401k/IRA Screw Job Coming? Government is Going to Take Your Money!!!!!! | |
Anonymous Coward User ID: 860346 United States 01/08/2010 05:12 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 643200 United States 01/08/2010 05:15 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 666102 United States 01/08/2010 05:17 PM Report Abusive Post Report Copyright Violation | |
Foxx.
(OP) User ID: 827175 United States 01/08/2010 05:17 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 860369 United States 01/08/2010 05:52 PM Report Abusive Post Report Copyright Violation | |
intrigued User ID: 516293 United States 01/08/2010 06:27 PM Report Abusive Post Report Copyright Violation | Do you all remember this back in October of 2008, after the market crash? It was an adviser to Obama "testifying", or was she just letting us know what was in store for us? A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified last week before Miller’s Education and Labor Committee on her proposal. … Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation. The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated. |
Anonymous Coward User ID: 857132 United States 01/08/2010 06:30 PM Report Abusive Post Report Copyright Violation | Do you all remember this back in October of 2008, after the market crash? It was an adviser to Obama "testifying", or was she just letting us know what was in store for us? Quoting: intrigued 516293A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. She testified last week before Miller’s Education and Labor Committee on her proposal. … Under Ghilarducci’s plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation. The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated. needs to be repeated GOOD CATCH |
Anonymous Coward User ID: 613629 United States 01/08/2010 06:32 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 860361 United Kingdom 01/08/2010 06:40 PM Report Abusive Post Report Copyright Violation | cash in all in now, and buy guns while you still can... Quoting: Anonymous Coward 613629I've been telling people on this forum for the last 3 years to "cash all in now"...hope some listened. And yes, the guns will be needed. Turn cash into materiels..supplies...tangibles....before it devalues to nothing. You all need to google what Argentina did. They had money problems, too. That govt also stole the people's 401K's, turned them into treasuries...devalued the money...poof...gone. Do your research..don't listen to me or anyone on any forum. Do your homework...research Argentina. The exact same will happen here. |
Anonymous Coward User ID: 705031 United States 01/08/2010 06:42 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 773494 United States 01/08/2010 06:47 PM Report Abusive Post Report Copyright Violation | cash in all in now, and buy guns while you still can... Quoting: Anonymous Coward 860361I've been telling people on this forum for the last 3 years to "cash all in now"...hope some listened. And yes, the guns will be needed. Turn cash into materiels..supplies...tangibles....before it devalues to nothing. You all need to google what Argentina did. They had money problems, too. That govt also stole the people's 401K's, turned them into treasuries...devalued the money...poof...gone. Do your research..don't listen to me or anyone on any forum. Do your homework...research Argentina. The exact same will happen here. How do you "cash in" on a million dollar 401K? If there was a way to put it into investments, I would. But to take out cash, you pay huge taxes and then a 10% penalty on top of that. You won't have much left. |
Anonymous Coward User ID: 847331 Argentina 01/08/2010 06:57 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 860405 Poland 01/08/2010 06:58 PM Report Abusive Post Report Copyright Violation | Let me be clear: Quoting: Foxx.I have no quarrel with the government mandating that you have a choice in your IRA or 401k account to buy short-duration Treasuries - much like the "G" fund that government and civil-service workers have. I vehemently disagree. The one absolute fact we know is that this government is-not-trustworthy. Period. We need to replace it -- right now -- instead of allowing these miscreants to continue raping our bank accounts, liberty and future. |
Anonymous Coward User ID: 847065 United States 01/08/2010 07:00 PM Report Abusive Post Report Copyright Violation | cash in all in now, and buy guns while you still can... Quoting: FaithI've been telling people on this forum for the last 3 years to "cash all in now"...hope some listened. And yes, the guns will be needed. Turn cash into materiels..supplies...tangibles....before it devalues to nothing. You all need to google what Argentina did. They had money problems, too. That govt also stole the people's 401K's, turned them into treasuries...devalued the money...poof...gone. Do your research..don't listen to me or anyone on any forum. Do your homework...research Argentina. The exact same will happen here. How do you "cash in" on a million dollar 401K? If there was a way to put it into investments, I would. But to take out cash, you pay huge taxes and then a 10% penalty on top of that. You won't have much left. Either cash out and take a hit, or pray to god every night that the .gov will keep it safe. It really is that simple. |
Dr Doom
User ID: 833993 United States 01/08/2010 07:00 PM Report Abusive Post Report Copyright Violation | cash in all in now, and buy guns while you still can... Quoting: Anonymous Coward 613629Running scared and getting your money out now from an IRA or 401K will generate taxes and penalties = extra money going to the government. Maybe that is the plan. You know what they say about a fool and his money... in this case it's a fool and his 401K/IRA. Never make an important decision based on fear and panic. Know the facts. ~ __________ ____ |
Anonymous Coward User ID: 65489 United States 01/08/2010 07:03 PM Report Abusive Post Report Copyright Violation | if govcorp does grab those funds US markets will be punished mercilessly just as markets in Argentina were punished when that govcorp grabbed private retirement accounts there. if you see it coming get out of the markets quick like a bunny. |
Anonymous Coward User ID: 860389 United States 01/08/2010 07:07 PM Report Abusive Post Report Copyright Violation | Let me be clear: Quoting: Anonymous Coward 860405I have no quarrel with the government mandating that you have a choice in your IRA or 401k account to buy short-duration Treasuries - much like the "G" fund that government and civil-service workers have. I vehemently disagree. The one absolute fact we know is that this government is-not-trustworthy. Period. We need to replace it -- right now -- instead of allowing these miscreants to continue raping our bank accounts, liberty and future. So you're happy with the goverents handling of social security and Medicare too? |
Anonymous Coward User ID: 833035 United States 01/08/2010 07:10 PM Report Abusive Post Report Copyright Violation | |
Jessica6
User ID: 859689 Canada 01/08/2010 07:17 PM Report Abusive Post Report Copyright Violation | From George Carlin's The American Dream: they’re coming for your Social Security money. They want your fuckin' retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it The urge to save humanity is always a false front for the urge to rule it. - HL Mencken |
Anonymous Coward User ID: 802656 United States 01/08/2010 07:28 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 773494 United States 01/08/2010 07:33 PM Report Abusive Post Report Copyright Violation | cash in all in now, and buy guns while you still can... Quoting: FaithI've been telling people on this forum for the last 3 years to "cash all in now"...hope some listened. And yes, the guns will be needed. Turn cash into materiels..supplies...tangibles....before it devalues to nothing. You all need to google what Argentina did. They had money problems, too. That govt also stole the people's 401K's, turned them into treasuries...devalued the money...poof...gone. Do your research..don't listen to me or anyone on any forum. Do your homework...research Argentina. The exact same will happen here. How do you "cash in" on a million dollar 401K? If there was a way to put it into investments, I would. But to take out cash, you pay huge taxes and then a 10% penalty on top of that. You won't have much left. I don't know why they won't let you withdraw it to put it in other investments...real estate, small business... |
Anonymous Coward User ID: 847331 Argentina 01/08/2010 08:17 PM Report Abusive Post Report Copyright Violation | From George Carlin's The American Dream: Quoting: Jessica6they’re coming for your Social Security money. They want your fuckin' retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it this video inmediately!!! |
Anonymous Coward User ID: 854539 United States 01/08/2010 08:31 PM Report Abusive Post Report Copyright Violation | |
Anonymous Coward User ID: 753873 United States 01/08/2010 09:11 PM Report Abusive Post Report Copyright Violation | |
Foxx.
(OP) User ID: 827175 United States 01/08/2010 09:25 PM Report Abusive Post Report Copyright Violation | Quoting: Anonymous Coward 802656 Excellent find! IMO this would be a much more feasible scenario. Collapse the markets and create a safe haven in bonds. The Sheeple would never know it. Force them to buy treasuries will just create outrage and spur the revolution that IS coming. Last Edited by Foxx. on 01/08/2010 09:26 PM You are the driver, you Own the Road!!Stand up and Shout I've a suggestion to keep you all occupied, Learn to Swim!! |
Anonymous Coward User ID: 802656 United States 01/08/2010 09:30 PM Report Abusive Post Report Copyright Violation | Related: Quoting: Foxx.[link to www.kitco.com] Excellent find! IMO this would be a much more feasible scenario. Collapse the markets and create a safe haven in bonds. The Sheeple would never know it. Force them to buy treasuries will just create outrage and spur the revolution that IS coming. Glad you liked it but its KD's thesis as well, he just doesn't state as clearly in his tickers as that article did from Kitco. |
Foxx.
