No. of Recommendations: 28
Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.

Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments."

Days later On January 24th President Obama renominated Cordray as CFPB director even though his recess appointment was not due to expire until the end of 2013.

heresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, presented a paper proposing that the feds eliminate the tax deferral for private retirement accounts, confiscate the balance of those accounts, give each worker a $600 annual "contribution," assess a mandatory savings tax on every worker and guarantee a 3 percent rate of return on the newly titled "Guaranteed Retirement Accounts," or GRAs.

[I]n mid-September 2010 the Departments of Labor and Treasury held hearings on the next step toward achieving Ghilarducci's goals. The stated purpose was to require all private plans to offer retirees an option to elect an annuity. The "behind-the-scenes" purpose for this step was to get people used to the idea that the retirement assets they had accumulated would no longer be part of their estate when they died.

http://investorvillage.com/smbd.asp?mb=4288&mn=109913&am...



The Dodd Frank Bill gives Obama all the power he needs to go after your retirement savings. Take it. GIve you a 3% return on your money. And keep the rest when you die. Simple. You didn't earn it, someone else did. YOu didn't scrimp and save. Someone else did. YOu don't deserve to be 'rich' while poor people don't have any money.



t.
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No. of Recommendations: 8
While I think it unlikely that Obama and the Dems would do this, I don't doubt for a second that there are many liberal/progressive types who would like to. Another good reason to put more of your savings in taxable accounts, although there is little to stop a government when the majority of people support a totalitarian government. Just remember that Hitler was elected by a majority of Germans before he declared himself to be god.
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I wonder where this falls on the MathIsNear liberal spectrum?

You're a wingnut, no ones coming for your 401K
Hmmm, maybe it's not a bad idea!
It just might work, Wall Street Greed!!!!!!
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I wonder where this falls on the MathIsNear liberal spectrum?

I don't know, but I sure am bummed about my Wings. The loss of Lidstrom took away out coach on the ice, as well as a steady puck handler when in our defensive zone.

Right now we turn the puck over far too often in our end and Howard is only an average to above average goaltending. Believe it or not, I miss Chris Osgood.

I seldom use injures as an excuse because all teams get them and injures simply expose another aspect of your team - the ability to provide ready replacements. Many of our young guys are making solid contributions, but far too often they are out of position, turning over the puck, and appearing tentative.

If I were Babcock I'd declare the season over and see what young guys grow into bonafide NHL'ers and which ones are maxxed out at Grand Rapids (our top farm team).

We're not getting blown out, but it is clear that we aren't ready for prime time just yet either.
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Hell will freeze over before our 401k's are confiscated. Or all liberals will die first.
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The Cordray thing I think is unrelated. The courts ruled that Obama's recess appointments violated the Constitution, so technically there IS NO CFPB chair right now.
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I seldom use injures as an excuse because all teams get them and injures simply expose another aspect of your team - the ability to provide ready replacements. Many of our young guys are making solid contributions, but far too often they are out of position, turning over the puck, and appearing tentative.
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Don't feel too bad, the Blues just lost Tarasenko to injury.
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the Blues just lost Tarasenko to injury

I just saw the injury on video. He certainly got his clock cleaned, didn't he?
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The Dodd Frank Bill gives Obama all the power he needs to go after your retirement savings. Take it. GIve you a 3% return on your money. And keep the rest when you die. Simple.

There will be a proliferation of banks in the Cayman Islands.
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the Blues just lost Tarasenko to injury

I just saw the injury on video. He certainly got his clock cleaned, didn't he?
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I only read about it, but after your post i went and looked. Yeah, he got rocked, looked like his eyes were rolling and he was dazed.
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No. of Recommendations: 6
telegraph:

Oh my god -- come on! Your paranoia and your hatred of anything about Obama have taken possession of your common sense!

No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!

Except, maybe, the funds people too often totally and blindly entrust their money to -- and those are nongovernment funds!

Again, c'mon...

Vermonter
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No. of Recommendations: 2
No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!

So you deny that certain experts on the left have suggested this to the 0bama administration? You really believe they are not considering it?

As one of your kindred spirits wrote here and which I edited it to make it a truthful statement:

"It's amazing how eager you are to be the sucker for 0bama."
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No. of Recommendations: 9
Oh my god -- come on! Your paranoia and your hatred of anything about Obama have taken possession of your common sense! No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money! Except, maybe, the funds people too often totally and blindly entrust their money to -- and those are nongovernment funds!

