Timmy's dad must be so proud.
Posted on 05/22/2011 5:04:36 AM PDT by KeyLargo
Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM
By: Greg Brown
How long before Uncle Sam hits private pensions to balance the public budget? It’s quickly becoming a reasonable question to ask.
Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. “A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen. Michael Bennet, D-Colo.
After weeks of such warnings, the United States has hit its $1.43 trillion debt ceiling hard. In response, GOP leaders have demanded cuts in federal spending equal to any increase in the limit while maintaining a strong line against tax increases.
(Excerpt) Read more at newsmax.com ...
Timmy's dad must be so proud.
“It may well be that the assets can not be liquidated without substantial financial loss, but they can be liquidated. “
I would agree with you if the asset was of a class that any market existed, but I put these in ventures whose stock has no market, and thus no liquidity. If they seize the value of the asset, the value is presently zero. Now of course, I would not have taken these positions unless I thought that some day they would not be worth quite a lot. I hope that this day is sufficiently far in the future that it helps to dodge the tyrannous outrage of the present socialist crowd.
HAHAHA! At least you’ve calmed down. Thank the Lord for all favors, big and small.
Go in peace, FRiend. I was having fun at your expense.
Get your dough offshore. I did.
Yes Theyve already done it. The government appoints unwanted guardians over elderly and disabled people confiscates the money and then foreces them on SSI. You wonder what will happen next when SSI goes under?
“I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen.”
FDR siezed all gold from individuals during the 30’s. The Feds even opened safety deposit boxes to steal gold from the citizenry.
It can happen!
I told her if I hear of it coming down I’m pulling all of my IRAs and my 401k out, eff the penalties, it will be better than nothing.
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