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Old 05-12-2010, 05:02 PM
 
Location: Great State of Texas
86,052 posts, read 80,683,763 times
Reputation: 27699

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Just FYI...this is not the first time Congress has eyed the trillions of dollars just sitting in 401K accounts.

In return they will "invest" it for you and give you back an allowance of 3% via an annuity. 3% to live on....of YOUR money.

It's not enough they've bankrupted SS, they are now going (or talking of) after 401K money.

Federal Mutual Fund - IBD - Investors.com
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Old 05-12-2010, 05:19 PM
 
Location: Texas
2,847 posts, read 2,295,100 times
Reputation: 1762
Quote:
Originally Posted by HappyTexan View Post
Just FYI...this is not the first time Congress has eyed the trillions of dollars just sitting in 401K accounts.

In return they will "invest" it for you and give you back an allowance of 3% via an annuity. 3% to live on....of YOUR money.

It's not enough they've bankrupted SS, they are now going (or talking of) after 401K money.

Federal Mutual Fund - IBD - Investors.com

don't think it will happen, too many have good representation from Smith and Wesson.
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Old 05-12-2010, 05:51 PM
 
9,845 posts, read 21,543,020 times
Reputation: 7729
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.
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Old 05-12-2010, 06:19 PM
 
Location: Maine
3,303 posts, read 2,418,639 times
Reputation: 6173
Quote:
Originally Posted by HappyTexan View Post
Just FYI...this is not the first time Congress has eyed the trillions of dollars just sitting in 401K accounts.

In return they will "invest" it for you and give you back an allowance of 3% via an annuity. 3% to live on....of YOUR money.

It's not enough they've bankrupted SS, they are now going (or talking of) after 401K money.

Federal Mutual Fund - IBD - Investors.com
Isn't all that 401k money already invested, how can they invest it again? The money is not just sitting in a bag in a vault, it was used to buy stocks and bonds and other crap.
What I don't trust is the Roth IRA's all you suckers that think your going to get that money tax free down the road are living in a dream land.



bill
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Old 05-13-2010, 06:40 AM
 
Location: Nebraska
188 posts, read 255,209 times
Reputation: 286
Quote:
Originally Posted by HappyTexan View Post
Just FYI...this is not the first time Congress has eyed the trillions of dollars just sitting in 401K accounts.

In return they will "invest" it for you and give you back an allowance of 3% via an annuity. 3% to live on....of YOUR money.

It's not enough they've bankrupted SS, they are now going (or talking of) after 401K money.

Federal Mutual Fund - IBD - Investors.com
This is why you don't become involved in anything that involves the gov't. This is the exact reason I refuse to open a 401K, you are limited as to the type of investments and the gov't "promises" you don't pay taxes until you take it out, or initially when you put money in. 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.
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Old 05-13-2010, 08:46 AM
 
20,185 posts, read 22,700,262 times
Reputation: 9269
The government steals... so what's new? I will empty my 401k and pay the penalty before that ever happens... there was a lady who wanted that to happen when Obama became president... was it Sheila Blair? Can't remember... she basically said the government could steal that money so that it could continue their spending on social services... if she likes it so much the government should confiscate all her money and assets and give her a monthly paycheck of $2000 and forced labor and see how she likes her own plan... what an idiot... Just looked it up.. it was Teresa Ghilarducci...
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Old 05-13-2010, 08:50 AM
 
12,034 posts, read 10,427,129 times
Reputation: 11102
The worst time for annuities is when interest rates are very low. This is another case where private industry is using the government to promote its products, not always in the best interest of the public.
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Old 05-13-2010, 09:51 AM
 
Location: Ohio
23,424 posts, read 17,368,858 times
Reputation: 20234
Quote:
Originally Posted by aliveandwellinSA View Post
don't think it will happen, too many have good representation from Smith and Wesson.
You might want to re-think that.

This is part of a concerted effort. The attack on tobacco was instigated to force city, county, state, union and company pension plans and private investors to shift those investments from tobacco into other sectors of the economy.

Why do you think the government passed a law forcing everyone into a 401(k) unless they specifically opt out?

Those were Steps 1 & 2.

Step 3 is taking over the pension plans.

That should tell you that someone is very frightened about the future long term economic prosperity of the US.
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Old 05-13-2010, 10:58 AM
 
9,845 posts, read 21,543,020 times
Reputation: 7729
Quote:
Originally Posted by evilnewbie View Post
The government steals... so what's new? I will empty my 401k and pay the penalty before that ever happens... there was a lady who wanted that to happen when Obama became president... was it Sheila Blair? Can't remember... she basically said the government could steal that money so that it could continue their spending on social services... if she likes it so much the government should confiscate all her money and assets and give her a monthly paycheck of $2000 and forced labor and see how she likes her own plan... what an idiot... Just looked it up.. it was Teresa Ghilarducci...
Yes Mark Levin had a hilarious interview with her at the time I remember listening to. What a bimbo.

I'm the same, the government makes a move to take my IRA and I'm selling out and closing it, even paying penalties, don't care. F them.

I think the problem is so many people with a child like mentality that look to the government as mommy and daddy and are incapable of making decisions for themselves.
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Old 05-13-2010, 11:06 AM
 
20,379 posts, read 18,228,153 times
Reputation: 8022
Quote:
Originally Posted by wanneroo View Post
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.

Hi wanneroo,


Amazing how little attention is paid to what will actually be produced. 3% return on a dollar that buys nothing new is not an investment. Investing in SS is investing in nothing other than austerity and ponzi.
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