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Is the Obama Regime About to Confiscate Your Savings?
The Silent Majority ^ | 02-26-10 | J.D. Longstreet

Posted on 02/26/2010 1:09:19 AM PST by Lexluthor69

There is no question but that The Obama Regime has plans for your savings. Obama’s Treasury Department and even the Labor Department are already investigating "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams."

Ok, let me see if I can break it down for you.

What Obama is planning to do is: Take you savings, the money you have squirreled away for your retirement in 401-K’s and IRA’s, and hand you an IOU with which they will promise to pay you a small annuity each month of your retirement.

(Excerpt) Read more at silentmajority09.com ...


TOPICS: Business/Economy; Government; Your Opinion/Questions
KEYWORDS: confiscate; government; obama; savings
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To: Right Wing Assault

Economic Policy Journal reported yesterday that Business Week has mysteriously pulled it’s link, as well as others that deal with the topic.

http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html


41 posted on 02/26/2010 5:19:56 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Lexluthor69

That’s not the worst of it, IIRC.

While under current rules, any remaining 401k or IRA funds go to your heirs, under the proposal they are considering your heirs would get 50%.

With gov’t taking the rest.


42 posted on 02/26/2010 5:23:58 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Lexluthor69

Armed rebellion is coming if this happens......


43 posted on 02/26/2010 5:27:37 AM PST by texson66 (DemonRats: Remember: They have what it takes to TAKE WHAT YOU HAVE!)
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To: Daisyjane69

Re. your Denninger article, you may find this of interest

http://www.freerepublic.com/focus/f-news/2450230/posts


44 posted on 02/26/2010 5:28:06 AM PST by Roccus (POLITICIAN.....................a four letter word spelled with ten letters.)
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To: Roccus

Thank you.

Between that and the news that China dumped 34 billion worth of bonds, looks like they have found the suckers to buy their paper.

Us.


45 posted on 02/26/2010 5:31:21 AM PST by Daisyjane69 (Michael Reagan: "Welcome back, Dad, even if you're wearing a dress and bearing children this time)
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To: Daisyjane69

What if they held an auction........and nobody came?


46 posted on 02/26/2010 5:34:28 AM PST by Roccus (POLITICIAN.....................a four letter word spelled with ten letters.)
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To: EVO X
If you think it is possible for them to take your IRA, wouldn't they take your bank account as well?

401's and IRAs are already non-liquid retirement accounts that exist under the permission of IRS tax law. Big difference from a completely liquid cash account held at a local bank. I think it would much more difficult for them to hook into private cash accounts than it would be to swap 401ks for government annuities, and such a move would be perceived much more harshly by the public.

They can actually make a pretty convincing case for letting them "protect" our retirement money with treasuries: all they have to do is stop propping up the equity markets and let them fall.

There is no such plausible justification for confiscating cash deposit accounts, and I do believe that doing so really would spark a violent rebellion in this country.

Besides, I can literally go get my money out right now if I want, not so with a 401k.

47 posted on 02/26/2010 5:56:29 AM PST by Zeddicus
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To: Zeddicus

“Besides, I can literally go get my money out right now if I want, not so with a 401k.”

Right now? Prolly yes, but after April 1, if you are in CITI, maybe not.

http://www.businessinsider.com/citigroup-warns-customers-it-may-refuse-to-allow-withdrawals-2010-2


48 posted on 02/26/2010 6:06:02 AM PST by Roccus (POLITICIAN.....................a four letter word spelled with ten letters.)
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To: Roccus

I’m not in Citi. I said I was in a small local bank. I wouldn’t put my money into one of the malignant TBTF banks for anything.


49 posted on 02/26/2010 6:10:22 AM PST by Zeddicus
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To: Right Wing Assault
Here's the Business Week link: BusinessWeek Jan 8, 2010
50 posted on 02/26/2010 6:14:36 AM PST by UncleHenry (Even a fool, when he holdeth his peace, is counted wise - Solomon)
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To: Zeddicus

IMO, this will spread. That is why the ONLY funds I do not have under my direct control are my “operating funds” in my checking acct. Cleared out my MMA and savings acct. more than a year ago from my sound(for now), local bank. With the miniscule return from both, the loss is negligable.


51 posted on 02/26/2010 6:17:35 AM PST by Roccus (POLITICIAN.....................a four letter word spelled with ten letters.)
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To: texson66
Armed rebellion is coming if this happens......

It's as if the Politburo in Washington is testing how far they can push freedom-loving, law-abiding citizens.

52 posted on 02/26/2010 6:18:54 AM PST by windsorknot (o o)
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To: Lexluthor69

Guns/ammo/reloading equipment and non-hybrid seeds are the new gold.


53 posted on 02/26/2010 6:22:19 AM PST by macrahanish #1
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To: texson66
Armed rebellion is coming if this happens......

You Betcha!

54 posted on 02/26/2010 6:46:45 AM PST by meyer ("It's not enough just to not suck as much as the other side" - G. Beck)
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To: Lexluthor69

btt


55 posted on 02/26/2010 6:47:10 AM PST by GailA (obamacare paid for by cuts & taxes on most vulnerable Veterans, disabled,seniors & retired Military)
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To: UncleHenry

Thank you!


56 posted on 02/26/2010 8:12:31 AM PST by Right Wing Assault (The Obama magic is fading.)
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To: Lexluthor69

I’ve been concerned about this for a while. We decided to take a portion of our IRA and purchase some acreage. The penalty was worth a little peace of mind.

That is unless the government decides we can’t “own” anything.


57 posted on 02/26/2010 8:25:59 AM PST by justsaynomore
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To: MrDem

Bricks and mortar works too.


58 posted on 02/26/2010 9:56:50 AM PST by Vanders9
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To: Zeddicus
There is no such plausible justification for confiscating cash deposit accounts, and I do believe that doing so really would spark a violent rebellion in this country.,

Wouldn't you think there would be a similar outrage for retirement accounts? I could see them ending the program or reducing contribution amounts, but not directly taking or redirecting the assets.

59 posted on 02/26/2010 10:36:49 AM PST by EVO X
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To: EVO X

>>>If you think it is possible for them to take your IRA, wouldn’t they take your bank account as well?

Maybe they just want to borrow it for awhile... like 30 years or so.


60 posted on 02/26/2010 12:13:36 PM PST by Hop A Long Cassidy
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