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Feds eye retirement-fund tax to cut $16 trillion-plus deficit (Obama's war on savers)
NY Post ^ | 4/22/12 | REGORY BRESIGER

Posted on 04/22/2012 4:44:53 AM PDT by jimbo123

Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.

Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.

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


TOPICS: News/Current Events
KEYWORDS: 401k; pensionconfiscation; pensionraids
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1 posted on 04/22/2012 4:44:57 AM PDT by jimbo123
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To: jimbo123

Brilliant! Transfer more money from the productive to the non-productive sector!

If word gets out, he’ll lose the 50+ vote altogether.


2 posted on 04/22/2012 4:48:01 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: jimbo123
Who is dat?

Leni

3 posted on 04/22/2012 4:50:18 AM PDT by MinuteGal
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To: jimbo123

Looks like the bullies who take lunch money in the school yard are getting very, very restless. (There’s no telling where their exercise of power will end.)

IMHO


4 posted on 04/22/2012 4:51:45 AM PDT by ripley
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To: St_Thomas_Aquinas
My thought is just the opposite. After being in any retirement account for more then 10 years any money in there should be tax free.

Giving people a huge incentive to save for retirement.

5 posted on 04/22/2012 4:52:47 AM PDT by riverrunner
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To: MinuteGal

Argentina to nationalize private pension funds

Oct 21, 2008

Argentine President Cristina Kirchner moved Tuesday to nationalize 30 billion dollars in private pension funds, saying it was necessary to protect retirees in the global financial crisis.

http://afp.google.com/article/ALeqM5g6evsfTuYtN0gWlilNg2Y6DZD50A


6 posted on 04/22/2012 4:53:03 AM PDT by jimbo123
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To: jimbo123

Does not matter what obamma wants! He is not going to get this as long as the Republicans control the House. No Executive Order will help him here!


7 posted on 04/22/2012 4:56:38 AM PDT by rawhide
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To: MinuteGal

Portugal raids pension funds to meet deficit targets

Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.

02 Dec 2011

http://www.telegraph.co.uk/finance/financialcrisis/8932687/Portugal-raids-pension-funds-to-meet-deficit-targets.html


8 posted on 04/22/2012 4:58:58 AM PDT by jimbo123
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To: riverrunner

SAVING MONEY IS COUNTERREVOLUTIONARY.


9 posted on 04/22/2012 5:00:22 AM PDT by ichabod1 (Cheney/Rumsfeld 2012)
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To: rawhide

Mitch McConnell and John Boehner also support the 401K raids. It will happen next year under Obama or Romney.


10 posted on 04/22/2012 5:00:59 AM PDT by jimbo123
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To: St_Thomas_Aquinas

More like lose the 30+ vote.

They have the most to lose if their future retirement options become enlaved in yet another govt-mismanaged “trust fund” ponzi scheme.

Doe anyone still believe in that lockbox? Looked inside it lately?

Any govt that wants to confiscate wealth on this scale needs to be totalitarian, or trusted. Now where do you think our Congress and WH stand?

and oh, the word will get out. The stock market, real estate and financial industry will love this


11 posted on 04/22/2012 5:01:40 AM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: St_Thomas_Aquinas

50+ don’t vote much for Zero anyhow. Makes them a likely target for stealing their retirement funds or cutting off their healthcare.


12 posted on 04/22/2012 5:02:36 AM PDT by HangThemHigh (Entropy's not what it used to be.)
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To: jimbo123

They don’t want us to invest our own money so that we can be self sufficient. They want us beholden to them for the handouts that they deem are sufficient. That way they stay in power.


13 posted on 04/22/2012 5:03:04 AM PDT by illinifan (Vote Everyone Out!)
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To: jimbo123

I can’t post the pic of her at this site.. Boy has she ever changed or the pic with O’Bummer was photo shopped...

Read the article below. O’Bummer is following her plan!

http://www.cbsnews.com/8301-202_162-57415544/argentinas-oil-takeover-riles-investors/

Argentina’s oil takeover riles investors... April 17, 2012

President Cristina Fernandez made Spain furious by decreeing that her government will recover YPF by expropriating Repsol’s majority stake in the company.

