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 ...
Don't you just love the words these people use? Hold on to you wallet when you hear, "We're from the Government and we're here to help".
That is why it's of utmost importance that these people be replaced, all of them RINOs and Democrats (no conservatives in the party) at all levels of government. Changing control of the House was a small and necessary start but the President and Senate must be next.
... The biggest losers here are GM's bondholders. According the Treasury-GM debt-for-equity swap announced Monday, GM has $27.2 billion in unsecured bonds owned by the public. These are owned by mutual funds, pension funds, hedge funds and retail investors who bought them directly through their brokers. Under Monday's offer, they would exchange their $27.2 billion in bonds for 10% of the stock of the restructured GM. This could amount to less than five cents on the dollar. ...
http://online.wsj.com/article/SB124105303238271343.html
Yep, I remember some Dim CA congresscritter gleefully saying they were going after retirement accounts.
Sometimes is takes bluntness...
Have you seen the field? Really...who among those even contemplating stepping forward for president would you really elect? The prospects are dismal against a 47% tax free base.
We’ve got a cry baby in the House for a leader of the party now...
And even if they take all in 2012...by 2014 it will all flip again.
It is not about the politics. We want to blame the corruption in DC and OK ...yes, it is part of the problem.
But we have a bigger problem to deal with. WE have to start changing our culture. WE have to stop the addiction to government hand-outs. WE have to re-establish basic God given Rights vs. Government entitlements.
Until these very basics are taken up as part of the greater cause, we will not succeed in restoring liberty.
Let the Dems go ahead and try it. It would be the end of the Dem Party as we know it. Out would go all the leftists. Then maybe we would have elections between the only two viable, creditable political parties: Republicans and Libertarians.
So who, exactly, are you calling a blowhard? Those that are willing to sit silently while being raped by the government repeatedly, or those that strongly advocate fighting back?
The second amendment is in the constitution for a reason, and that reason isn't hunting.
If, in your opinion, being willing to stand up for ones' self is your idea of being a "blowhard", then so be it. May your chains rest lightly upon you.
“....fully solvent and funded Federal Pension fund”
Let’s get this nonsense off the table. The fact that the Fed has this money now proves that it isn’t solvent, nor funded.
Federal pensions, like every federal expenditure, are ultimately dependent upon present revenue. It may take some accounting sleight-of-hand, but that is the reality.
Federal employees are being used as a support block for raising the debt ceiling unconditionally. Now that you have skin in the game (your pension) you are less likely to support the responsible action.
Before you warn private citizens about their pension savings, please state your opinion on the debt ceiling, because you, and all federal employees, now have an very large conflict.
Obie chose not to run last November and was succeeded by Republican Sean Duffy.
“I expect a BIG housing giveaway. Coming to your neighborhood soon - “the great unwashed.””
It has already happened to a certain extent. When banks stopped asking for a big down payment we started getting a class of people who should not have been able to afford to live in our older established neighborhood. Now we have a couple of neighbors with jalopies on the street and Walmart swing sets in the Japanese Maples in the front yard and unkempt dogs.
I did not work hard, scrimp and save so that I can be over run by the undeserving. Home ownership ain’t what it used to be.
There is a lot of truth to that last sentence.
That kind of talk should have landed said congresspig in prison. But it didn’t, and won’t.
“I talked to my financial adviser. There is no way in hell any seizing of such assets will ever happen.”
Yeah? They used to say bondholders/dealerships would never get ripped off like they did at GM too...
“While the public retirements are being raped the govt will be cheered on. Then when it’s their turn, it will suddenly be unconstitutional, immoral, time for revolution, etc.”
Government expenditures of every kind will be reduced and/or eliminated. Fair or not, that’s what has to happen.
What is your opinion on raising the debt ceiling, now that it is clear that without it, federal pensions are in jeopardy?
All the folks here who cheered on Obama and Geithner when they raided the fully solvent and funded Federal Pension fund will be screaming bloody murder if their 401Ks are even considered of being tapped. The FERS fund is payed for, that’s why they raided it.
So true. Some here are stupid enough to think that what happens to government workers won’t happen to them.....lol.
Meet the committee...
Ping! #28
There is a second scenario that is being overlooked. What would the tax revenue windfall for government be be should millions of Americans panic and strip their 401Ks before their time? This would stimulate tax revenues at all levels of government (Federal, State, etc).
The next issue for the people pulling their money would be what to do with it?
What a cool way to start a civil war. And believe me, this WOULD cause a war.
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I seriously doubt there is any single act that would start a civil war or revolution in this country. I don’t even think a seizure of all guns would do it. NOW, one thing that might do it, is if the Obongo gestapo took American Idol off the air. Also, if they forbid people to use Twitter and Facebook... that would probably start one. Those are the important things to most dumbed down Americans.
They already tried with the attempt to get people to roll from a traditional IRA to a Roth. Not as many people fell for that as they had hoped. If you do the math, you don't get much of an advantage if any, but the government gets a big windfall.
There has been periodic talk about this since Premier Hussein was Immaculated, and if he dare not try it with a Democratically controlled Congress, I submit he has no prayer of seeing this one through; not with the Republicans in charge of the House, and Hussein’s imminent departure from the White House looming larger and larger on the horizon.
I’m concerned, but not particularly worried about this, and the closer we come to January 20, 2013, the better I feel...
If you are going to take money out, store it in something that will not lose value like the fiat dollar. Gold, silver, brass and lead are good options.....
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