Of course this was coming. They need the 401K money to pay the social security payments of the Baby Boomers that are retiring - that is, until they can use denial of Medicare benefits to kill them all, that is.
SEIU members don’t get the generous 401K benefits that office workers, et al. get. Therefore, it’s time to spread the wealth.
I will cash it out, and roll the entire thing over into my IRA. Of course, look for them to come after the IRA’s next.
That's what is seems like, but that's not the answer.
The international banks have shut off the "credit valve" in our nation (and all developed countries in the world).
This has caused an enormous amount of credit destruction in our economy - and credit is the same as "money" in the M2 money supply. We're seeing a very large monetary contraction.
The Federal government was running a very real risk of having to reduce their power structure by a significant amount. They have have been trying to counter-balance the credit destruction caused by the banks with new debt creation (which is also money under M2).
That's why we have seen the Federal government spending like a drunken sailor. They also were attempting to get the consumer to help them create new debt by offering "cash for clunkers" and "first-time homebuyer's" seed money.
Anyways, the Federal government's "trust" funds all went bone dry - including Social Security. They were in a desparate need for a new "trust" fund that they could steal money from in order to continue battling the bank-caused credit destruction...or risk losing their power.
This is where the Health Care bill comes into play. It's sole purpose was to create this new "trust" fund that the Federal government can now steal from. They also are going to nationalize the entire College Student Loan program to boot and create a "trust" fund out of that. This can be found in Section II of the current budget reconciliation bill the Senate is debating.
If the international banks leave the "credit valve" closed then look for the Federal government to go after the nationalization of retirement accounts.
Another possiblity is that the bankers would go after the accounts and use them as the cash to purchase Mortage-backed security debt from the bank-controlled Fed...thereby putting the toxic waste on the backs of retirement fund owners.
The next major legislation that will be pushed through is cap and trade. Why?
The Federal government needs to create a brand new "industrial revolution" and they're going to use "green technology" to do it. They will pass all forms of regulations to act as the "point of a gun" or the "bars of a cell".
It's coming. Prepare your families accordingly.
you do know, of course, that the health bill allows them total access to all your finances, bank accounts, etc.
If they have access, they can also appropriate - for the good of all, you know. If I still had any money - I'd buy land. Like Will Rogers said so long ago - "they ain't making any more." If things go from bad to worse to catastrophic - I could always pitch a tipi on it.
If this happens, they’ll go after the IRAs at the same time. Look for either a large “one-time” tax on IRA and the removal of “pre-tax” contributions, or else forced participation in the program.
Of course, look for them to come after the IRA’s next.
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They can look all they want. I have nothing here they can get their hands on. Mine is out of the country. What I keep here, I wish them much luck in finding it because they are sure as hell going to need it. It takes me 30 minutes to even get to it. BY BOAT!