Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It's a paranoid right wing pipe dream that will never happen. I've listened to you guys predict that big government will swoop in to take our liberties away all year and none of it happens. Not even close. Once this non-sense falls off the radar, another conspiracy will pop up. Something that's "about to happen" will take it's place.
So what do you call The Homeland Security Act, The Healthcare bill, TARP, or Echelon? I guess none of that is happening.
They have full power to make a conversion retroactive. That's right, retro to before you thought you "cashed out".
There will be some kind of major market collapse. Then the gov will step in and offer to convert all 401(k)s and the like to t-bills to finance gov't operations. There might even be a deal sweetener like they will make you whole again (recover losses) if you just agree to convert. It will be sold to the masses as "safe, secure, and the right thing to do for our country". Most people have so little understanding of their 401(k) they don't even realize that they are just sitting in the money market option and aren't even in stocks. Many don't even bother to select a fund at all.
Anything is possible, depending on the circumstances and how it is sold to the masses.
They have full power to make a conversion retroactive. That's right, retro to before you thought you "cashed out".
I believe you're right. Criminal laws cannot be made retro-active, but civil laws can. I recall a couple of changes in the tax code passed late in the year (November-December because of a dead-lock getting the budget bill passed), and those laws were made retroactive.
Quote:
Originally Posted by k374
Emperor Obama doesn't need your 401k, he can just print any amount of money he wants.
You might want to read the US Constitution and study the Federal Reserve laws at least once in your life.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,839,921 times
Reputation: 6438
Quote:
Originally Posted by wanneroo
This pinhead proposal was also bandied around in late 2008.
I think if they make a move to seize all this and I think the dimocrats will because so many of them are closet communists, you'll collapse the stock market and any private investment in business. Which means no new jobs, no new technology, no new business development, no new products and so on. You'd neuter the US economy driving more companies and talent overseas.
I just can't believe there are so many weakling followers out there that believe in this malarkey. Government programs never make anything better. Social security is a collapsing ponzi scheme, medicare is a unbelievable mess, we've had welfare and food stamps for decades and still the same people sitting on their porch selling drugs.
Could you link some documentation on how many Democrats are closet communists, please. So many is so undefined. It almost sounds like it's something that was founded on belief or something. Did you know, many squirrels are secret spies. I have documentation of this. And, it's on the internet, so it must be true.
This is why you don't become involved in anything that involves the gov't…I just don't trust the gov't, they constantly change rules so its best not to put any faith in them and stay clear.
That’s right. I’ve been paying Federal & State taxes for many, many years on interest income (poor man’s retirement plan). I just hope the Gov’t sees it my way & leaves my money alone since I’ve been paying my taxes promptly & judiciously?
The Gov’t is letting the 401k investor take/defer taxpayers’ money for their own benefit. If the investment doesn’t pan out the Gov’t has legitimate reasons to ‘eye’ the money since some of it is not your money, it’s the US taxpayers!
Yes. It sounded like they want to make it a "choice" not a mandate.
A choice is OK with me..just another item NOT to choose.
I also read they will have more hearings. Did I miss something in that article ?
It would be a choice within a 401K plan or IRA. The annuity would be issued by an insurance company. The government wouldn't get the money. That's the point -- people are howling in fear over a plan that doesn't exist.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