(OP) User ID: 827175 United States 01/08/2010 09:37 PM Report Abusive Post Report Copyright Violation | Related: Quoting: Anonymous Coward 802656[link to www.kitco.com] Excellent find! IMO this would be a much more feasible scenario. Collapse the markets and create a safe haven in bonds. The Sheeple would never know it. Force them to buy treasuries will just create outrage and spur the revolution that IS coming. Glad you liked it but its KD's thesis as well, he just doesn't state as clearly in his tickers as that article did from Kitco. I don't get that at all from KD's article. He said, But - "choices" have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market - so they will effectively tax you by forcing your "retirement" money to buy them! Quoting: Karl DenningerMandating 401k to buy bonds is not the same as collapsing the market and creating a safe haven in bonds... what am I missing here ? Last Edited by Foxx. on 01/08/2010 09:38 PM You are the driver, you Own the Road!!Stand up and Shout I've a suggestion to keep you all occupied, Learn to Swim!! |
Aquarius 7
User ID: 859380 United States 01/08/2010 09:43 PM Report Abusive Post Report Copyright Violation | Gotta keep paying those government "workers" somehow, right? Quoting: Anonymous Coward 860346. . And therein lies the problem. Back about 35 years ago ... I think about 1975 ... I was working for a Real Estate Broker (who happened to be a wise and prudent person), and I remember him saying that when the number of goverment workers reaches 20 percent or more of the working population, we will be in deep trouble. He said this because we were just approaching that number at that time. Tell me, if some one knows ... What is the present percentage of government workers? And by that I mean anyone and everyone who is receiving wages from federal, state, county or municipal sources? :aqquest02: . . Last Edited by Aquarius 7 on 01/08/2010 09:43 PM . Cayce: “… The greater portion of Japan must go into the sea. …. then we may know it has begun …”. www.near-death.com/experiences/cayce11.html . "Be kind, for everyone you know is fighting a hard battle" - Plato . "Those who are at peace in their hearts already are in the Great Shelter of life." ~ Hopi Prophecy . |
Anonymous Coward User ID: 802656 United States 01/08/2010 09:44 PM Report Abusive Post Report Copyright Violation | Related: Quoting: Foxx.[link to www.kitco.com] Excellent find! IMO this would be a much more feasible scenario. Collapse the markets and create a safe haven in bonds. The Sheeple would never know it. Force them to buy treasuries will just create outrage and spur the revolution that IS coming. Glad you liked it but its KD's thesis as well, he just doesn't state as clearly in his tickers as that article did from Kitco. I don't get that at all from KD's article. He said, But - "choices" have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market - so they will effectively tax you by forcing your "retirement" money to buy them! Mandating 401k to buy bonds is not the same as collapsing the market and creating a safe haven in bonds... what am I missing here ? Sorry didn't explain. I have been going to KD's site for well over a year and it is a common theme he says, it comes out mostly in the forum when he is chatting with other people in the forum. His point in the article is that treasury sales are declining, social security only bought contributed about 7% from receipts towards treasuries last year from historical values of around 50% (he doesn't talk about that in the article it was an article from ZH) and so, the balance of issue must come from somewhere since foreign purchase dropped to below 35% last year. There is the "household" column on the Fed's balance sheet but as ZH theorizes that is just outright or backdoor monetization by the Fed. In this article he is theorizing it will come from 401k's mandated purchase of treasuries since SS is drying up but in the forum in the past he has talked about the PPT, GS, et al allowing the markets to collapse to herd ppl into treasuries. If this idea fails in developing any steam on the hill expect the markets to tank. |
Anonymous Coward User ID: 860130 United States 01/08/2010 09:46 PM Report Abusive Post Report Copyright Violation | Gotta keep paying those government "workers" somehow, right? Quoting: Aquarius 7. . And therein lies the problem. Back about 35 years ago ... I think about 1975 ... I was working for a Real Estate Broker (who happened to be a wise and prudent person), and I remember him saying that when the number of goverment workers reaches 20 percent or more of the working population, we will be in deep trouble. He said this because we were just approaching that number at that time. Tell me, if some one knows ... What is the present percentage of government workers? And by that I mean anyone and everyone who is receiving wages from federal, state, county or municipal sources? :aqquest02: . . I think it's close to 50% now. |