Posted on 02/27/2011 8:23:52 AM PST by originalbuckeye
Which executive order will allow the Feds to take our savings?
New rules go into force on Monday. A 10% drop automatically puts the brakes on the market for 48 hours. Just kind of interesting you'd say #2 and I posted early this morning...On Monday, new restrictions on short selling with go into effect. Under the new rules, the circuit breaker will kick in with a 10 percent price decline...
All kinda freaky...
I think that’s what I was remembering. Pelosi discussing how the GRA would work. My reaction was ‘I already had a GRA. It was called Social Security and you Legislators spent it ALL’.
Isn’t the Nationalization of the Student Loan Program in the Obamacare Act? And wouldn’t it be nullified with the repeal of Obamacare?
If the Dems grab 401s then they might as well commit Harry Kerry! That would be an exceptional over-reach!
Hussein might have made a sly reference to this in his state of the union address—something about protecting the assets of seniors from the vagaries of the stock market. A friend suggested that this could have been just a preventive statement warning about privatizing Social Security a la George W. Bush, but I don’t think so. It’s hard to know when vague statements are made. I think they are setting us up for the big grab.
There are only two PR strategies that would work for the government to confiscate 401k money.
1. this is untaxed money therefore to make things “fair” to everyone, something needs to be done. Everyone needs to pay their fair share. No more tax loopholes for the rich.
2. to protect people from poorly performing markets, the 401k accounts shall be converted to IRA accounts. At some future date, IRA accounts must be merged with FICA to preserve social security for future generations. Its the right thing to do for america.
Will the second amendment be used for its intended purpose if the government even tries this?
It’s been discussed at the Dept. of Labor; I don’t know if everything they do would have to go through Congress.
The same one that allows Obama not to defend the Defense Against Marriage Act...
Executive Order not needed the banks and wall street did a good job of making 401’s worth drop like a rock.
“Which executive order will allow the Feds to take our savings?”
Let me add one more worry to your day...
Several federal judges have ruled that Social Security payments are not guaranteed.
It might take take a Congressional vote instead of an Executive Order, but the federal government does have the authority to suspend Social Security any time it pleases.
And - if people ever stop buying US Treasury debt - Social Security will essentially suspend itself, and no election or court appeal will be able to bring it back.
“Inflation” will steal it!!!
The same as everything else Obama’s been doing: Executive Order # I-1.
P.S. Any rainbow will do.
401(k), 403(b), (Traditional) Roth, etc are not tax-free — they’re tax deferred. Once you start collecting, you’ll pay taxes (presumably at a lower rate).
But consider: those contributions lower your income tax, but they don’t lower your FICA taxes one bit. You pay full SS, but when it comes time to collect (if there’s anything left to collect), you’ll lose SS benefits because you saved for yourself.
Of course. All part of the plan. The insiders get out before the 10% circuit breaker kicks in, leaving everyone else holding the bag. Said bag-holders are then even more nervous. Repeat this cycle a few times, and most of our iGadget-addicted American Idol generation will be begging Uncle Sam for a plan to "rescue" their 401k money.
It is rather convenient the new rules go into effect just as the ME is going into revolution mode.
There are major market players here moving chess pieces we cannot see.
You are correct, the public will hand over their 401k, IRAs, etc. and never realize they did it at the point of the gun.
What many won’t realize it is a piggy bank of no return. It will go in, but will never come back out...no matter how badly you need YOUR money. The government will dole it out to you as they see fit. Not even after you retire will you gain any measurable access to your retirement funds. That life-long trip you wanted to take...forget about it...all your funds go into an annuity, doled out and managed by...government unionistas.
Really? The democrats got away with raiding the SS funds without much turmoil, didn’t they? Or am I thinking of something else?
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