Fernandez, who already nationalized Argentina’s flagship airline and private pension funds, said her aim is nothing less than to recover her country’s sovereignty. She accused Repsol of provoking an energy crisis by exporting too much of Argentina’s oil and failing to invest locally even as it paid huge dividends abroad.

Re-nationalizing YPF is a gamble that could boost her popularity ratings, which dropped from 70 percent in January to 50 percent in April, according to the Poliarquia tracking poll, following a scandal involving her vice president, soaring inflation, a cooling economy, reductions in utility and transportation subsidies and a deadly train crash.

Crowds turned out Tuesday to cheer the move, including a group that briefly invaded a YPF plant in La Plata and replaced a Repsol flag with Argentina’s

“Argentina’s reputation is going to suffer a lot and many investments will be lost,” Berensztein predicted. “I don’t think Argentina has a socialist ideology like Chavez’s Venezuela but it is evidently becoming more radicalized and in both cases the state will continue to intervene in companies.”

The takeover comes after months of pressure on YPF to increase its Argentine oil and gas production. Provincial governments have rescinded YPF licenses in major oil fields, alleging the company broke its contracts by failing to invest more. Repsol denies this, saying it has invested billions in the fields over the years, and planned to ramp up production even more.

Energy-rich Argentina has gone from being a major exporter of natural gas and oil to a major buyer of expensive energy imports that erode its trade surplus, which has helped sustain Argentina’s high economic growth over the past nine years.

Repsol President Antonio Brufau dismissed the criticism and accused Fernandez of trying to cover up Argentina’s economic and social ills with the “unlawful” expropriation, which caused the group’s shares to plunge more than 7 percent on Tuesday. He said the company aims for compensation of at least $10.5 billion.


14 posted on 04/22/2012 5:03:24 AM PDT by tired&retired
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To: St_Thomas_Aquinas

REMEMBER GULLABLE AMERICANS, IN EVER SPEECH HE IS FOR THE MIDDLECLASS. These criminals must be stopped and look who we have........................... The rino GOP are the rats in sheeps clothing. Where oh where does a conservative turn?


15 posted on 04/22/2012 5:05:13 AM PDT by ronnie raygun (B B)
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To: jimbo123

‘In other words, the employee and employer would no longer get a deduction under the Gale plan, they would qualify for a credit. And the credit would “increase [government] revenues by about $458 billion,” Gale says.’


An economist is making a prediction about how much money the gov’t is going to make off of us by introducing a new tax. I wonder if he accounts for the change in behavior we’ll make to counter his tax increase?


16 posted on 04/22/2012 5:06:36 AM PDT by AlmaKing
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To: illinifan


Mitch McConnell and John Boehner support the proposed 401K raids as well as the elimination of the mortgage interest deduction.
17 posted on 04/22/2012 5:07:15 AM PDT by jimbo123
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To: St_Thomas_Aquinas

They are still looking to steal more rather than cut the size and scope of the monster Federal government. Sick.


18 posted on 04/22/2012 5:07:20 AM PDT by SaraJohnson
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To: tired&retired

Another excerpt from the article:

The measure is likely to win swift approval in Argentina’s congress, where Fernandez counts on a majority in both houses. But analysts say the government lacks the resources to pay what Repsol is demanding while also maintaining a populist spending spree. The state may turn to central bank reserves or state pension funds to pay off Repsol, but will likely need deep-pocketed partners to exploit its shale reserves.


19 posted on 04/22/2012 5:07:39 AM PDT by tired&retired
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To: jimbo123

The biggest loser besides the citizens who contribute to 401(k) plans is going to be Stock market aka “Wall Street”. They have become addicted to the biweekly or monthly infusion of cash from the 401(k)s. I expect the market to spiral down in flames if this comes to pass.

I am not thinking of just additional taxes on 401(k)s, I’m thinking of confiscation of the principle assets and the “conversion” to GIRA’s administered by the treasury, for our own good naturally./Sarc


20 posted on 04/22/2012 5:08:33 AM PDT by The Working Man
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To: rawhide
Does not matter what obamma wants! He is not going to get this as long as the Republicans control the House. No Executive Order will help him here!

Does not matter what the law says! Obama is not going to be constrained by such meaningless notions. No "Constitution" will stop him here!

