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 ...
But, I’m not demanding anything from the government.
The thing is, some people have 401K’s, but most don’t. It’s not like we all would ‘invest’ the same if a takeover happened, so my guess is that a redistribution would take place. Geez, this is the twilight zone.
RE: “Just the threat could destroy the entire Stock Market”
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Agree — and even the namby pamby middle of the road types who sometimes don’t vote and call themselves independents have been having fits over this — at least those that I know here in So Cal. And don’t those libs who happen to have jobs ALSO have 401K plans? The ones I knew from my last job in a huge corporation sure did!
“Can anyone think of a historical example where a government did something so insane.”
Argentina just did this in 2008. Their stock market took a 20% dive and there were many lawsuits against this brazen property seizure.
People would not stand for this here. We could invoke 5th amendment protection that requires due process before property is taken by the government. Leftists would probably claim that the property can be confiscated for the national good/public use under the aegis of “just compensation”.
The Dims would have to move very fast and this would have a lot of opposition. Administering such a transfer of funds would be a nightmare and I doubt it could be done quickly without declaring martial law.
When is Harkin’s term up? This guy is a true communist; he’s to the left of Lenin. How can a state like Iowa put up with a guy that is as bad as the worst blue-state lefty?
There are less than 600 of them and over 300 million of us. So if congress were to steal even more money from us that we have saved for our retirement then the odds are in our favor.
Do we not have the right anymore to protect what is ours?
Why were we given the 2nd Amendment? Just to occupy some space on the Constitution? Seems Thomas Jefferson told us why the 2nd Amendment is there.
I have to wonder if that isn’t the plan—bring the country to the brink of open revolt. Having the government seize everyone’s retirement accounts could certainly be the match that lights the fire.
Bring the system to a crisis point, then use force to avert the crisis and take control. It’s right out of Alinsky—literally.
Don’t worry...I’m creative enough to get my wealth back.
1. The Dems are desperate to get their hands on your money. Make all preparations for heavy weather.
I would not want to be a Plan Administrator or Mutual Fund Broker the day that hits the fan.
If anyone really believes that confiscation and/or a stock market crash that eradicates a huge portion of their 401(k) account is a real possibility, then it would NOT be a good idea to cash anything out and pay the taxes and early withdrawal penalties on the money.
A better approach might be to borrow against your 401(k) plan -- and then simply default on the loan. These plans typically allow you to borrow up to 50% of your account, and the remaining 50% is basically used as "collateral" to pay taxes, penalties, etc. in the event you default on the loan.
Suppose you have $100,000 in your 401(k) account and you borrow $50,000 of it. If the stock market plummets for any of the reasons you mentioned and your remaining 401(k) funds lose half their value shortly thereafter, then the company managing your 401(k) plan basically has only $25,000 to use as "collateral" against your $50,000 loan. I haven't thought this all the way through, but in this scenario you may come out way ahead if you simply default on the loan and leave the $25,000 to Uncle Sam.
You assume that most people won't be for taking your 401k. This will be wealth distribution. There are far more have not’s than have’s. First off, most people don't have any significant money in their 401k’s, millions don't have them at all. It will be sold as a fair way to make up the deficit in our bankrupt medicare and social security system. Most people will vote for it.
That is a certainty.
As stupid as they are, I just don’t see Democrats being foolish enough to go there.
I do.
Communists always think they will get away with it - and admittedly so far they have, in spades. They don't figure one losing election will stop them and figure soon they'll be back. It has always worked before.
Besides, Obama is in the White House and can get around pesky things like Congress for another 2 years with his blanket Executive orders and rewriting of regulations. And many on the Courts will back him up and the Dems in the Senate can continue to gum up true reform in the Senate.
What they are ignoring at their peril is many Americans are well armed and furious at what is happening to themselves, their future, and their country. And even if they weren't well armed, there is always gasoline, clubs, and knives readily available.
There is a tipping point. Perhaps it is if they lose their parents to ObamaCare Death Panels, or their hard earned fortunes to the thievery of Fascist politicians, or see their country inexorably being sold out to the Chinese Communists or the Islamic religious fascists,... and they will take it personal, really personal.
The author is right. This gets into France, 1789, territory. Unless certain politicians and their bureaucratic minions want to run around with a 24/7 personal guard and put impassable barriers around their homes for the rest of their lives, they had better wise up and cease and desist while they can.
There comes a time when some people will neither forgive nor forget. It is approaching, and quickly, I fear. It will not go well for either them or the country. They'd best back off.
Don't forget that the West Virginia election winner (Raese vs. Manchin will also be seated when the lame duck session returns.
I think its necessary to have a big-time asskicking in this year's elections so that moderate Dems who are up for re-election in 2012 (Bill Nelson, Ben Nelson and Joe Lieberman) are very wary of the voters. Joe Lieberman has to remember that he won his re-election bid with the help of a lot of Republican voters.
The answer may be that his hijinks are not reported on in his local press, just like Ted Kennedy’s and Barney Frank’s activities were/are not reported in the the Mass. press. They may be reported in some other paper across the country, if at all.
I am constantly surprised at the news I see in the Seattle press about Spokane (just 400 miles and one huge mountain range away) that is never reported in the Spokane paper/websites. But then the Spokane paper mostly prints AP, Chicago Tribune, etc. news releases. Crazy.
Leftists figure they’ll have another 40 million democrat votes when Mexicans become legal “citizens.” Dems don’t care what actual Americans think. They CREATE voters as necessary.
They stole our SS and Medicare money, why wouldn’t they think they deserve our 401Ks?
They might try it, but first they will have to make you lose some of it. They proved they can do that.
Then they will step in to save you with the new plan which will promise you they will give you back what you lost.
See, you won’t have to worry anymore because they are lookin’ out for you.
They will be so happy to take your savings and redistribute it to the non savers because you don’t deserve to have what others don’t have.
Don’t worry yourself. You will have a big IOU placed in your name.
“Think about what you just posted...if you take what you posted to its logical endpoint then there is no reason to ever have an election. “
No, that’s taking it to the extreme. I point out that the system has flaws. There are no perfect governmental systems. The flaw in our system is that it attracts career politicians, not representatives, e.g. Crist, Spector, Castle, etc. And the flaw is magnified by an electorate that is uninformed, and apathetic.
Best case, there will be some career politicans. Worst case, the system will be flooded with them. I think we are living through worst case.
Elections are the only thing that keeps the whole system from collapsing. Now, if we can eliminate a few political elites each cycle, we can get back to a point where there are real representatives in Congress. Not 100%, but more than an handful.
They have planned it for years... you bet they are communist enough to try it.
LLS
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