Gov wants your 401(k),Hearings require Treasuries in 'automatic IRA' Sept 14-15

worldnetdaily.com ^ | 090210 | Jerome R. Corsi

[Fred]

The Obama administration appears to be proceeding with a novel way of financing trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their investment accounts.

The requirement to invest private retirement assets has been cleverly buried within plans to create "automatic IRAs" that would mandate employer groups enroll all employees in 401(k) or IRA plans.

The U.S. Department of Labor released yesterday an agenda for an upcoming joint hearing with the Department of the Treasury scheduled for Sept. 14 and 15 on whether government life-time annuity options funded by U.S. Treasury debt should be required for private retirement accounts, including IRAs and 401(k) plans.

WND reported in January that Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry are planning to stage a public comment period before implementing regulations that would require private investors to structure IRA and 401(k) accounts into what could amount to a U.S. Treasury debt-backed government annuity.

In a 2010 budget blueprint unveiled Feb. 26, President Obama proposed that employers sponsoring 401(k) plans or other defined contribution plans should be required to offer automatic enrollment in these plans, or in direct-deposit IRAs, as steps that would change the nation's voluntary retirement plan into a government-mandated nationalized program.

With the Treasury needing to sell another $1.4 to $1.5 trillion in government debt to finance the anticipated fiscal year 2010 federal budget deficit, the Obama administration is obviously scrambling to find ways to sell government debt without having to raise interest rates.

Under ERISA, the Department of Labor regulates approximately 700,000 private pension plans, with approximately $4.7 trillion in assets.

[Mr. Jeeves]

Stock market would dive.

A free stock market that served as a genuine proxy for the underlying value of the companies listed on it might dive. The one we have today wouldn't go anywhere.

[Fred]

Gradually convert it to a ROTH. When you convert to a ROTH you have to pay the income tax on the amount moved for that year. As you can tell, I am an ancient freeper and we old timers have had this discussion during the Clinton reign of terror. Jesse Jackson has been floating this ripoff for years. So, being a PROACTIVE freeper and not a complainer, I have taken full advantage of the ROTH. I have been moving my 401K to a ROTH and just completed the process last year. Of course, I had to do the move based on having the money to pay the income tax.

Also, ROTH money can be withdrawn without penalty on principal after 5 years and the interest without penalty after one is 59 1/2 see https://calcsuite.fidelity.com/rothconveval/app/launchPage.htm

So, worse case scenario in my case, is getting hit with the 10% on the interest if and or when the jackbooted thugs come to burn me.

A new feature in the 401K about 2 years old is the ROTH 401K. Ask you pension dude if your 401k has this feature.

Senator Roth was the man behind this brilliant legislation. He knew sooner or later we were going to have this problem
http://en.wikipedia.org/wiki/William_V._Roth,_Jr.
RIP Senator, you earned it.

[Fred]

Exactly.

[240B]

You made me laugh. Thank you. I always have my eye out for the grammar cops, but they always pull me over anyway. I am what would be called, a repeat offender. Every time I think I'm out, ‘they pull back in’.

But to the more grim fact. Yes, she did. I had an unprecedented divorce decree.

Essentially, what the court decreed was, "You will all your assets and all your wages to this woman for the next 15 years."

It was revenge divorce. Her parents had money and hired the best lawyer in the state. I guess he was a friend of the judge. You don't get to be 'the best lawyer in the state' by playing fair.

I was condemned by the state to poverty for the rest of my life. All because I met this girl, married her(mistake!), and then I pissed off her loony parents. They were not even after money. Their goal, which was successful, was to crush me to my knees. American justice.

Oh well. You win some and you lose some.

The best part of the movie, 'Oh Brother where art thou', was when the Satan character scoffs and says, 'The Law? The Law?

The Law is a human institution.' And it most certainly is. Anyway, thank you for the chuckle.

[Red Badger]

The Law is an ass.............

The phrase "the law is an ass" originates in Charles Dickens' Oliver Twist, when the character Mr. Bumble is informed that "the law supposes that your wife acts under your direction". Mr. Bumble replies "If the law supposes that ... the law is a [sic] ass—a idiot. If that's the eye of the law, the law is a bachelor; and the worst I wish the law is that his eye may be opened by experience—by experience."

[Doulos1]

Thank you Fred, very much!!

[240B]

Great! man I’ll say. I don't know who you are...but I am going to have to get to know you better.

Let's see...let see what I can do to counter your outrageous slander...

[240B]

The evidence before the court is incontrovertible.
There's no need for the jury to retire.
In all my years of judging I have never heard before,
Of someone more deserving of the full penalty of the law.
The way you made them suffer,
Your exquisite wife and mother,
Fills me with the urge to defecate!
No, Judge, the jury!
Since, my friend, you have revealed your deepest fear,
I sentence you to be exposed before your peers.
Tear down the wall!

[Red Badger]

`It’s a pun!’ the King added in an offended tone, and everybody laughed, `Let the jury consider their verdict,’ the King said, for about the twentieth time that day.

`No, no!’ said the Queen. `Sentence first—verdict afterwards.’

`Stuff and nonsense!’ said Alice loudly. `The idea of having the sentence first!’

`Hold your tongue!’ said the Queen, turning purple.

`I won’t!’ said Alice.

`Off with her head!’ the Queen shouted at the top of her voice. Nobody moved.

`Who cares for you?’ said Alice, (she had grown to her full size by this time.) `You’re nothing but a pack of cards!’

At this the whole pack rose up into the air, and came flying down upon her: she gave a little scream, half of fright and half of anger, and tried to beat them off, and found herself lying on the bank, with her head in the lap of her sister, who was gently brushing away some dead leaves that had fluttered down from the trees upon her face.

`Wake up, Alice dear!’ said her sister; `Why, what a long sleep you’ve had!’

[240B]

Because Franz Kafka has become the poster boy for twentieth-century alienation and disoriented anxiety, his work is often introduced in the context of Kafka's own experience of alienation.

A Czech in the Austro-Hungarian empire, a German-speaker among Czechs, a Jew among German-speakers, a disbeliever among Jews; alienated from his pragmatic and overbearing father, from his bureaucratic job, from the opposite sex; caught between a desire to live in literature and to live a normal bourgeois life; acutely and lucidly self-critical; physically vulnerable--Kafka nowhere found a comfortable fit.

[Red Badger]

Sounds Kafkaesque....................