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Mandatory Retirement Accounts in Sen.Bill - S. 3760 -Automatic IRA Act of 2010
Americans for Limited Government ^ | 090710 | Americans for Limited Government

Posted on 09/07/2010 3:27:53 PM PDT by Fred

FYI - I am not attempting to promote this organization. I used their article because it does an excellent job of describing the bill and the disaster this will be if passed.

September 7th, 2010, Fairfax, VA—A new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in “automatic Investment Retirement Accounts”, prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it.

“This legislation will force Americans into a government-mandated, ‘one size fits all’ retirement account,” Wilson said, adding that it would “disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a worker’s career.”

“This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions,” Wilson added.

Wilson noted that the “investment ‘options’ that are offered will be defined arbitrarily by the Department of Labor in regulation.”

(Excerpt) Read more at getliberty.org ...


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Politics/Elections
KEYWORDS: 401k; congress; corruption; economy; elections; facists; fascism; ira; jeffbingaman; johnkerry; kerry; roth; taxes; teaparty
For more intel and the OFFICIAL SPIN see:
http://www.boomermarketadvisor.com/News/2010/8/Pages/Automatic-IRA-Bill-Introduced-by-Sens-Bingaman-Kerry-to-Congress.aspx
1 posted on 09/07/2010 3:27:54 PM PDT by Fred
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To: Fred
Is Senator Lurch subject to the same mandate than he lords upon us? Probably not.

Piss off, Lurch. You weary me.

2 posted on 09/07/2010 3:30:02 PM PDT by kromike
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To: Fred

One more way to loot the middleclass and our childrens future.


3 posted on 09/07/2010 3:32:43 PM PDT by ronnie raygun (We are our founding fathers keepers)
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To: Fred
I thought it was a crap idea when Pres. Bush allowed the auto-401k enrollment. ( though, I believe there is an opt-out)
4 posted on 09/07/2010 3:33:48 PM PDT by stylin19a (Never buy a putter until you first get a chance to throw it)
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To: Fred; grellis

ripping off my hard earned money ping


5 posted on 09/07/2010 3:35:54 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Fred

They’ll probably even start making kids contribute to this and other taxes from Lemonade stands for crying out loud!


6 posted on 09/07/2010 3:37:55 PM PDT by flyingtabby
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To: flyingtabby

http://www.youtube.com/watch?v=2_OzLHKFN5s


7 posted on 09/07/2010 3:39:01 PM PDT by terjon
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To: Fred
With Cap and Tax, Obamacare, and people with no jobs how exactly will people contribute money?
8 posted on 09/07/2010 3:41:29 PM PDT by Extremely Extreme Extremist (Mexico is the U.S. version of Hamas)
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To: kromike

Ask his second wife’s first husband.


9 posted on 09/07/2010 3:42:31 PM PDT by Eric in the Ozarks (Impeachment !)
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To: stylin19a

One more boondoggle that I as a small business person will have to comply with and deal with reporting, etc. It was bad enough when I voluntarily offered a non-matching 401-K for my employees and watched them one by one DROP participation until I was preparing paperwork for one $15.00 monthly transaction for ONE employee. If this passes and what with Obamacare’s compliance paperwork, 1099 reportings, etc, I might as well close the doors and join the ranks of the unemployed...oh,yeah, I don’t get unemployment benefits when my business closes. I get nada.


10 posted on 09/07/2010 3:43:27 PM PDT by Semperfiwife (This is the "Ba-roke" era.)
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To: Fred

The overwhelming reason to renounce this legislation is that it involves stealth theft of retirement assets. The legislation creates a new government bond and government annuity. The rats will collect retirement accounts and new contributions, use the money for additional government spending, and then issue fake bonds. There will be no assets to support retirements. The rats will then demand that wealthy individuals forego their accounts or pay much higher taxes (same thing).


11 posted on 09/07/2010 3:44:06 PM PDT by businessprofessor
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To: Fred

Isn’t that what social security is for?


