Posted on 11/27/2012 11:17:14 AM PST by Perseverando
NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance 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 retirement accounts.
Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.
Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.
Government takeover?
An Investment Company Institute study published this month found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.
Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Department’s main auditorium.
“However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.”
(Excerpt) Read more at wnd.com ...
my husband's smallish account...we're thinking of taking some out to help pay off his new shop...
The worst decision by the USSC in my lifetime, not withholding Roe vs Wade.
FMCDH(BITS)
Bingo! Civility only exists in this country because we choose to be civil. The government doesn’t have the personnel numbers to suppress us and would even experience mass defection within those ranks if asked to bring violence on fellow citizens. Direct wealth confiscation as described will be an act of war on the free people of this nation and there will be riots, but it’s not private businesses that will be burned to the ground.
> “My family cashed in the last IRA money in August 2008, just before the stock market tanked.”
The stock market is now higher than it was in August 2008.
I wont hold my breath on this happening.
Looks good on paper, but it might not be very satisfying to shoot the piece of paper that notifies you that an electronic transfer has taken place...those pieces of paper you have that indicate what's yours will be useless "forgeries" when Uncle Sugar determines that there is no record that you ever owned it.
Re: if they try this, DC should be burned to the ground
I suppose this could be the tipping point in America for some. And the MSM wonders why there is interest in secession.
Let’s face it politicians have expensive hobbies, such as buying votes (funding their lengthy political careers with the tax payers monies.)
Will this be the breaking point for cw2?
For that matter, the only thing that "proves" you own your land and the house you live in is a piece of paper down at the county clerk's office. If they can erase your ownership of a 401K, they can erase a deed.
More accurately, the 3rd Revolutionary War for Independence.
RW 1, 1776, win
RW 2, 1863, loss
RW 3, 2014, tie breaker
http://www.techlawjournal.com/glossary/legal/attainder.htm
“No Bill of Attainder or ex post facto Law will be passed.”
“Bills of attainder, ex post facto laws, and laws impairing the obligations of contracts, are contrary to the first principles of the social compact, and to every principle of sound legislation. ... The sober people of America are weary of the fluctuating policy which has directed the public councils. They have seen with regret and indignation that sudden changes and legislative interferences, in cases affecting personal rights, become jobs in the hands of enterprising and influential speculators, and snares to the more-industrious and less-informed part of the community.” James Madison, Federalist Number 44, 1788.
Yeah, I know. It’s just a bunch of words written by dead white devils.
But I believe it easier to get my body armor out than my retirement money.
“When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another ..... “
This has been tried before. Russia, 1917. It ended up with gulags and blood in the streets.
Why should we think the results should be different here?
Obama Begins Push For New National Retirement System
http://www.theminorityreportblog.com ^ | november 21, 2012 | steve foley
Posted on Thursday, November 22, 2012 4:13:55 AM by lowbridge
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.” Such “reforms” would effectively end private retirement accounts in America, Crone warns. “These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.”
(Excerpt) Read more at theminorityreportblog.com ...
Soros increases his stake in AIG:
http://www.freerepublic.com/focus/f-news/2961025/posts
Let's have a one size fits all govenrment funded pension plan for all (That includes all politicians, military and public servants).
do I really nead a sarcasm tag?
This would be the tipping point for me. I have spent exactly one career funding and managing IRAs for retirement. To have the marxists steal it under pretenses would not set well. This would amount to war on the makers by the takers.
Spewing braggadocio on many other threads.
“Spewing braggadocio on many other threads.”
Yeah. I bump into them here. But they stay away from stories like this that clearly illustrate the folly of equating the two men.
I don't think you will. I mean please, be realistic. If the Congress passes the "Security in Retirement and Fairness Act" or some such BS, and they decree that all private pensions will have to invest 20% of their funds in Fed Retirement Bonds, increasing at 20% a year .. blah blah blah ...
Who are you going to use deadly force on? Your Congressperson? Or if she's a GOPer who voted no, some other Congressperson? I don't know you, but I'll go out on a limb and suggest that you will do no such thing. You will grumble, post some more comments on FR, and get back to doing whatever else you do.
And, they know it. Which is why, when they decide to nationalize retirements accounts, they will!
Yep - I paid my house off and have a paper deed of trust, but if the government says it's useless, it's useless. The house is a bit more tangible though and at least one might have a chance to defend it against real bodies until they bring in the overwhelming firepower. Money in the Market or Bank is another story - it just "never existed".
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