Results 1 to 3 of 3

Thread: The Government is (Still) Devising Schemes to Steal Your 401k

  1. #1
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,753

    The Government is (Still) Devising Schemes to Steal Your 401k

    Yet every scheme comes with a proclamation that says, “your government is looking to help you secure your retirement and your future.” Even the sheeple are offering resistance to this one.

    I’ve been covering the topic of government-mandated 401Ks since the fall of 2008, and I even noted that I detected the unmistakable whiff of confiscation in the air. Writers and bloggers all ’round the ‘Net denied that point. To revisit this issue, let’s take a look at a post from last month by Karl Denninger at Market Ticker titled, “401k/IRA Screw Job Coming?” Karl notes a bit that appeared on CNBC where Rick Santelli was discussing the potential to “effectively force money into the Treasury market.” He links to this quote from Businessweek:

    The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

    Karl comments further:

    Let me tell you what this is – it is an attempt to prevent the collapse of the Treasury market!

    Forcing people into Treasuries as an “annuity” is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!

    Guess what? They’ll do that here too – you’re going to “invest” in Treasuries which of course are effectively a CALL option on the future taxing ability of the government.

    He also notes that the conversation on CNBC was omitted from its archives. Since then, the link has also disappeared from Businessweek. The link has also disappeared from MSN Money. Use your best judgment as to why they disappeared. However, in an article from the Buffalo News titled, “U.S. Wants Workers to Invest in Annuities,” there is some interesting information to be found. This article hasn’t been pulled – yet.

    Keep in mind that any confiscation or forced (“mandatory”) plan will benefit the banking hucksters on Wall Street. As mentioned in the Buffalo News article, companies like AIG, Prudential, and ING Groep NV stand to inherit a windfall of profits upon any move to “invest” in annuities. Always, always follow the money. From the article:

    Government success in getting workers to move retirement assets into annuities may prove profitable for insurers that sell annuities, Anne Mathias, policy research director for Washington Research Group, a policy analysis unit of Concept Capital, said in an interview.

    Now that’s putting things lightly. This effort to prop up the collapsing Treasuries market with your money is being spearheaded by Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry. Iwry is Timmy Geithner’s flunky. Says Iwry: “There’s been a fair amount of discussion in the literature taking the view that perhaps there ought to be more lifetime income. The question is how to encourage it, and whether the government can and should be helpful in that regard.”

    Per the usual, the government’s personal snipers devise schemes, behind the scenes, to get your money to pay for their massive welfare programs, corporatist rackets, and special interest pay-offs. Also per the usual, the corrupt and demonic AARP is working hard to push this along with their usurping Democratic friends in Washington D.C.

  2. #2
    Staff
    Join Date
    Aug 2006
    Location
    Houston, TX
    Posts
    3,126
    That's a joke. After about a couple of years, no one will have any 401k's left.

    Unemployment doesn't pay the bills. Retirement is a joke.

  3. #3
    Vulture of The Western World Eric's Avatar
    Join Date
    Jul 2006
    Location
    The Land of The Edentulites
    Posts
    22,753
    Quote Originally Posted by swamprat View Post
    That's a joke. After about a couple of years, no one will have any 401k's left.

    Unemployment doesn't pay the bills. Retirement is a joke.
    It's shitty to have to contemplate it, but I think it's not at all unreasonable to consider liquidating one's 401k/IRA before the government shitheads confiscate them. People who don't see that extreme measures are on the horizon are naive, in my opinion.

    Better to act pre-emptively. Even if you get hit with 40 percent "penalties" for early withdrawal, you'll still have something as opposed to nothing.

    I can't even think about Social Security. When I do - and consider that if I had the money the bastards made me "contribute" over the past 20-plus years, I'd have no money troubles at all - I put myself in strokeout danger.

Similar Threads

  1. Government Thieves Steal Basketball Poles
    By dieseleverything in forum What happened to our liberty?
    Replies: 3
    Last Post: 04-02-2011, 09:56 AM
  2. Listen to this C***T who want to confiscate your 401k
    By Eric in forum Tea Party Talk...
    Replies: 3
    Last Post: 11-01-2010, 10:06 AM
  3. Government Thugs Steal Private Arms Collection
    By Eric in forum Guns, Second Amendment
    Replies: 0
    Last Post: 02-11-2010, 07:21 AM
  4. Will the government loot your 401k?
    By Eric in forum What happened to our liberty?
    Replies: 1
    Last Post: 11-25-2009, 01:06 PM
  5. A Steal!
    By swamprat in forum Classic Car Corner
    Replies: 6
    Last Post: 06-24-2009, 11:33 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •