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Are Democrats really stupid enough to threaten 401(k) plans?
Hillbuzz ^ | 10/13/10

Posted on 10/13/2010 11:40:24 AM PDT by anniegetyourgun

Honestly, I don’t even know what to say about this.

Senator Tom Harkin of Iowa is threatening 401(k) plans — insisting Democrats can use the lame duck, post-defeat session of Congress to ram through a measure that would seize your personal 401(k) plans and use them to prop up the union pension plans that are imploding.

(Excerpt) Read more at hillbuzz.org ...


TOPICS: Business/Economy; Government
KEYWORDS: 401k; moneygrab; pensions
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To: anniegetyourgun
401(k) plans are going to diminish on their own, before the commies get a chance to steal them. Half their values are tied to mortgage securities, and those securities are just so much paper representing artificially inflated home values and nullifiable claims of debt against the same.

Several Trillion dollars of fake wealth are going to evaporate from this mortgage mess, on top of the already 13.5 Trillion dollars of national debt that represents the real wealth that has been stolen from American citizens by the overt communist Democrats and the stealth communist RINOs.

Other than that, it's a great day. Elk and deer season are in full swing, the sun is shining, and early voting is underway. I'm going to go vote, then come back and chase some more wildlife around the neighborhood.

101 posted on 10/13/2010 12:48:44 PM PDT by meadsjn (Sarah 2012, or sooner)
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To: FightThePower!

Well the real men will fight for what is theirs. Those who sit back and let other real men do the dirty work probably have been doing exactly that all their lives.

Again there are less than 600 of them.


102 posted on 10/13/2010 12:50:46 PM PDT by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: anniegetyourgun

It has nothing to do with stupid; they are not stupid although many of their voters are. They are doing this on purpose in order to force everyone under their control by making everyone dependent on their largesse. They are arrogant, criminal Nazi Socialist democrats. They are the party of slavery, the KKK, etc and this is their plan to create a new class of slaves that they can control.

FUBO


103 posted on 10/13/2010 12:59:26 PM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: anniegetyourgun

Yes, they’re absolutely that stupid.... and drunk with power and greed. These criminals have no personal integrity or redeeming qualities.

After November, they will want revenge.


104 posted on 10/13/2010 1:00:27 PM PDT by Gator113 (Beauty will devour the Beast in 2012. Kill "Obamamosque"@ Ground Zero)
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To: WOBBLY BOB
Just the plan being floated out there is enough to get some to stop investing in their personal retirement.

Oh, I'm still investing in my retirement...just not my 401K.

105 posted on 10/13/2010 1:02:25 PM PDT by nina0113
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To: Wurlitzer

Do what you feel is necessary.


106 posted on 10/13/2010 1:02:28 PM PDT by FightThePower! (Fight the powers that be!)
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To: anniegetyourgun

Harkin’s not stupid. The people of Iowa are stupid for re-electing him. Harkin simply believes he’s God.


107 posted on 10/13/2010 1:16:50 PM PDT by Terry Mross (Never again will I hold my nose and vote for a rino.)
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To: anniegetyourgun

It’s just another way of confiscating somebody else’s wealth. The Democrats need the money so that they can buy votes. The Democrats don’t know it, but they are coming perilously close to a revolt.


108 posted on 10/13/2010 1:19:59 PM PDT by popdonnelly (Class warfare is Obama's thing.)
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To: sinanju

There are many people (42%?) who don’t have a 401K and would support taking them away from those who do.


109 posted on 10/13/2010 1:19:59 PM PDT by Terry Mross (Never again will I hold my nose and vote for a rino.)
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To: FightThePower!

I gather “FightThePower” will not be willing to fight to prevent more government theft by those in power? Quite ironic but you might want to change your screen name.

All kidding aside FTP (as I am not wishing to pick a fight with you), if fighting at the ballot box becomes no longer sufficient then other than the 2nd Amendment what is plan “B”


110 posted on 10/13/2010 1:22:26 PM PDT by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: anniegetyourgun

If my plan allowed I would remove my 401K but I can’t get it until I’m 59-1/2. I’m 56 now. I think it would be safer in a tin can buried in the yard.


111 posted on 10/13/2010 1:27:14 PM PDT by Melinda in TN
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To: apillar

If there was even the slightest chance of this becoming law, you would see a stock market crash that would make “the great crash” look like a mild downturn as hordes of people cashed out their 401-K’s and IRA. It would be far better to take the early withdrawal tax hit and salvage something than lose control of all of it to the government. “”””

I have said the same thing for 3 years.

There will be no “WARNING” over this action.

What you are reading here on FR is about the most “warning’ you will see.

This action of seizing the private retirement accounts will be done electronically over a weekend. You will wake up on Mon AM & find your money gone.

Removing this money from the banks & investment houses would take the stock market as low as $300 instead of what it is running as of now, IMO.

Such actions would destroy the stock values of American companies & further tank the economy.

It would also destroy more banks, as that kind of massive withdrawal out of the banks accounts would make them technically insolvent. Ripe for closure-—thru no fault of their own.

Nancy Pelosi has also already discussed taxing every one of these accounts on the MAXIMUM they ONCE HELD before the stock market meltdown.

That would be taxing you on “PHANTOM INCOME”. Pure & Simple.

I never entered into any such accounts. I always felt that “What Congress Giveth, Congress Can Taketh Away”.

With NObama at the helm, they have absolutely no brakes on their actions.
None at all.


112 posted on 10/13/2010 1:32:04 PM PDT by ridesthemiles
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To: Wurlitzer

I’m long guns...


113 posted on 10/13/2010 1:33:38 PM PDT by FightThePower! (Fight the powers that be!)
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To: NRG1973
Can’t Senate Republicans filibuster anything that comes down in a lame duck session of Congress? Don’t lame duck sessions of Congress have to obtain cloture?

Yeah, they can, but remember, by Senate rule, anything involving the budget can not be filibustered. Remember they threatened to invoke this rule in order to avoid a filibuster over Health Care? They will just invoke the rule once again.

114 posted on 10/13/2010 2:30:50 PM PDT by Stegall Tx (Joined the Obama economy on 19 March, 2010.)
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To: Kozak

I have to say I would see stealing our 401(k)s as being a “line crossed” situation.


115 posted on 10/13/2010 2:48:10 PM PDT by FreedomPoster (No Representation without Taxation!)
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To: FreedomPoster

Spot on FreedomPoster!

If stealing our retirement is not the line then there is no line.


116 posted on 10/13/2010 2:59:15 PM PDT by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: FreedomPoster

Spot on FreedomPoster!

If stealing our retirement is not the line then there is no line.


117 posted on 10/13/2010 2:59:15 PM PDT by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: anniegetyourgun
Are Democrats really stupid enough to threaten 401(k) plans?

In a word, yes. Democrats are stupid enough to try many things in an attempt to cover up their corruption of the Constitution they swore to the people to uphold.

118 posted on 10/13/2010 3:26:08 PM PDT by MosesKnows (Love many, Trust few, and always paddle your own canoe)
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To: Arizona Carolyn

Just look at how many Freepers on this thread are convinced it won’t happen; that somehow an election will save us.


119 posted on 10/13/2010 3:56:46 PM PDT by anniegetyourgun
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To: anniegetyourgun

................Read my TAG Line................


120 posted on 10/13/2010 7:08:26 PM PDT by GitmoSailor (AZ Cold War Veteran -Will the NOV election only be LOST under MARTIAL LAW?)
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