12 posted on 09/07/2010 3:44:15 PM PDT by Drill Thrawl (Rahm and George at Doe's when the knife came down)
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To: Fred

Isn’t this what Social Security was supposed to be for? Namely retirement?


13 posted on 09/07/2010 3:44:58 PM PDT by Tucker822
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To: Tucker822
"Isn’t this what Social Security was supposed to be for? Namely retirement?"

Yes but they stold all the money out of the social security "trust fund" so they need a new pot of our money to pilfer. It's just a backdoor way to raid private retirement accounts.

14 posted on 09/07/2010 3:51:37 PM PDT by circlecity
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To: Fred
If this isn't Social Security II, then how is it different from the private accounts that Republicans offered in 2004? Is it just different when offered by Democrats?

-PJ

15 posted on 09/07/2010 3:55:38 PM PDT by Political Junkie Too ("Comprehensive" reform bills only end up as incomprehensible messes.)
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To: Fred

Let’s see, i’ll play.

1.The government steals and spends the money
2.Said government replaces the money with I.O.U.’s

Does that just about cover the “plan”?


16 posted on 09/07/2010 3:58:55 PM PDT by sportscaster ("LET'S ROLL")
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To: Fred

That’s all Dimocrats know how to do - tax, regulate, and mandate. Freedom is an entirely alien concept to them.


17 posted on 09/07/2010 3:59:18 PM PDT by beethovenfan (If Islam is the solution, the "problem" must be freedom.)
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To: Fred

The bastards ran the “Social Security” piggy-bank into the ground, so they’re seeking to develop another source of money for their vote buying schemes.


18 posted on 09/07/2010 4:00:27 PM PDT by G Larry (I'd rather see the voters write off Obama!)
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To: sportscaster

Bernie Madoff went to prison.
The Democrats who implemented Social Security are heros.

(Bernie should have gone into politics)


19 posted on 09/07/2010 4:01:20 PM PDT by nascarnation
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To: Political Junkie Too
If this isn't Social Security II, then how is it different from the private accounts that Republicans offered in 2004? Is it just different when offered by Democrats?

With the Republican plan, you the taxpayer had some control over your money and the account would be yours.

20 posted on 09/07/2010 4:02:04 PM PDT by VRWCmember (Jesus called us to be Salt and Light, not Vinegar and Water.)
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To: Fred

Low wage workers are doing good to pay for their rent and utilities.

It is not fair to force them to lose more of their paycheck for something they cannot afford just to give the government another source to rob to pay for union pensions and bailouts.

This crap needs to be stopped asap.


21 posted on 09/07/2010 4:05:10 PM PDT by dforest
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To: kromike

mark


22 posted on 09/07/2010 4:09:12 PM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: indylindy; All
The lobbying is fully engaged

http://www.investmentadvisor.com/news/2010/9/Pages/Putnam-Urges-Congress-to-Pass-AutoIRA-Legislation.aspx

Putnam Urges Congress to Pass Auto-IRA Legislation Workers with no retirement savings plan need a place to save, Putnam says
23 posted on 09/07/2010 4:21:41 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Fred

I’m buying futures in the rope making industry.


24 posted on 09/07/2010 4:28:04 PM PDT by Tench_Coxe
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To: Fred

Wilson noted that the "investment ‘options’ that are offered will be defined arbitrarily by the Department of Labor in regulation."

Again, as I’ve said in other threads. Congress has a self-interest in letting the executive branch make laws through regulation without congress’s approval. One aspect is that the creeping socialism/fascism that this bill represents is not possible without a single executive being able to fiddle with the options as unintended consequences pop up. The other is that congress does not have to take responsibility for passing bad laws. They can blame the president even when they are obvious stinkers (See the SEC ruling on rating agencies).

Our founders were specific that the president would be a mere administrator. Congress was supposed to be the only place laws originated.

