Skip to comments.If Obama wins he will nationalize your 401K
Posted on 09/07/2012 11:06:25 AM PDT by Pietro
click here to read article
Tell me one senator or congressman that is on record supporting this? And even the alternative account she suggested doesn't amount to nationalizing your 401k.
Believe it or not, Argentina was, at one time, the third wealthiest country in the world, with a huge middle class.
Then the socialists took over. A hundred years later, they haven’t recovered.
It would lead to economic turmoil never seen before in the US.
Perfect logic from a leftist outlook.
Thanks for the link.
In effect, establishing a national annuity, from which they could dole out payments.
And btw, it would destroy the ecomony.
But then what effect would Cap & Trade have on the economy?
Or algore's btu tax?
Or for that matter taking over the healthcare of every man woman and child?
Exactly what leads you to believe that destroying the economy is off the table?
And in the end, it won’t do a damned thing to solve the problem, because your 401(k)’s and pensions will be invested in overrated junk bonds (treasuries), and those trillions of our dollars the government gets in return will run out soon enough.
“without just compensation”
According to Kelo and other decisions confiscation via eminent domain can be for public benefit instead of the required public use. How hard would it be to define “just” as “whatever we feel like”?
As I understand it, our total worth in the middle of the last decade was about $43 trillion, while our estimated debt is about $222 trillion, when unfunded liabilities are factored in, so no, we do NOT have enough assets to cover our debts, as far as I know, unless you’re counting the natural resources that the environMENTALists are refusing to let us exploit. Then, maybe so, but I doubt it.
Hey, if I don’t have to pay the FICA anymore, I’ll go with plan A, thank you very much. Plan B would eventually end up in the crapper anyhow #unfundedliabilities
Hard to define an amount of money as being worth something other than that amount of money, but the socialists would try. Or just tax it 100 percent if you don’t hand it over to the government. This is what makes Roberts’ decision so insidious; through a tax, you can violate all the other parts of the constitution. It is the end of the Republic and our rights as citizens, as a legal matter, unless a later court repudiates it.
“the same way FDR took our gold”
It irks me that no one remembers this. The had g-men watch you in the safe deposit room, for Midas’ sake. Back during the fake debt ceiling “crisis” Obama blahed about the US defaulting on its debts for the first time ever. Which of course wasn’t going to happen, unless they deliberately chose to pay out unions or something instead of creditors. You know, the same way municipalities in a crunch skimp on fire and police instead of firing the brothers and cousins sitting on their asses collecting a salary.
Point is we absolutely did default. The US government in 33 had contracts obligating them to remit in gold. FDR said go suck an egg. SCOTUS backed him up. Those people were never paid. Washington is a deadbeat.
And what’s Romney going to do, nationalize bad mortgages?
This is from Romney’s issues section of his website:
“Foreclosures are a difficult, long, and expensive process for homeowners and lenders alike. Mitt Romney will facilitate creative alternatives to foreclosure for those who cannot afford to pay their mortgage. These alternatives will minimize the instability of communities hard hit by the housing crisis, preserve the credit of homeowners, and can help keep families in their homes.”
I’ll vote for Mitt, but he’s bad news too.
Maybe Robert’s needs to be impeached.
Don’t kid yourself. Mitt will do the same thing. Pensions, retirement accounts, IRAs are the largest pile of untapped money.
Why wait to see?
Get your money out of the country before your country gets your money out of you.
The US will join many other nations eventually in either folding retirement accounts into SS or requiring them to be almost entirely gov’t bonds.
Now is the time. Move.
The Executive Order issued by FDR confiscating all privately and corporate held gold coins, bullion, and certificates in 1933.
He gave people 3 days to hand in their gold.
“Hard to define an amount of money as being worth something other then that amount of money”
Ah, but your using the old standard definition of “just compensation” as equivalent to the market value of whatever’s been confiscated. But we have this new—or not do new but newer than regular old justice—concept of “social justice.” It’s like justice, but only benefits politically favored groups. Since we have a living Constitution “just compensation” now reads “socially just compensation.” And the floodgates are open.
“unless a later court repudiates it”
I have been hoping after someone actually pays it the penaltax/taxelty will be struck down as an illegal head tax. But I doubt it. Also, I had been lamenting Roberts’ infamy as the end of our Republic, but must admit that he was anticipated by previous cases, including Helvering and Steward Machine Company. If not during the Civil War, our system failed in 1937. The Annis horrilibus.
