’s, tax penalty be damned.
I would certainly prefer to control my own 401k and IRA. Miller acts like the market will never recover (Yeah, if the rats maintain control, it won’t), but my investments are already approaching the levels they were in 2008 despite the recession. I don’t want the government “helping” me with my money.
Yup. Just like GM's bond holders had nothing to worry about from the government stepping in. Nothing at all...
I remember that. As soon as I was able to, I quit all contributions to my 401K. They may figure out a way to take what is left after the last 18 months, but I sure as hell wasn’t going to add to it for them!
When I told others, they told me I was paranoid; they wouldn’t DARE do something like that! Now what will they think. I do think it’s just a matter of time. f’ers. Who will stop them??
And Miller wasn't the only one..."floating" that scheme.