21 posted on 04/22/2012 5:09:47 AM PDT by Lazamataz (Shut up and drill.)
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To: tired&retired

She has thyroid cancer.


22 posted on 04/22/2012 5:10:15 AM PDT by jimbo123
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To: AlmaKing

It would also tank the equities markets. People would bail out in droves.

The man is insane.


23 posted on 04/22/2012 5:10:32 AM PDT by Lonesome in Massachussets (Queeg Olbermann: Ahh, but the strawberries that's... that's where I had them.)
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To: jimbo123

Lenin would be so happy.


24 posted on 04/22/2012 5:10:47 AM PDT by DMG2FUN
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To: riverrunner

That’s what the Roth Ira does. I’m getting closer to retirement (probably early) but a few years away from that magic 59 1/2. I use my Roth for my some of my more speculative stock trades. If I have a big winner there, there will be no capital gains tax. I call it my ‘can’t touch this’ account. At least it is for now. And I watch any proposed legislation like a hawk on IRAs.


25 posted on 04/22/2012 5:11:57 AM PDT by SueRae (Tale of 2 Towers - First, Isengaard (GOP-e), then, the Tower of Sauron on 11.06.2012)
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To: rawhide; jimbo123

It has already started. The Department of Labor is extending their powers under ERISA laws in ways that were never intended. Congress could stop them but since the Dems still control the house nothing is happening.


26 posted on 04/22/2012 5:14:51 AM PDT by jdsteel (Give me freedom, not more government.)
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To: jimbo123

Arrgghhh! My eyes!

Too early for such a horrible sight.


27 posted on 04/22/2012 5:17:32 AM PDT by Adder (Da bro has GOT to go!)
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To: jimbo123
Cristina Kirchner got cancer. Unfortunately, she survived it. What a miserable communist piece of shit she is. How dare she. And this comment: "Argentine President Cristina Kirchner moved Tuesday to nationalize 30 billion dollars in private pension funds, saying it was necessary to protect retirees in the global financial crisis."

....reminds me of the old Vietnam War chestnut: "We had to destroy the village, to save it."

28 posted on 04/22/2012 5:17:45 AM PDT by Lazamataz (Shut up and drill.)
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To: tired&retired

Energy-rich Argentina has gone from being a major exporter of natural gas and oil to a major buyer of expensive energy imports that erode its trade surplus, which has helped sustain Argentina’s high economic growth over the past nine years.


This is a head’s up for Americans.

We don’t get our oil dependence problems solved by pumping our own oil without self serving conditions on the leases. That oil is sold on global market and there is no loyalty to Americans by oil companies. They are in business to make as big of a profit as they can, not help provide us with a reliable National source of oil supply.

They will sell the oil pumped here to whoever pays the most (China, India, Europe, Russia, etc.). We will still be trying to get oil from foreign sources. Argentina gets no advantage for the land rape and pollution pain in the watooey of the oil industry in their Nation.


29 posted on 04/22/2012 5:19:00 AM PDT by SaraJohnson
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To: jimbo123
She has thyroid cancer.

Hear my prayer, oh Heavenly Father: May she die from it, Lord, in untold agony. May her days of suffering be long, and painful, and may she linger in the throes of agony for years, and years. Torment her, Lord, and take from her any peace and love and joy, as she has taken from her Argentinian countrymen.

30 posted on 04/22/2012 5:20:10 AM PDT by Lazamataz (Shut up and drill.)
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To: jimbo123

Might be what it takes to get little old ladies armed and in the streets. Taxing retirement funds at a higher than agreed upon rate can destroty the lifestyles of those who planned for them with these monies.


31 posted on 04/22/2012 5:22:10 AM PDT by trebb ("If a man will not work, he should not eat" From 2 Thes 3)
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To: jimbo123

"A government big enough to give you everything you want is a government big enough to take from you everything you have,"

Gerald R. Ford... August 12, 1974.[1]

32 posted on 04/22/2012 5:23:47 AM PDT by Roccus
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To: tired&retired

-—Read the article below. O’Bummer is following her plan!——

Let’s nationalize industry! Ok,, it hasn’t worked the last thousand times it’s been tried, but maybe this time.

