Obama Begins Push to Confiscate IRA’s & 401k’s

Silver Doctors ^ | November 16, 2012 | The Doc

[rocksandbroncs]

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.

The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.“

[CatOwner]

Very good information. I think the bigger concern for the government was the fact that some workers do not have access to a 401(k) where they work. Additionally, they were concerned for those workers enrolled in a 401(k) that they were not being provided enough information and guidance on how to manage their 401(k). I don’t know about other Freepers, but the company I worked for until recently had been sending out a lot of information that covers the latter point.

[carton253]

This Ohio voter did not vote for Obama. Neither did my county. In face, neither did most of the counties. Ohio’s problem has always been the mistake by the lake. Wonder if we could give it to Michigan?

[crosshairs]

In January 2015 when the Democrats retake control of the House, it won’t be a problem.

But of course, like every law, they'll exempt themselves.

[grumpygresh]

“This whole issue is moving forward very quickly,” warns Crone. “Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account.”

If employers had to enroll all employees in a pension plan, it would come off the top of employees salaries and further depress disposable incomes so much so that many would quit work and go on welfare.

As for forcing individuals with retirement accounts to buy gov treasuries or gov accounts, I think that scenario is still unlikely. This would cause panic withdrawals and would precipitate a financial collapse. Argentina nationalized retirement accounts and their market lost 40%. Argentina is a relatively small economy, so the world markets would not notice. But if this happened in the US, I don’t think there could be any question of a collapse.

[WildHighlander57]

Garden Mama,

Where was the class, and what was the name of the instructor?

Many thanks,
WH57

[WildHighlander57]

BINGO!!!

Your reply should be in big, bold font!

[Alberta's Child]

Congress isn't really the problem here for an administration that might be hell-bent on implementing something like this. Obama couldn't do this even if Congress were filled with Marxists who had every intention of supporting this.

The biggest obstacle to this would be Wall Street itself -- which pretty much owns Congress and the White House anyway. Institutional investors and mutual funds -- many of which are dominated by tax-deferred accounts like IRAs and 401(k) plans -- would stop investing in corporate America completely. There's no way in hell these CEOs would allow this to happen.

[Pinkbell]

I sadly could see this happening. We’re in big trouble.

[vaudine]

Don't blush, but your naivete is showing.

The Dem icon-FDR--confiscated personally owned gold in the 30's.

Obama has told us repeatedly what he instends to do; now, he is setting about doing it:

Redistribution.(take from the haves and give to the have nots, work nots)

New taxes.(Obamacare)

a domestic force as large and well funded as our military (to do what to whom? to control the citizens who do not see things his way.)

Shred our Constitution, which he clearly stated 8 years before being elected was written flawed.(hundreds of executive orders, bypassing Congress)

I believe he is heading toward taking EVERYTHING we own. After all, HE knows best how to run the world.

Hope the Ostupid voters and cheaters who helped commit voter fraud enjoy the New Amerika.

vaudine

[usconservative]

Executive orders are subject to judicial review and can be declared unconstitutional.

Not with John Roberts as the Chief Justice they won't be.

[bgill]

Executive orders are subject to judicial review and can be declared unconstitutional

To quote Justice Thomas, the SCOTUS is "evading" the NBC issue. What makes you think they'll lift a finger to stop anything the usurper does?

[MrChips]

Oh now, THAT’s good! I started using the “k” long ago, but hadn’t thought of the “O” . . . . it should be the Obama “O” of course. Otherwise, my term for Obama supporters . . . and especially for anyone in his Administration . . . is “Obamanoids.” I figure they’re not real people.

[opentalk]

Michelle Obama 2008:

… Barack Obama will require you to work. He is going to demand that you shed your cynicism. That you put down your divisions. That you come out of your isolation, that you move out of your comfort zones. That you push yourselves to be better. And that you engage.

Barack will never allow you to go back to your lives as usual, uninvolved, uninformed

[palmer]

That’s true. Wall St especially owns the Senate so it would be hard to pass there even with crypto-marxists like Warren up there. I think Obama and the Senate will pick some other issue (like tax hikes) to ram through the House.

[ridesthemiles]

Executive Order===this won’t see Congress.

Anyone who has any money in a retirement account or a savings account or a Money Market account needs to pull this money & put it into a safe in their own home.

I think that Obama will emulate what Argentina did 2 1/2 years ago. They stole $69 BILLION out of PRIVATE pensions accounts over a weekend- electronically.

They didn’t attack UNION pensions or PUBLIC EMPLOYEES pensions. But they went after personal accounts & private business pensions, savings accounts and Money Market accounts.

This will collapse our banks, and the stock market. Some extimates are that the DOW will drop 10,000 points when he does this.

There are no boundaries for Obama—he thinks he can do as he pleases.

[SunkenCiv]

Why do you rob banks? That’s where the money is.

Interestingly enough, Willie Sutton didn’t say it, but did say this:

“You can’t rob a bank on charm and personality.”

Guess he was wrong.

Thanks rocksandbroncs.

[SunkenCiv]

“You can get much further with a kind word and a gun then you can with a kind word alone.” — Al Capone

[redangus]

Tell that to the people who had their gold confiscated by FDR.

[redangus]

Tell that to the people who had their gold confiscated by FDR.

[EBH]

Pishah....pass the House....that’s laughable.

All he needs to do is issue an executive order.