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First they Came For the 401(k)s, but I was a Roth IRA
The Voice of Reason ^ | February 21, 2010 | Texas Peartree

Posted on 02/21/2010 2:20:28 PM PST by Texas Peartree

It has been reported by Business Week that the US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals' retirement accounts (IRAs and 401(k)s) into government sponsored annuities featuring US Government bonds. The scheme would start off as voluntary, but only makes sense -- like socialized health care -- if it becomes mandatory and universal.

In essence the government is asking if we would mind if they nationalized our money in return for a promise of more money in the future . . . like a Ponzi scheme called Social Security, but even more nonsensical because people can already voluntarily hold T-bills in their retirement accounts. Why force people?

Ah, that is the rub. The Chinese and Japanese increasingly fear buying new US T-bills as we increase our money supply to pay for needless stimulus spending. Holding too much of our debt is increasingly problematic. Would you want to hold California State Bonds?

Today, not enough Americans are willing to buy T-bills through their retirement accounts. So the government wants to take our retirement accounts and convert them into low yield government bonds. Very convenient! Also, it must seem very fair, since only the well-off have been saving for retirement.

If this comes to pass it will be a disaster. Why would I continue to withhold present-day income in to a retirement account that must buy low yield US Bonds? Frankly, by socializing retirement in this way, we would remove the benefit a thrifty person would have over a spendthrift. It would be a one-time theft because all incentives for retirement savings and personal responsibility for retirement would end the day the government stole all savers' money.

(Excerpt) Read more at corybirenbaum.blogspot.com ...


TOPICS: Business/Economy; Government
KEYWORDS: 401k; confiscation; government; retirement; retirementaccounts; rothira; theft; usbonds
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1 posted on 02/21/2010 2:20:28 PM PST by Texas Peartree
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To: Texas Peartree
The new Mascot of the Obama Regime...
J. Wellington Wimpy

With his immortal words

I'd gladly pay you Tuesday for a hamburger today


2 posted on 02/21/2010 2:24:09 PM PST by HangnJudge
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To: Texas Peartree

my comment to the government is FO! Also FUBO and FOBO...need any more info...LMTFA! do i need to explain any clearer?


3 posted on 02/21/2010 2:24:18 PM PST by ldish (Looking forward to Independence Day)
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To: Texas Peartree

The Chicago mob has got to go. Who the hell voted for these morons anyway?


4 posted on 02/21/2010 2:24:59 PM PST by FlingWingFlyer (If the CIA and NASA are going to "monitor climate change", why the hell do we need the EPA?)
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To: Texas Peartree
One has to wonder how much more the people can take (or the government for that matter).
5 posted on 02/21/2010 2:25:29 PM PST by In veno, veritas (Please identify my Ad Hominem attacks. I should be debating ideas.)
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To: Texas Peartree

IMO - this will be a tipping point for many. Forget about civis dumping their Cessna’s into office buildings.


6 posted on 02/21/2010 2:26:31 PM PST by Constitutional Patriot (Socialism is the cancer of humanity.)
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To: Texas Peartree
the US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals' retirement accounts (IRAs and 401(k)s) into government sponsored annuities featuring US Government bonds

Here is a "public comment" --- GO POUND SAND!

7 posted on 02/21/2010 2:27:53 PM PST by Mr_Moonlight
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To: Texas Peartree

Who?! WHOOOO?! I want NAMES!


8 posted on 02/21/2010 2:30:45 PM PST by muleskinner ("You know the Germans always make good stuff')
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To: Texas Peartree

This would be a one-time good-deal for the government. . .as tens of millions of citizens electing their 10% penalty as they pull the cash away from the government.. . .


9 posted on 02/21/2010 2:33:11 PM PST by Salgak (Acme Lasers presents: The Energizer Border: I dare you to try and cross it. . .)
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To: Texas Peartree

Sing Along, altogether, now: “You better watch out, you better not cry, you better not pout, I’m telling you why, Santa Clause is coming to town.”


10 posted on 02/21/2010 2:34:53 PM PST by radioone ("The bigger the government, the smaller the citizen.")
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To: Texas Peartree

They have ripped us off on ss and medicare, now they want to get their stinkin’ hands on our private retirement funds.

