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This is one thing I'm not going to lose any sleep over because it certainly won't happen in our life time.
Imagine the impact this would have on the stock market - all that money invested in stocks/hedge funds/REITS, etc being liquidated. Who is leftbuy? What % of money invested in the market is retirement money? A big number. How about all those people who are already retired and have annuities in IRAs?
Imagine the reaction of insurance companies/banks/investment companies that currently sell/manage investments for people.
Imagine the political price the Dems and Obama would pay for this - why it makes us like Argentina. There is NO WAY Obama is going to support this and no way Congress will either.
It's an interesting intellectual debate that will go away once the markets start to recover and people's IRAs/401ks start to recover. Besides, if this is what the Dems focus on in two years they will lose control of the house big time.
I agree;wouldn't happen in our life time.Do thsi and themarkets will never recover because most peole can't survive on SS and a retirement that pays 3% plus COL which is what is proposed. I teh end it coukd endup in as bad a shape as social security.
This is one thing I'm not going to lose any sleep over because it certainly won't happen in our life time.
Imagine the impact this would have on the stock market - all that money invested in stocks/hedge funds/REITS, etc being liquidated. Who is leftbuy? What % of money invested in the market is retirement money? A big number. How about all those people who are already retired and have annuities in IRAs?
Imagine the reaction of insurance companies/banks/investment companies that currently sell/manage investments for people.
Imagine the political price the Dems and Obama would pay for this - why it makes us like Argentina. There is NO WAY Obama is going to support this and no way Congress will either.
It's an interesting intellectual debate that will go away once the markets start to recover and people's IRAs/401ks start to recover. Besides, if this is what the Dems focus on in two years they will lose control of the house big time.
There. I feel better now.
Jeff
It's my understanding the plan is not to liquidate them but to take them over and issue you something like a certificate that pays you a fixed amount per month at retirement since obviously no one is smart enough to plan for their own. The idea is the government needs more $$$ now and probably can't borrow it so they'll just "borrow" ours.
So virginia, yes it can happen in our lifetime and in fact within a short period of time.
It's my understanding the plan is not to liquidate them but to take them over and issue you something like a certificate that pays you a fixed amount per month at retirement since obviously no one is smart enough to plan for their own. The idea is the government needs more $$$ now and probably can't borrow it so they'll just "borrow" ours.
So virginia, yes it can happen in our lifetime and in fact within a short period of time.
My money is on it happening by the end of 09. This may be how Obama and his posse are going to lower taxes for everyone. Hand you six pesos with one hand and take 15 dollars out of your pocket with the other...
It would justify how he can cut taxes and increase Gov revenue at the same time ! Win win situation for the Gov... There is just too much spending that is going to happen over the next few years and this money HAS to come from somewhere. After the Gov gets done bailing out the world, the American people are going to bailout the Gov without a say in the matter. That is how I see it going down.
My money is on it happening by the end of 09. This may be how Obama and his posse are going to lower taxes for everyone. Hand you six pesos with one hand and take 15 dollars out of your pocket with the other...
It would justify how he can cut taxes and increase Gov revenue at the same time ! Win win situation for the Gov... There is just too much spending that is going to happen over the next few years and this money HAS to come from somewhere. After the Gov gets done bailing out the world, the American people are going to bailout the Gov without a say in the matter. That is how I see it going down.
That's pretty much how I've heard it explained. Thank goodness I cashed in my 401k when I went on disability retirement. Now they can pay me I guess!
I think it will happen, too. I don't think it'll happen right away, though, because he will have so much to do, handing out stimulus checks, increasing welfare and food stamps and keeping people in homes they couldn't afford without principal forgiveness and loan reduction (2.9%, while their neighbors are paying 6.5%) . Not to mention, raising taxes on the "wealthy" and doing away with tax breaks that help businesses and investors, in addition to ending the Iraq war. That's a pretty big list, and he's going to be having to deal with the stock market making new lows... and newer lows... and newer lows... in response. The Dow going below 7500 is going to require some 'splainin and businesses laying off more people is going to be tricky to navigate, too. But sooner or later, he's going to realize that infinite entitlement spending is going to dig us in a hole that goes all the way to China (and they're tired of it), so then he'll focus on retirement accounts.
The wild card is: I don't see how the sheeple can stand by and let this happen. I think this will be the point of revolt, when Americans pull together and say not only "no," but "hell, no!" Hopefully, it will happen after people have already become disillusioned by the broken promises and worsening economy, so a revolt will have some teeth.
The wild card is: I don't see how the sheeple can stand by and let this happen. I think this will be the point of revolt, when Americans pull together and say not only "no," but "hell, no!" Hopefully, it will happen after people have already become disillusioned by the broken promises and worsening economy, so a revolt will have some teeth.
Don't forget, the sheeple have ASKED for this !!! And going against their new Savior and his posse would make them all look bad ?! I bet in a year or two you won't be able to find anyone to admit they actually voted for any of the Dems in office now and for the last couple years !
Don't forget, the sheeple have ASKED for this !!! And going against their new Savior and his posse would make them all look bad ?! I bet in a year or two you won't be able to find anyone to admit they actually voted for any of the Dems in office now and for the last couple years !
I guess you are right and I just saw the headlines...angry woman wants to be called "first mom"....so what should we call her hubby.....
Soon she is telling us how our kids should call their teachers and it probable will be the same as in Europe. Just by their first name and oops, respect is going out the window it is "hey you" instead of "Mr...", but that is what comes with socialism....
im literlerly sick to my stomache reading that and if it happens im leaving the country
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