The naiveté with which some people stroll through life would be shocking if it weren't so sad.
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No. of Recommendations: 13
Your paranoia and your hatred of anything about Obama have taken possession of your common sense!

No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!
--------------------

It's been done before:

>> Hungary nationalises private pension funds,” exclaims Czech daily Hospodárské noviny. On 13 December, the Hungarian parliament approved a law to enable the government to take control of mandatory private pension funds, which will now be reintegrated in the country’s public pension system.
.....
The state is planning to use the recovered money as “a stopgap” to reduce public debt (which stands at approximately 80% of GDP) and the country’s spending deficit, in line with promises made to the EU and the IMF. The measure, which will come into force at the end of January, could result in lower pension payments. <<
http://www.presseurop.eu/en/content/news-brief/428811-privat...

arrete
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No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!
__________________________

In honesty, the above statement is absolutely true. They will NEVER take away the 401K money.

They will control in and make it into annuities and reduce Social Security by some percent based on your holding in these accounts, demand it be invested in Treasury Securites for Your own good

and a legion more of steps that take it from YOUR control and put it in theirs as well as hit the survivor pass along

But they will never take your 401k

I think we have a lot of idiots that think that their long term savings are safe. These same idiots thought Koyoto was going to do someone in the US some good, they though their overage was safer under ObamaCare, they think that the sequester is actually going to mean government spending is not going to increase even when it is implemented.

These folks are idiots. But sometimes they are right. Your 401k will not ever be taken from you, though it will certainly feel as if it is

Unless of course, we get rid of Obama and anyone stupid enough to have followed his course. These lowlifes and the idiots that vote for them are dangerous.
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Here's additional insight into this issue.

http://www.factcheck.org/2012/12/no-government-401k-takeover...

In the meantime...

European nations begin seizing private pensions

http://www.csmonitor.com/Business/The-Adam-Smith-Institute-B...
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Your paranoia and your hatred of anything about Obama have taken possession of your common sense!

No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!
--------------------

Just another little BTW

These people do not like the America they used to know. They want it to be like it always was to an extent only with a lot more sharing and everyone singing Kumbaya.

The America they are creating is not one they will like. The parts that they like are part of a package. Once you decide that you have to equal out the results instead of the opportunity -- all the rules change.

I am sorry they are simply too stupid to see that. Both for them and for me. Perhaps as the Jedi's and Dope's feel they deserve it. I do not think anyone deserves that, I hope we remain free enough and slap these fools down before they get punished.
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I do not think anyone deserves that, I hope we remain free enough and slap these fools down before they get punished.

I hate to be cynical, I really do, but I think the downward trajectory of America is too accelerated to control. The people are too smart too late. The 51% [popular vote] who voted for Owebama are stoopid--a sorry state of affairs that has doomed many a republic.

All anyone can do is make a life for him/herself that's as pleasant as possible for as long as possible. Since life is the struggle for perspective, we must just pause more often to count our blessings--the intangible ones being the most important--and carry on.
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No. of Recommendations: 6
Vermonter:""No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money! "

a) First....they eliminate the tax deduction for IRA and 401K contribution.

b) Then they make the company contribution to it 'taxable income' to you in the year it is received

c) then they put in a tax on the value of your account each year.....well, let's see...under Frank Dodd, since there is 'risk' in the system and there is a 'cost' to oversseeing the financial integrity of markets....it will start at a small 1.5% of your assets each year in an existing 401K/IRA account. It will be paid by the trustee.

So....those trillions will be taxed each year.....



then...they'll phase out 401Ks/IRAs.....you'll have to take all the money out within five years........

or....

you can 'convert' it to a government savings plan where they guarantee a 3% rate of return on your money.

If you don't take all your money out within five years, it will automatically be converted to a Government Supplemental Savings Plan.....


Simple....

they'll either get their tax money over five years..... or...they'll get all of it stashed in the same lock box...and promise to pay you an annual 3% a year 'when' you retire at the official retirement age.


So easy a Marxist could make it happen by executive order. He controls the IRS.



t.
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Your paranoia and your hatred of anything about Obama have taken possession of your common sense!