The solution to all these laws through regulation is to have congress pass a bill requiring congress to approve all regulations before they take effect.

25 posted on 09/07/2010 4:40:39 PM PDT by MontaniSemperLiberi
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To: Springman; sergeantdave; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; ...
Photo Sharing and Video Hosting at Photobucket

If you would like to be added or dropped from the Michigan ping list, please freepmail me.

All Hands On Deck ping

This is something that we need to let our congresscritters know--immediately--and in no uncertain terms--that we have no interest in. As hard as we fought against healthcare, that needs to look like two toddlers and a Tonka truck compared to how we swing against this.

26 posted on 09/07/2010 4:50:30 PM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: grellis

Yep, gotta hammer our instate pols just as hard as the DC sellouts.


27 posted on 09/07/2010 4:55:11 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: Fred; bcsco

stop the latest ripoff ping...


28 posted on 09/07/2010 5:15:54 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Fred; SierraWasp; tubebender; Ernest_at_the_Beach; Liz; george76; stephenjohnbanker

Nothing to worry about.

The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors.


29 posted on 09/07/2010 5:23:50 PM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: MontaniSemperLiberi; All
House Bill HR 6099
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR06099:

Senate Bill S.3760
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:S.3760:
30 posted on 09/07/2010 5:26:21 PM PDT by Fred (Suspend All Immigration Until Unemployment is Reduced to 5%)
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To: Semperfiwife

Hey I’ll come to work for you...you keep yours and I’ll keep mine...no middle man allowed!

Too bad Americans could not just quite their jobs altogether and everyone work under the table...then Gov. would starve.


31 posted on 09/07/2010 5:31:59 PM PDT by caww
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To: Grampa Dave

Just Great! I don’t hear from you in 2 weeks and you ping me to this? and at dinner time?


32 posted on 09/07/2010 5:34:16 PM PDT by tubebender (Life is short so drink the good wine first...)
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To: businessprofessor; Liz; stephenjohnbanker; SierraWasp; tubebender; george76; BIGLOOK; ...

They don’t have to creat fake bonds. They have the market covered with Fredie/Fanny and Farm Loans.

Also these “wonderful” bonds have “wonderful” AAA ratings.

http://personal.fidelity.com/products/incomesolutions/index_content.shtml.cvsr?bar=p

Then, they can also sell us Freddie and Fannie Stock. A lot of their stocks are available.


33 posted on 09/07/2010 5:42:10 PM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: tubebender

I been busy with personal stuff. All good.


34 posted on 09/07/2010 5:43:20 PM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Grampa Dave

Funny thing happen to me on my way to my stock broker 45 years ago. I fell in love with a piece of commercial real estate... and then another... and then another while my friends were buying boats or race cars, and 401ks and divorces...


35 posted on 09/07/2010 6:06:54 PM PDT by tubebender (Life is short so drink the good wine first...)
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To: Grampa Dave

Wild fire in southern humboldt near Petrolia Ca


36 posted on 09/07/2010 6:09:56 PM PDT by tubebender (Life is short so drink the good wine first...)
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To: Fred

?


37 posted on 09/07/2010 6:40:47 PM PDT by MontaniSemperLiberi
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To: Fred

Where does the government get the power to force someone,anyone to buy a product to live in the U.S. It is the same with healthcare.


38 posted on 09/07/2010 8:23:59 PM PDT by steveab (When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
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To: Grampa Dave

Oh, goody.

/s

will be defined arbitrarily in future regulation


39 posted on 09/07/2010 8:32:54 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: grellis; AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; blueyon; Convert from ECUSA; ...
Thanks grellis. Seeing the authors of the bill, it's a loser:
A new bill proposed by Senators Jeff Bingaman and John Kerry would force enrollment in "automatic Investment Retirement Accounts", prompting Americans for Limited Government (ALG) President Bill Wilson to urge the Congress to reject it. "This legislation will force Americans into a government-mandated, 'one size fits all' retirement account," Wilson said, adding that it would "disproportionately impact younger and lower-income workers, who will now have less ability to save for new home purchases or pay off college expenses and debt, all of which occurs earlier in a worker's career. This is another attempt by government to tell individuals what they have to do with their own money, stripping them of the right to make their own personal investment and life decisions," Wilson added. Wilson noted that the "investment 'options' that are offered will be defined arbitrarily by the Department of Labor in regulation."
They would consist of some kind of carbon credit swindle designed to benefit Gore and his ilk.


