Obama's gonna take your 401(k)

[Monterrey]

I hate to sound like the bogeyman, but.... folks, if you have a IRA, Obama is gonna take it.

There is almost $12 trillion in debt, yet there is $14 trillion in private assets setting in American IRA's. You would be a fool to think that Obama is going to let it set there when the dollar is going to Hades in the proverbial handbasket, America's credit rating is going to be downgraded soon, and the economy is NOT going to pick up.

They will try to change it to something, possibly called a national IRA, but the bottom line will be, you no longer control your own money.

Argentina already did this very thing in 2008. They had the very same ingredients in their economy as you currently have in the American. They saw Billions sitting in personal retirement accounts and took it.

Last weekend, North Korea just devalued the WON and people lost the equivelant of millions of dollars in value.

America is going to follow suit with the UK not far behind.

I am sure that many will feel that this could be a buildup to a "Mark of the beast", I don't buy that but i do believe that America is not through with her "Tribulations".


What you think?

[Monterrey]

http://www.walletpop.com/blog/2008/1...operty-rights/

Then there is this one.

[Monterrey]

Listen to this.

In October 2008 – with the Dow Jones Industrial Average down 45.6% from its high a year earlier, and still plummeting – a congressional committee was convened. The House Education and Labor Committee met to hold hearings on “The Impact of the Financial Crisis on Workers' Retirement Security.”

Dr. Teresa Ghilarducci – Professor of Economic Policy Analysis at The New School for Social Research testified before the committee.

She explicitly urged congress to let workers "trade" their current 401k accounts for interest in a "Guaranteed Retirement Account." Those without a current retirement plan would also opt in to the GRA. Every worker not in a defined benefits plan would be required to “save” 5% of their monthly income. (The same way you "contribute" to fund Social Security.)

Then, when the worker retires, the GRA would pay an “...annuity, based on accumulated funds.”

Translation: they'll let you hand over everything you've saved for retirement so far. Take one more dollar out of every twenty you earn. And spoon feed it back to you each month after you retire.

Take note: She makes no mention of you ever being able to get all your money back.

The committee reconvened later that month on October 22 in San Francisco. Professor Jakob Hacker testified saying reforms should be, “...bold swift and guided by a commitment to a shared fate.”

He offered an idea similar to Dr. Ghilarducci, called the “Universal 401(k).” Again, harmless sounding, but no less radical. You're still handing your savings over to the government.

A couple other key points also became clear...

The government would hold all your “contributions” over the course of your working lifetime. To “dissuade” you from touching your “savings,” they'd hit you with stiff penalties to withdraw any of it before you retire.

He recommended your money be put in an index fund that converts to an annuity when you retire. That way it would “guarantee” you retirement income. But that also means you couldn't get all your money after you retire even if you wanted to. Unless, that is, you pass a government mandated means test. Proving you're sophisticated enough to handle your own finances.

Committee chairman – Rep. George Miller – concluded, “I expect that we will be back here repeatedly until we can ensure greater security for the retirement of hard-working Americans.”





Interesting

[Jermyn Davidson]

Dude, this thread breeds fear and ignorance.

The President is not going to issue a Proclamation siezing the private assets of Americans.

One has to get something like that through Congress, and then it has to stand the test of the court system.

I tell you man, anything the starter of this thread can think of to breed fear and ignorance-- that is what he/she will post.

[Monterrey]

Jermyn

You have bought into the National Socialist agenda of Herr Obama hook line an sinker. That is obvious from some of your earlier posts. The POTUS is not a good man regardless of what you are saying to the contrary!

What are you going to do when he crashes the dollar and inflation shoots up, nationaldebt is out of control, and unemployment is not going down?

Who in their right mind is going to loan the US money? I tell you, YOU ARE! Right from your little old 401(k).

Hugo Obama is following in the footsteps of every other socialistic leader in doing what he is doing. Nationalization of private industry, and soon, nationalization of your 401(k).

You say that I am breeding fear, you are breeding apathy! Wake up Jermyn, look at the facts! You think I am making this stuff up? This is really happening, right before your eyes!

[Jermyn Davidson]

Nope, not drinking their kool-aid or your booze.

[Monterrey]

Originally Posted by Jermyn Davidson

Nope, not drinking their kool-aid or your booze.

I don't wish for you to drink Blue Koolaid or Booze, Jermyn! Yet you have the bad habit of just not wanting to hear anything negative about the POTUS. I have given sources and, yes, my opinion of what I feel is going to happen!

Fear?

The Bible says:

Pro 22:3 A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.

You hope that what I say is wrong, but, this situation is not getting better!

How, in the name of all things precious, is the POTUS going to pay off this 12 Trillion, that is 12,000,000,000,000 debt? Please explain it for me?

They are already discussing the appropriation of your funds sir!

[Monterrey]

Jermyn

check this out!

http://online.worldmag.com/tag/guara...ment-accounts/

[TJJJ]

Bump!


I see that they are trying to bring this back to the fore front in Congress.

http://moneymorning.com/2010/01/27/retirement-plans/

Here is another tag.

http://community2.myfoxdfw.com/_OBAM...156/78592.html

WOW - This really might be!

[Monterrey]

Originally Posted by John Atkinson

whoa... you mean there is smetng left to takw?

The next thing that they will examine will be your personal assets.

All good Nationalist Socialists will examine that!