Just, damn!


33 posted on 04/22/2012 5:24:10 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: jimbo123

Personally, I’d like to see them remove the mortgage tax reduction. But there is no way they can do it, for the same reason there is no way they can increase interest rates:

It would devastate a housing market that is STILL weakening.

They are stuck. Ultimately, the only way out of this mess will be to monetize the debt (i.e. enter hyperinflation).. that will cause WWIII, but no “austerity” or other measure will be politically doable.


34 posted on 04/22/2012 5:27:22 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: SueRae

The Roth Ira does that until the goverment changes the law and decides to grab some of it.


35 posted on 04/22/2012 5:27:25 AM PDT by riverrunner
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To: jimbo123

Just the thought of this could tank the Stock Market as retirement investing stops and there is a massive sell-off as 401k are cashed in now to better take the tax hit now then later when it could be worse.


36 posted on 04/22/2012 5:29:07 AM PDT by AU72
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To: jimbo123

All those with brains had been speculating for quite some time as to exactly when this would happen, not if.


37 posted on 04/22/2012 5:30:18 AM PDT by John W (Viva Cristo Rey!)
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To: St_Thomas_Aquinas

I moved to a nice farm in Kentucky with a new house. If my entire house payment was interest (it’s not anywhere close to it) I would still take the standard deduction. The deduction for interest on home loans is only a selling point in blue counties where home prices went through the roof. And now that house prices are STILL tumbling in those areas and interest rates are flopping around on the floor, more and more people find themselves in the same position.

IOW, the interest deduction is looking more and more like a handout to the rich an upper middle class. I say that because compared to most people around me, I’m “rich”, yet my house payment, with interest, would have to triple or even quadruple to allow me to get more of a deduction than the standard deduction.


38 posted on 04/22/2012 5:31:04 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: SaraJohnson

-—They will sell the oil pumped here to whoever pays the most (China, India, Europe, Russia, etc.).-——

Of course.

-—We will still be trying to get oil from foreign sources.-—

Depends what the price is.

-—Argentina gets no advantage for the land rape and pollution pain in the watooey of the oil industry in their Nation.-—

No advantage? Energy independence is vital for any nation’s security. Additionally, oil exports produce foreign revenue.

Is pollution from oil a problem in the US? Why would it have to be in Argentina?


39 posted on 04/22/2012 5:32:08 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
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To: jimbo123

Earlier I heard “Don’t count on Social Security being there for you”. Now they want my 401K. All to feed a bunch of useless mouths who have never produced anything of value. F-— THEM ALL!


40 posted on 04/22/2012 5:32:48 AM PDT by PapaBear3625 (In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell)
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To: ichabod1

The dirty secret is that when people don’t spend their money, it shrinks the money supply and the economy. While money is in a mattress, or in silver and gold in a safety deposit box or buried in your yard, it is as if it doesn’t exist.

If Americans become savers, the economy will collapse further, forcing monetizationn to prevent a depression the likes of which the world has never seen.

But that action will result in hyperinflation the likes of which the world has never seen. Either way, my tag line spells it out succinctly.


41 posted on 04/22/2012 5:34:10 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: jimbo123; St_Thomas_Aquinas; MinuteGal; ripley; riverrunner; rawhide; ichabod1; silverleaf; ...

Note the FUNDING for this bill includes

• change the treatment of individual retirement account distributions after death, resulting in $4.648 billion from FY 2014 - FY 2022.

The Georgetown Climate Center provides an excellent 18-page section-by-section summary.
Page 16
http://www.georgetownclimate.org/sites/default/files/GCC%20MAP21%20Summary%5B1%5D.pdf