Here is how we answer them. Listen carefully..... Vote their asses out once and for all.


11 posted on 02/21/2010 2:36:59 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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Does anyone know who are the politicians behind this move?


12 posted on 02/21/2010 2:38:17 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: Salgak

And into what though?

Gold maybe?


13 posted on 02/21/2010 2:39:47 PM PST by padre35 (You shall not ignore the laws of God, the Market, the Jungle, and Reciprocity Rm10.10)
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To: Enough is ENOUGH

This will be the spark for open revolt. Folks, we will not make it to the 2010 elections. If these morons attemp this, all of the Fed Gov. needs to be removed by the point of a gun.


14 posted on 02/21/2010 2:40:24 PM PST by DownInFlames
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To: Enough is ENOUGH

I think it’s long past time to pass a law that makes it illegal for left wing ideologues to hold office...much like the Germans have banned the nazi party.


15 posted on 02/21/2010 2:40:47 PM PST by Constitutional Patriot (Socialism is the cancer of humanity.)
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“...US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals’ retirement accounts (IRAs and 401(k)s) into government sponsored annuities...”

Looks like nobama’s czars. Figures. The sooner we get them out by voting or impeachment, the better.


16 posted on 02/21/2010 2:41:21 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: Salgak
This is called "nationalizing personal retirement accounts".

Argentina did this last year. They even required retirement funds to divest of all foreign assets and repatriate the foreign funds to Argentine pesos.

Then the Peronistas confiscated all foreign reserves from the central bank.

What we are seeing in the U.S. is the Democrat majority voting to confiscate wealth and distribute it to ensure re-election and power maintenance.

Vote buying.

An old socialist trick.

yitbos

17 posted on 02/21/2010 2:43:39 PM PST by bruinbirdman ("Those who control language control minds.")
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To: Texas Peartree

There is over three trillion dollars of retirement monies they want...they can’t stand the fact that there is that amount of money that is not accessible to them - the government...our government.
They will take it, eventually.


18 posted on 02/21/2010 2:45:00 PM PST by jacknhoo (Luke 12:51. Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: bruinbirdman

Maybe it will not all be used to buy US Bonds. After all, we may also be forced to buy stock in General Motors.


19 posted on 02/21/2010 2:45:02 PM PST by Texas Peartree
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To: Constitutional Patriot

I believe they have committed enough ‘high crimes’ to be impeached. We need to elect enough ‘protestors’ to take over the GOP with the right people who have the will to impeach those anti-constitutionalist criminals.


20 posted on 02/21/2010 2:46:41 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: DownInFlames

I’m already hearing talk of inflation starting up. We’ve been warning about this for over the past two years. They will try to duck out of it like they are still doing with the housing bubble.

Two questions: 1) Will the public focus the blame on the progressives, as well they should? and 2) How angry will the public be when they see their economy and everything they planned for go down in flames before their very eyes?


21 posted on 02/21/2010 2:53:47 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: Texas Peartree
"Maybe it will not all be used to buy US Bonds."

In The Obammunist's campaign websight (long removed), he lamented rich people who could afford IRAs and that the government subsidized them through tax exemption on gains.

This new trick by treasury would probably be a theme something like:

Only U.S. treasury instruments, government organization instruments and municiple bonds interest payments in retirement accounts will be exempt from taxation. Also:

Unrealized capital gains/loses wherever held must be reported annually to be calculated in AGI.

Welcome to the wealth tax.

yitbos

22 posted on 02/21/2010 2:56:06 PM PST by bruinbirdman ("Those who control language control minds.")
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To: Texas Peartree

In the unlikely event the Feds actually pulled this stunt there would be open violence and frankly, I’d probably support it.


23 posted on 02/21/2010 2:58:51 PM PST by Psycho_Bunny
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To: bruinbirdman

There is another, easier way they might use to punish thrift.

IRAs or 401K Offset to Social Security.

Any IRA or private pension payments would be calculated used to reduce any SS payments to retirees.