40 posted on 09/07/2010 10:51:38 PM PDT by SunkenCiv (Democratic Underground... matters are worse, as their latest fund drive has come up short...)
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To: Grampa Dave; Fred; SierraWasp; tubebender; Ernest_at_the_Beach; Liz; george76

” The investment choices will be the wonderful bonds from Freddie, Fannie and Government Motors. “

Convertable Bonds:

Wallpaper

Toilet paper

;-)


41 posted on 09/08/2010 5:43:23 AM PDT by stephenjohnbanker (((.Go troops! " Vote out RINOS. They screw you EVERY time" Jim Robinson)
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To: Fred

This legislation looks like an admission that SSIP is broken and unfixable. In addition, it is a great way to transition to confiscation of all private retirement investments to “fix” the SSIP system.


42 posted on 09/08/2010 6:33:53 AM PDT by CSM (Keeper of the "Dave Ramsey Fan" ping list. FReepmail me if you want your beeber stuned.)
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To: stephenjohnbanker; Liz; BOBTHENAILER; tubebender; Ernest_at_the_Beach; BIGLOOK; george76; ...
I forgot to mention the stocks for Freddie and Fannie as in the 6 month chart shown below, compared to the gold etf, GLD, which would never be available to us peons under a Islamofascist controlled IRA:

What more could we peon IRA/401K investors ask for under our Islamofascist leader, Hussein and his thugs in the outhouse and the thugs in congress like Pelosi, Reid, Frank and other rats controlling the choices for our IRA/401K's.

43 posted on 09/08/2010 8:07:45 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Grampa Dave

44 posted on 09/08/2010 11:11:55 AM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
This chart should be sop for all Republican candidates, tea parties and others who are tired of the Bush's fault bs.


45 posted on 09/08/2010 11:43:17 AM PDT by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: Grampa Dave; george76
Good morning.....or whatever!

Thanks for the interesting graphs but while the unemployment graph is accurate from '06 to Nov. '08 the next two years reporting is not. Over here we have a reported 10.4% unemployment rate that is phony as hell; it's probably double that with no relief in sight. People on the UI roles are dropping off, state and county workers (the hanger-ons) are on furlough as well as some private industry workers, either furloughed or dropped from full time to part time.

Wish there was a graph on the age demographic of workers that managed to stay employed; it would show the range of 25-55 years. High school and recent college grads can't find a job (so they're not in the reporting) and seniors are nursed and nudged along towards retirement and Social Security.......or robbing their IRAs to get by.
46 posted on 09/08/2010 12:06:39 PM PDT by BIGLOOK (Keelhaul Congress!)
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To: BIGLOOK

It is the morning...somewhere ;-)

The real unemployment and other numbers have been hidden at least since LBJ. It is reasonable to double the official numbers as kids who have given up and other shadow stats do not shown up.

Here is some goverment stuff, not exactly what you mentioned, but...

http://www.bls.gov/news.release/pdf/empsit.pdf


47 posted on 09/08/2010 2:57:11 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

From what I have read it allows employees who don’t have a retirement plan at work to use payroll deduction to open an IRA with govt.. did not see anything about mandatory....could you please point to where I can find this in the bill.
Thanks


48 posted on 09/14/2010 8:37:37 PM PDT by terry13z (Help me find it)
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To: Fred

From building the future, to stealing the future....

How far and fast we are falling amazes me.


49 posted on 09/15/2010 1:43:08 PM PDT by GraceG
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