Title III-–Revenue Provisions
This title provides the $10.5 billion needed to fill the gap between the $109 billion total authorization and $97.5 billion available from the HTF. The bill would”
• authorize $3 billion to be transferred from the leaking underground storage tank trust fund (LUST) to the HTF immediately, as well as $683 million of future LUST fund revenues (over 10 years);
• provide for a transfer of $698 million (over 10 years) from the gas guzzler tax from the general fund to the HTF;
• increase penalties for tax delinquency by authorizing the revocation or denial of passports in case of certain unpaid taxes or tax delinquencies, resulting in approximately $743 million (over 10 years);
• prohibit the claiming of cellulosic biofuels credit for certain unprocessed fuels, resulting in approximately $1.6 billion (over 10 years);
• allow the Treasury to levy up to 100 percent of the payment to a Medicare provider to collect unpaid taxes, resulting in approximately $841 million (over 10 years);
• allow the transfer of future import tariffs on automotive products, resulting in $4.52 billion from FY2012-2016;
• change the tax treatment of securities of a controlled corporation that are exchanged for assets as part of certain types of corporate reorganizations, resulting in $244 million (over 10 years);
• enable the internal revenue service to levy a federal employee’s thrift savings account to satisfy tax liabilities, resulting in approximately $25 million (over 10 years); and
• change the treatment of individual retirement account distributions after death, resulting in $4.648 billion from FY 2014 - FY 2022.

MAP-21 Moving Ahead for Progress in the 21st Century Act
http://epw.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=20f89548-8b2e-4498-89f7-c9f4ff22484f

is headed to the House after clearing the Senate last month

This bill has everything they need to confine us to the cities. This bill and the recent EO about infrastructure http://en.wikisource.org/wiki/Executive_Order_13604
and the previous one dated March 15 about cities
http://theintelhub.com/2012/03/21/obama-executive-order-the-takeover-of-municipalities-drowning-in-debt/

Agenda 21


42 posted on 04/22/2012 5:40:23 AM PDT by Whenifhow
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To: jimbo123
Get up every morning and go to work?
We'll take your money and give it to those that don't.

Buy less house than you can afford and choose not to use it as an ATM for toys and vacations you can't afford?
We'll take your money and pay off other people's mortgages.

Saved for your retirement instead of spending every dime you ever made?
We'll tax your savings and if you still have any left, we'll 'means test' Social Security and give you less than someone who made the same amount as you, but was irresponsible.

43 posted on 04/22/2012 5:48:02 AM PDT by tnlibertarian (I <3 PEJSWDTDSOPC)
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To: Whenifhow; cuban leaf

• change the treatment of individual retirement account distributions after death, resulting in $4.648 billion from FY 2014 - FY 2022.


So.... when do you think they will drop the mask and charade and just say that everything belongs to the federal government?


44 posted on 04/22/2012 5:48:09 AM PDT by The Working Man
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To: St_Thomas_Aquinas

There are a lot of things he wants do in his second term, when he no longer has to worry about re-election


45 posted on 04/22/2012 5:51:11 AM PDT by Little Ray (FOR the best Conservative in the Primary; AGAINST Obama in the General.)
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To: St_Thomas_Aquinas

Brilliant! Transfer more money from the productive to the non-productive sector!


Unfortunately, its nothing new. We’ve been doing this big time since LBJ. Why? Because all the clients the Welfare state has created would riot otherwise.

These policies are a time bomb that will eventually explode and destroy the country. Rather than defusing the bomb, however, our spineless leaders are just trying to delay the explosion. But by doing so, they are making the inevitable carnage bigger, and BIGGER AND BIGGER.


46 posted on 04/22/2012 5:53:23 AM PDT by rbg81
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To: jimbo123

We must fundamentally change America...BACK TO THE LAND OF THE FREE AND HOME OF THE BRAVE!


47 posted on 04/22/2012 5:58:11 AM PDT by Shady (The undeniable truth of the Obama Administration...The numbers do not lie.)
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To: Lazamataz
You missed the point. Obama can do what he wants and no one needs to pay any attention to him.

He lost the mandate of heaven quite some time ago. Now is the time for usurpers to do what they will.

48 posted on 04/22/2012 5:58:22 AM PDT by muawiyah
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To: The Working Man

If you look at the Federal Reserve Act, I think everything now belongs to the government. Can anyone out there tell me it isn’t so?


49 posted on 04/22/2012 6:00:44 AM PDT by Citizen Tom Paine (An old sailor sends)
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To: cuban leaf

You’re right. Your tag line is perfect


50 posted on 04/22/2012 6:01:49 AM PDT by LMAO ("Begging hands and Bleeding hearts will only cry out for more"...Anthem from Rush)
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