24 posted on 02/21/2010 3:01:33 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: bruinbirdman

calculated “and” used.


25 posted on 02/21/2010 3:02:16 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: Constitutional Patriot

>>IMO - this will be a tipping point for many.<<

.
Nah, Americans have become so patient and longsuffering. They don’t even mind having a potentially constitutionally non-qualified president.


26 posted on 02/21/2010 3:08:56 PM PST by 353FMG (Save the Planet -- Eliminate Socialism)
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To: padre35

Swiss francs, British Pound, Deutsche Mark


27 posted on 02/21/2010 3:09:02 PM PST by valkyry1
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To: Texas Peartree

I will try to drain my 401K before that < censored> takes it for his personal enrichment. And I will stop all contributions to it permanently.

I decline to comment what I’ll do if they steal it.


28 posted on 02/21/2010 3:09:22 PM PST by gitmo (FR vs DTU: n4mage vs DUmage)
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To: Texas Peartree

The instant the public suspects confiscation is POSSIBLE, they will stop all contributions immediately.

Just be OPENING THE QUESTION is insanity from the authorities.


29 posted on 02/21/2010 3:15:13 PM PST by gaijin
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To: Enough is ENOUGH

“...now they want to get their stinkin’ hands on our private retirement funds.”

.
This also means that you won’t have an inheritance left to pass on to your kids. This is the whole idea.


30 posted on 02/21/2010 3:16:04 PM PST by 353FMG (Save the Planet -- Eliminate Socialism)
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To: Texas Peartree
When I was a new Lieutenant my Squadron Commander was lecturing me about savings and how IRAs were a good way to invest for retirement.

I was cocksure enough to tell him that since the Government approved IRAs they probably had all intentions of taking the money later on, if needed, under the lie that since they gave a tax break then they owned the entire amount of money.

I then made a comment about how politicians thought that all income was theirs to play with and they just allowed us to have a bit of it.

My Sq/CC pegged me a a trouble maker and a radical.

31 posted on 02/21/2010 3:18:38 PM PST by OldMissileer (Atlas, Titan, Minuteman, PK. Winners of the Cold War)
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To: Texas Peartree

Hey Zero, how about War Bonds? yea yea, I know.


32 posted on 02/21/2010 3:19:48 PM PST by MaxMax (Conservatism isn't a party)
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To: Enough is ENOUGH

Yes, the Congressman is Miller from CA and some other jackass desperate socialists. The problem with socialism is that eventually you run out of other people’s money... like the personal funds and life savings of CITIZENS. This is the tipping point. And IRS is where it will be enforced. This is a function of representative government which CAN BE CHANGED.


33 posted on 02/21/2010 3:24:33 PM PST by John S Mosby (Sic Semper Tyrannis)
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To: Texas Peartree
It has been reported by Business Week that the US Labor Department and Treasury Department are asking for public comment on a plan to convert individuals' retirement accounts (IRAs and 401(k)s) into government sponsored annuities featuring US Government bonds.

Incarcerate these criminals at Labor and Treasury.

34 posted on 02/21/2010 3:29:20 PM PST by PGalt
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To: PGalt
...and the Roth...?

I guess Immediate Annuities don't count....anyone know?

35 posted on 02/21/2010 3:59:23 PM PST by spokeshave (Blaming a gun for a crime is like blaming a carpenter's hammer for a shoddy construction job!")
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To: gaijin
they will stop all contributions immediately.

And their taxes, previously protected, will skyrocket.
He's gonna get us either way...

36 posted on 02/21/2010 4:05:09 PM PST by grobdriver (Proud Member, Party Of No! No Socialism - No Fascism - Nobama - No Way!)
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To: Texas Peartree

this would sink the equities market. It will never happen.


37 posted on 02/21/2010 4:13:34 PM PST by KMG365
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To: valkyry1

Not seeing that, the P.I.G.S. must be bailed out via Euro loans, the Pound is being devalued as I type this, leaving only Swiss Francs and there are not enough of them in circulation.

Thank you, Banksters, enjoy your bonuses.


