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Dems Want "YOUR" IRA's & 401K's

Mike

Well-known member
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
Carolina Journal ^ | November 04, 2008 | Karen McMahan


Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts - including 401(k)s and IRAs - and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
 

Sandhusker

Well-known member
This shows a profound ignorance of the workings of the markets, a monumental ignorance of the government's investment track record, and a shocking and Socialistic abuse of government power.
 
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Anonymous

Guest
This is a comedy....One witness in a hearing mentioned moving all retirement accounts into SS and Rush went on a fearmongering spree- and got all his scaredy cat little cultists believing that the Dems had already made a grab for their 401K's and retirements...

One person- no discussion- and Rush is telling folks its going to happen...Fearmongering and false innuendo is the only thing the right wing extremists have to offer....

I have never seen such a bunch of scared little sheepies that run over the cliff everytime Rush says boo....
 

Mike

Well-known member
Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

Sure George, put them under control of the SS system so that you can plunder them at will.......... :lol: :lol: :lol: :lol:
 
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Anonymous

Guest
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture... :(
 

Mike

Well-known member
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....

You're glad there is discussion about "Confiscating" your/our hard earned dollars and placing them in a piggy bank that gets raided annually and then has to be backed up by the taxpayers?
 

backhoeboogie

Well-known member
Oldtimer said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture... :(

Well then OT, why don't you just pony up. Be the first to sign all your holdings over to the Social Security Admin and the Dems to manage it all for you. They'll be glad to tell you how much you need to survive on.
 

Sandhusker

Well-known member
Oldtimer said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture... :(

Confiscating your money and forcing you against your will into a government program isn't something that should be considered - not in the country of our founding fathers. The very fact that it is should be a huge call to action.
 
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Anonymous

Guest
Mike said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....

You're glad there is discussion about "Confiscating" your/our hard earned dollars and placing them in a piggy bank that gets raided annually and then has to be backed up by the taxpayers?

The only ones screaming "confiscating" has been Rush and a few of his nutcase cultist followers....The hearings intentions are to look at ways to safeguard employees pensions and retirement accounts-- so that these Enrons, Lehman Brothers, AIG's, etc. etc. can't just go bankrupt taking along all their employees retirement accounts- leaving them nothing for years of work- (while they still give out the $40 Million dollar golden parachutes to even those execs that wrecked the companies)...
 

MsSage

Well-known member
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture...

That is what some on this board are trying to WARN yall about....

I look to many different places to get my news from I form my OWN ideas based on my beliefs in a free country. I am NOT a mind numb robot who spews the party line and can not debate beyond the talking points.

ps added after posting I do NOT listen to Rush
 

hopalong

Well-known member
MsSage said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture...

That is what some on this board are trying to WARN yall about....

I look to many different places to get my news from I form my OWN ideas based on my beliefs in a free country. I am NOT a mind numb robot who spews the party line and can not debate beyond the talking points.

ps added after posting I do NOT listen to Rush

:clap: :clap: :clap:

Very good Mssage
 

Sandhusker

Well-known member
MsSage said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....When you hold hearings to get info- you can't get it if you limit it to just one view....

Thats the problem with too many folks- won't look beyond what their cultist idols tell them- or the way its been done for 50 years-- and don't know what is the broader picture...

That is what some on this board are trying to WARN yall about....

I look to many different places to get my news from I form my OWN ideas based on my beliefs in a free country. I am NOT a mind numb robot who spews the party line and can not debate beyond the talking points.

ps added after posting I do NOT listen to Rush

Ohhh, very effective jab!
 

Sandhusker

Well-known member
Oldtimer said:
Mike said:
I'm darn happy they are looking at all avenues- and not just down one narrow alleyway....

You're glad there is discussion about "Confiscating" your/our hard earned dollars and placing them in a piggy bank that gets raided annually and then has to be backed up by the taxpayers?

The only ones screaming "confiscating" has been Rush and a few of his nutcase cultist followers....The hearings intentions are to look at ways to safeguard employees pensions and retirement accounts-- so that these Enrons, Lehman Brothers, AIG's, etc. etc. can't just go bankrupt taking along all their employees retirement accounts- leaving them nothing for years of work- (while they still give out the $40 Million dollar golden parachutes to even those execs that wrecked the companies)...

It's not the government's job to safeguard my retirement! It's MY JOB! I don't want their help! If you want to entrust your retirement to a bunch of idiots who are running a 10 Trillion dollar deficit and who's other effort at managing retirement accounts (Social Security) has returns that can't even keep up with inflation, that should be your choice. It's not mine.

This is a scary proposal! This shouldn't even be considered for debate!
 

TSR

Well-known member
Sandhusker said:
Oldtimer said:
Mike said:
You're glad there is discussion about "Confiscating" your/our hard earned dollars and placing them in a piggy bank that gets raided annually and then has to be backed up by the taxpayers?

The only ones screaming "confiscating" has been Rush and a few of his nutcase cultist followers....The hearings intentions are to look at ways to safeguard employees pensions and retirement accounts-- so that these Enrons, Lehman Brothers, AIG's, etc. etc. can't just go bankrupt taking along all their employees retirement accounts- leaving them nothing for years of work- (while they still give out the $40 Million dollar golden parachutes to even those execs that wrecked the companies)...

It's not the government's job to safeguard my retirement! It's MY JOB! I don't want their help! If you want to entrust your retirement to a bunch of idiots who are running a 10 Trillion dollar deficit and who's other effort at managing retirement accounts (Social Security) has returns that can't even keep up with inflation, that should be your choice. It's not mine.