No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!


http://www.youtube.com/watch?v=bK-Dqj4fHmM
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I hate to be cynical, I really do, but I think the downward trajectory of America is too accelerated to control. The people are too smart too late. The 51% [popular vote] who voted for Owebama are stoopid--a sorry state of affairs that has doomed many a republic.
________________________________

While I fear you may very well be right, I will tell you why I have hope.

I think a whole lot of folks who saw just how bad Obama is (or at least that he was in fact bad to terrible) just did not bother to have a voice at all. They stayed home.

Heck even now, in the face of what Obama is, and what Dems are and do, we have a lot of folks even here who see Obama's outright evil being done, an will stay home, or refuse to support Republicans because they are imperfect.

I hope these people will wake up an change their minds in decent numbers.

I do not think the majority in the US are screw-ups, dead beats or too ill informed to see Obama is bad news. I think they have been programmed to believe the other choice is anywhere near as bad, and that incremental improvement is somehow not enough. IF they maintain their Ostrich like behavior you are correct and all is in fact lost.
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Your paranoia and your hatred of anything about Obama have taken possession of your common sense!

No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!
))))))))))))))))))))))))))

I think you really have to admit, anyone who thinks they can rightfully scold anyone else, while still supporting someone who just flat out lies their butt off with no remorse or reckoning is absolutely frighteningly silly.
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vermonter:"Vermonter:""No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money! ""


They did it in Argentina too!.....

You really think your money is 'safe'?

Heh heh

They could simply come up with the Emergency Finance Bill of 2014. Your money will be either

a) converted to the government savings plan (annuity)

or

b) you pay the full tax on withdrawal in one year and take your 'own money' and do with it what you want. Of course, with the amount of money, you'll be in the 39.6% marginal tax bracket, plus another 3% ObamaKare tax, plus your state and local taxes - so half of it will disappear.....but....that's only 'fair'.

You didn't earn that money. The government let you earn it.



t.
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To get mine,he'll have to take it over my cold dead body.


.........Oh Shoot! That's what the death-panels'll do.
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No way can, or would, ANYONE, of either party, try to take away your 401k or IRA money!

And I'm sure that in 1930 people were saying the same thing about making it illegal to personally hold gold. Really, how crazy could it be to do away with what was the default currency since forever? Well, this crazy...

http://en.wikipedia.org/wiki/Executive_Order_6102

...don't put anything past people in power. Especially when they are desperate, a dumba$$, or both.

JLC
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Res
While I think it unlikely that Obama and the Dems would do this, I don't doubt for a second that there are many liberal/progressive types who would like to. Another good reason to put more of your savings in taxable accounts, although there is little to stop a government when the majority of people support a totalitarian government. Just remember that Hitler was elected by a majority of Germans before he declared himself to be god.

I have an office co-worker that agrees with this. Call him MG. MG is a total loser. Has a gambling addiction; is 200k in debt; terrible health because of his other addictions; I could go on what a loser he is.

MG is a liberal extremist. A leftwing authoritarian. Last time I played golf with him (I won't any more because he p!sses me off so much), he argued that people like me who are disciplined, eat right, save for their retirement etc.. were supposed to balance things out for undisciplined blokes like him.

MG is a self admitted commie. "From each according to his ability. To each according to his needs".

The other coworker that was playing with us was silent but by his looks, I could tell he thought MG was a kook.

They are out there and they breed.

Metal
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BenHurJudah
Hell will freeze over before our 401k's are confiscated. Or all liberals will die first.

I agree. I've been doing this too long and am too close to ER to just let the authoritarians confiscate it.

Metal
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MG is a self admitted commie. "From each according to his ability. To each according to his needs".

This excerpt from Ayn Rand's novel, "Atlas Shrugged," ought to convince anyone with half a brain that the above ideology is ignorant and stoopid.

http://www.informationliberation.com/?id=34443
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MG is a self admitted commie. "From each according to his ability. To each according to his needs".

This excerpt from Ayn Rand's novel, "Atlas Shrugged, ought to convince anyone with half a brain that the above ideology is ignorant and stoopid.


It is neither ignorant nor stupid. It can be a very nice, beneficial, empowering strategy...

... for the guys who get the job of deciding what everyone's needs and abilities are.

If you don't believe me, just ask Simon Legree. He was one of those guys. http://en.wikipedia.org/wiki/Uncle_Tom's_Cabin#Simon_Legree
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