We'd need 2/3 votes in the Senate for impeachment. Something to work for in the future, but as of now, not possible.
Barack Obama is not a "normal" politician. Don't be confused.
I can't understand why anyone complied.
I'll wait for the election. If the majority of our fellow citizens are moochers then I'll be w/ you before November is over.
I had a great one, but one day I was sailing and my boat overturned...
Paid the tax, turned it into something a little more solid. Nothing left to nationalize.
Do it while there's still time.
BTW, all the gold bugs out there are very poor historians indeed.
As I remember they had some hearings on this after Obama took office. At the time they didn’t really go anywhere but as things have gotten worse is it really a stretch to think this cannot happen? They would “encourage” you to buy Government bonds paying 2% and that would make up your 401 K while they spend the rest.
As I said Argentina did this so you don’t think it can’t happen here????
Yes and once that money is spent by the Government then what, no more wealth to tap into.
The government could seize all private wealth and it woould be gone and spent in less than two years, then what????
@$5 Trillion in pension plans in the US.
It’s not likely to be stricken down after the tax is paid. Didn’t they go through the whole phony discussion as to whether the court could even rule on a tax that hadn’t been paid? And Roberts said they could? So, even if the law is not repealed in 2013, and someone has to pay the tax, the court is not going to change its mind 2 years later. Unless Roberts or another liberal is replaced. It all comes back to winning in November, but if we win, then we should be repealing anyway and it becomes moot.
Really? When there are no records of the purchase and you've managed to keep your mouth shut, what are they going to do? Search everyone's house with metal detectors? Ha!
BTW, all the gold bugs out there are very poor historians indeed.
Sure pal. That's why 'someone' I know very well was able to purchase a rental house with your 'very poor historian insight.'
The 'crazy' 'gold bug' was able to profit enough from the $430/oz he bought-in at in 2005 to cashing it in at over triple the paper money price.
What a dumbass I, er 'he' was.
Of course, the $1700/oz price point we see right now just reflects how far the Federal Reserve Note has dropped in perceived value, not any actual change in the value of gold.
The only value gold has is to lock in your buying power the day you exchange FRNs for it. Since the printing presses run non-stop, each individual slip of paper is worth less today than it was yesterday.
Fortunately for historically-challenged gold bugs, our fellow citizens can't grasp this simple equation.
So, when a stupid 'gold bug' cashes in gold at the current FRN price, he can pay off old debt incurred at the previous FRN value with ease.
Buy physical gold with no records if you don't mind being called 'crazy' by the people on the sideline!
But that can only happen in a free market environment. Under the nightmare I'm concerned w/ the free exchange of gold will be outlawed.
That will reduce the value of gold, documented or otherwise, to a bartered commodity. Its value will be greatly reduced, even when exchanged for gov. script.
The reason I started this thread, and I thank all participants, is my deep concern that Obama can be re-elected, and if he is the likely outcome could be disasterous for all.
We all need to make sure that doesn't happen.
GO BACK FEW YEARS TO CONG.RICHARD GEPHARDT’S “UNIVERSAL PENSION PLAN”.HE WANTED ALL PRIVATE PENSION PLANS,401KS,AND ROTH IRAS.IF I REMEMBER,THE DEMS TRIED TO BRING IT UP WHEN THEY TOOK CONTROLL.
Once capital controls are in place, you will not have a choice. You will be stuck.
Each day that passes, fewer banks accept US citizens because of the FATCA requirements.
There are still some today.
Your call. I’m gone.
When dems controlled Congress, they were working on this grand theft move.
I have no doubt we would see an executive order from the Bamster if he does not have a socialist Congress to do it and he’s facing an economic crash. GOP would do nothing about it. It will be the unread emergency “solution” when they crash the economy. They will sell it as “free retirement funds” from the “rich” for everybody in equality! It may be said to replace Social Security.
It’s going to be tempting to any politican when the economic sh!t hits the fan. It will be the carrot to offset the cuts in spending and tax increases. It will shake down only a minority of “rich” people. Everyone in the know will move their money out and take the tax hit before the grand larcney happens.
That’s because the dialectic is incrementalism.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.