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Last May, I wrote about the rumor that the Obama administration might seize funds from American's 401k and IRA accounts.
Last week, Bloomberg pointed out:
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
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...
The next step would be to put by default or force people to buy treasuries with their 401(k), saying it's in the "general interest of the nation", similar to how War Bonds were propagandized.
Could be. Foreign purchase of Treasuries has dropped off. The buyer of last resort, the Fed, is running low on ink as well.
There's trillions in savings in those accounts..I'll bet they are drooling over the thought of having control of that money. All for our own good though..all for our own good because we Americans can't manage our money as well as the government can.
Last edited by HappyTexan; 03-04-2010 at 09:50 PM..
Could be. Foreign purchase of Treasuries has dropped off. The buyer of last resort, the Fed, is running low on ink as well.
There's trillions in savings in those accounts..I'll bet they are drooling over the thought of having control of that money. All for our own good though..all for our own good because we Americans can't manage our money as well as the government can.
Yup. Since Treasuries have a history of being "safe" investments, a coordinated crash in the markets may be the impetus for forcing Americans towards treasuries "for our own good".
Well I'll tell ya..the government has spend every last dime I've ever given them in taxes about 4 times over. And now they want more of my money..the money I've been able to save inspite of them ?
They'll get my 401K money OVER MY DEAD BODY !!!!!!!
Just because I have money and they don't is no reason for them to go throwing around their control and power so they can get their grubby little hands on something that doesn't belong to them.
Yet one more way for the government to push their way into our lives. It is my money and I will do with it what I see fit. It is really getting scary at what the government feels they have the right to do.
Well I'll tell ya..the government has spend every last dime I've ever given them in taxes about 4 times over. And now they want more of my money..the money I've been able to save inspite of them ?
They'll get my 401K money OVER MY DEAD BODY !!!!!!!
Just because I have money and they don't is no reason for them to go throwing around their control and power so they can get their grubby little hands on something that doesn't belong to them.
Does this also pertain to people like Goldman-Sachs or J. P. Morgan getting their hands on your 401(K) and converting it into somekind of weird financial product?
Shades of Milo Minderbender in the book Chatch 22.
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