Posted on 09/05/2010 2:47:16 AM PDT by Lexluthor69
With the government facing an escalating crisis of debt it seems they are becoming increasingly creative (devious) with solutions.
We have reported previously on the U.S. government’s intimations that they would move to nationalize private retirement accounts (Obama’s Socialist Government Coming For Your Pension ). Now it seems that the Department of Labor and the Treasury Department are beginning to take the steps necessary to do just that.
The following excerpts come from an article entitled “US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts“:
On August 26, the US Department of Labor issued a news release (http://www.dol.gov/ebsa/newsroom/2010/ebsa082610.html). It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called “lifetime income options for retirement plans.” The hearings are being conducted by the Labor Department’s Employee Benefits Security Administration.
I don’t like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!
The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.
(Excerpt) Read more at silentmajority09.com ...
Cowgirl,
Thank you for posting the description of the hearing. I’ve read a lot of government-ese. What I see is a potential for US Treasury to intervene in our IRA, 401k to provide “lifetime income”. This sounds an awful lot like those shady “financial consultants” who sell annuities. Hand over your entire savings and they will trickle it out to you, taking a great big commission. I have to agree with the original poster that this looks like US Treasury taking our IRA, 401k savings and giving us just another monthly income check.
why the hell should the rich care? the US has been kickin them in the gnads for decades. stealing their money and distributing it to the politically favored.
if the rich have found a way from this place, more power to them.
let the parasitic maggots eat themselves
Me too!
The alternative, of course, is when they steal our retirement, invoke use of the second amendment for its intended purpose.
I don’t think this will happen in the current enviornment. If it did happen though, the crash in the stock market would be unbelievable as the govt. sold stocks to buy treasury securities.
What specific words in either of the links I posted leads you to this conclusion?
ping for lucidity alert
Correction, they have been rhetorically kicking them in the gonads. The reality is that most “rich” as they like to define them already have their money and have sheltered them in trusts and all sorts of other legal means to keep the government away from it. ie., John Kerry’s boat.
This is all part of the elitists scam on the wage earner. Income (key word here) taxes are those levied directly against income. They don’t want us to spoil their “club” so they keep us at each other’s throats with the Dem/Rep, good cop/bad cop routine. This handicaps anyone aspiring to make it to the “club”.
What is prevelant here at FR is most of us are very distrustful of the Republican establishment with now evidenced by the actions of the NRSC, NRCC and RNC and of course our favorite Trent Lott.
PING
The problem with "they are just talking about it" means, for this crowd, they've got a full time staff already writing the legislation. I've written DeMint and Wilson (no sense in trying to write Graham, he's probably plotting something with McCain). If I get anything back, I'll post it.
But this sounds like one we should get "noisy" about darned quick.
Thanks.
Here is the agenda, which shows those participating in eight different panels. The Sep 14 meeting will be webcast from www.dol.gov/ebsa.
http://www.dol.gov/ebsa/pdf/1210-AB33hearingagenda.pdf
DOL/Treasury Lifetime Income Public Hearing Agenda
September 14, 2010
9:00 a.m. — Opening Remarks
9:15 a.m. — Panel One
(snip)
They have requests from 779 people to testify at the hearings:
http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html
Correction - 779 responses to their request for comment and 44 requests to testify.
The news release link doesn’t work for me.
” Emanuel came from Wall Street where looting retirement funds is their fave occupation. These Wall Street connivers know how to make money disappear faster than a cream puff at a Weight Watcher weigh-in. “
Overfunded pension = my wallet ;-)
PING
calcowgirl wrote: “The author is a nutcase, or is pulling an inflammatory headline from a nutcase. No one is talking about, or implying, confiscation.”
..... Swindlers rarely reveal their true intentions to the victim. I would suggest that only time will tell whether the author is a “nutcase”, or is simply better than you at reading between the lines of bureaucratic double-talk.
Here are a few questions to ponder -
Why, after about thirty long years of the IRA program being in existence, the sudden interest NOW?
Why do you think the government has suddenyl deemed it desirable to suddenly explore the idea of establishing a state-controlled annuity program when that area has been satisfactorily been handled by the private sector for generations.
Exactly what sort of involvement by the Department of Labor and the Department of the Treasury would you imagine to be useful or desirable as regards management of a citizen’s retirement savings?
What happened to the bond holders in the GM and Chrysler reorganizations?
Could not happen that way, could it.
After all the Constitution specifically mentions the protection of note holders.
Just could not happen here. No way. Your 401-K and IRA are safe.
Your government tells you so.
“Our 401ks are unfortunately linked to our jobs and we can’t access them until we quit.”
Not true. You can take them out whenever you want, but you’ll have to pay taxes on the withdrawal and a penalty if you withdraw before the age of 59 1/2.
“provide lifetime income” implies a guarantee of a stream of income checks. The funding of this stream of income comes from somewhere. I infer that the government is investigating taking over annuities from the insurance companies, funded by the now-privately held IRA and 401K. Certainly, it will be sold as an option, then with a “you must opt out”, then with many conditions (regulations) on what limited subset of folks can opt out.
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