38 posted on 02/21/2010 4:13:59 PM PST by padre35 (You shall not ignore the laws of God, the Market, the Jungle, and Reciprocity Rm10.10)
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To: Enough is ENOUGH
Does anyone know who are the politicians behind this move?

DEMONKATS

39 posted on 02/21/2010 4:21:13 PM PST by webschooner (Lincoln Freed the Slaves ... Obama Enslaves the Free)
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To: KMG365
... It will never happen.

That's what they said in Argentina (and many other countries) ... But it did happen.

40 posted on 02/21/2010 4:24:28 PM PST by webschooner (Lincoln Freed the Slaves ... Obama Enslaves the Free)
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To: Texas Peartree
Never ever trust the Government with your money.
41 posted on 02/21/2010 4:26:43 PM PST by ANGGAPO (Leyte Gulf Beach Club)
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To: Psycho_Bunny
In the unlikely event the Feds actually pulled this stunt there would be open violence and frankly, I’d probably support it.

I would support it and very likely participate in it. The problem in this country is that the elected officials do not fear the electorate on any level.

Read 'Unintended Consequences' by John Ross.

42 posted on 02/21/2010 4:35:36 PM PST by IncPen (THE S.E.C. MUST PROSECUTE AL GORE FOR TRADE FRAUD - GIVE BACK THE OSCAR! - GIVE BACK THE NOBEL!)
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To: abb
"IRAs or 401K Offset to Social Security."

Means testing.

yitbos

43 posted on 02/21/2010 4:50:16 PM PST by bruinbirdman ("Those who control language control minds.")
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To: John S Mosby
Miller is a member of the progressive caucus. He is the chairman of House Education and Labor Committee.

There are only about 75-80 progressive caucus members yet it is scarey how they have managed to obtain chairmanships of most committees in order to ram their ideological policies down our throats. Learn who these people are. They will be formulating and ramming their marxist policies down our throats on a regular basis. http://cpc.grijalva.house.gov/

44 posted on 02/21/2010 4:59:13 PM PST by Enough is ENOUGH (Select conservatives for the coming primaries, now. Vote out the incumbents.)
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To: Texas Peartree

My response to the Govt is keep your effing hands off my retirement IRA savings..You did not earn it and I’ll be damned if you are going to take my savings and give it to someone who always has had their hands out for someone else to fill with something.


45 posted on 02/21/2010 5:05:16 PM PST by celtic gal (No RINOS..maybe we need a Constitution Party to replace the Republican Party)
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To: Texas Peartree
Like in New Hampshire, “Live Free or Die”
Or from the 1960’s-70’s, “Better Dead than Red”

This would be the final trip wire. For many Americans, there would be no tomorrow.

46 posted on 02/21/2010 5:14:01 PM PST by Tahoe3002
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To: Texas Peartree

Here’s my public comment: Mr Hussein, hop on your magic carpet and fly back to Mecca.

The USA doesn’t want your dirty Moslem sabotage.


47 posted on 02/21/2010 5:54:04 PM PST by StopObama2012 (CLICK ME to expose Osaudi)
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To: padre35

Gold. Silver. Liquor. Long-storage foodstuffs.

And, likely. . . .copper-jacketed lead.


48 posted on 02/21/2010 6:14:14 PM PST by Salgak (Acme Lasers presents: The Energizer Border: I dare you to try and cross it. . .)
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To: Salgak

Those are more household items, do you foresee Inflation on the horizon vis a vis Pugsely’s Alpha Strategy?

That is a good approach, however one still has to earn profits to make up for the increase in billable services such as Water, Power and Property Taxes.


49 posted on 02/21/2010 6:18:59 PM PST by padre35 (You shall not ignore the laws of God, the Market, the Jungle, and Reciprocity Rm10.10)
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To: Enough is ENOUGH

Inflation is starting to increase. Since January 1 my company has been notified of price increases by suppliers of 8 to 10%. Our health insurance company presented a 30% renewal hike which we have negotiated down to 12%. Walk through the grocery store and look at food prices. In contrast, real estate prices continue to fall as do real wages.


50 posted on 02/21/2010 7:00:01 PM PST by Soul of the South (When times are tough the tough get going.)
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