This is a scary proposal! This shouldn't even be considered for debate!

Well the Lehman Bros, AIG, etc mentioned sure didn't do a good job SOMEBODY needs to be watching them to make sure they are folowing the law. The average person is too busy trying to make a living much less haave the legal knowledge necessary to make sure that these companies are abiding by the law with honest investment practices.
 
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Anonymous

Guest
TSR said:
Sandhusker said:
Oldtimer said:
The only ones screaming "confiscating" has been Rush and a few of his nutcase cultist followers....The hearings intentions are to look at ways to safeguard employees pensions and retirement accounts-- so that these Enrons, Lehman Brothers, AIG's, etc. etc. can't just go bankrupt taking along all their employees retirement accounts- leaving them nothing for years of work- (while they still give out the $40 Million dollar golden parachutes to even those execs that wrecked the companies)...

It's not the government's job to safeguard my retirement! It's MY JOB! I don't want their help! If you want to entrust your retirement to a bunch of idiots who are running a 10 Trillion dollar deficit and who's other effort at managing retirement accounts (Social Security) has returns that can't even keep up with inflation, that should be your choice. It's not mine.

This is a scary proposal! This shouldn't even be considered for debate!

Well the Lehman Bros, AIG, etc mentioned sure didn't do a good job SOMEBODY needs to be watching them to make sure they are folowing the law. The average person is too busy trying to make a living much less haave the legal knowledge necessary to make sure that these companies are abiding by the law with honest investment practices.

Yep- and I have a friend that spent his life (after getting all shot up in Vietnam) working for Enron- that got a dime back on the dollar in his life time earnings invested Enron pension plan when they went broke- while all the Fatcat CEO's - and Bankers they owed money to walked away with most of it first.... :(
 
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Anonymous

Guest
IRA's and especially 401Ks has to be managed by someone other than yourself. The company that I worked for selected the manager and had a select group of funds to put your money in. I found out that very few people understand the market enough to invest prudentialy. I thought I was but I fooled myself. I always wondered why the government would not issue a tax deferred savings bond for people to buy. But no you had to go to some investment bank and they managed it for a fee. The governement also has lost a great deal on the erosion of the values of these tax deferred plans. They brought out the Roth IRA and hoped people would change and they would get thier taxes. You see you could roll over an IRA into the Roth without a penelty but you had to pay the taxes on the amount of the rollovers. Now with the value gone down and when all of us reach 70 and have to witdraw 23% the first year then the government would have made out big time. I would have had to pay taxes on $112000 the first year. Now if things do not improve then I will have to pay on $60000 or less. You see when the government gives then there always is a hook in the bait.
 
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Anonymous

Guest
hurleyjd said:
IRA's and especially 401Ks has to be managed by someone other than yourself. The company that I worked for selected the manager and had a select group of funds to put your money in. I found out that very few people understand the market enough to invest prudentialy. I thought I was but I fooled myself. I always wondered why the government would not issue a tax deferred savings bond for people to buy. But no you had to go to some investment bank and they managed it for a fee. The governement also has lost a great deal on the erosion of the values of these tax deferred plans. They brought out the Roth IRA and hoped people would change and they would get thier taxes. You see you could roll over an IRA into the Roth without a penelty but you had to pay the taxes on the amount of the rollovers. Now with the value gone down and when all of us reach 70 and have to witdraw 23% the first year then the government would have made out big time. I would have had to pay taxes on $112000 the first year. Now if things do not improve then I will have to pay on $60000 or less. You see when the government gives then there always is a hook in the bait.

I saw the other day where the AARP and some Congressmen are trying to get Paulson to freeze that for those reaching 70 this year- as the value they would have to pay on- is much more than the account is now worth..
 

Sandhusker

Well-known member
If the government chooses to set up a VOLUNTARY retirement plan for people, I have no problem with that. I do have a huge problem with them MANDATING where my retirement is invested. THAT is a government overstepping their bounds.

I didn't lose a dime in this market melt-down. I got out about a year ago when it hit 14,000 because I couldn't see any reason for it to go higher. I'm waiting to get back in when the technicals suggest a buy. I used to study those charts fairly hard once a week. Now that we're putting a Socialist in the White House, I don't even bother. It's going to be a while. If I had to put my money in a government deal, I would of lost money.
 
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Anonymous

Guest
Sandhusker said:
If the government chooses to set up a VOLUNTARY retirement plan for people, I have no problem with that. I do have a huge problem with them MANDATING where my retirement is invested. THAT is a government overstepping their bounds.

I didn't lose a dime in this market melt-down. I got out about a year ago when it hit 14,000 because I couldn't see any reason for it to go higher. I'm waiting to get back in when the technicals suggest a buy. I used to study those charts fairly hard once a week. Now that we're putting a Socialist in the White House, I don't even bother. It's going to be a while. If I had to put my money in a government deal, I would of lost money.

Not everyone with company pensions have that ability...Their stuck with their companies management of the pension plan- and if the company mismanages it or screws up and goes broke- they're out...But not those CEO's- they're guaranteed their salaries and golden parachutes...
Plumb wrong.....I'm glad someone is finally looking at it......

Comically when Bush was running- he promised Tort Reform- and insinuated he would use that to handle fastly raising Health Care Insurance expenses...Then even tho he had a Repub Congress for 6 years- the only Tort Reform he passed was one for the the FATCAT bankers and banks to get their invested money back first in bankruptcy's and leave the little creditors, employees, and everyone else sucking hind teat.... :( :mad:
 

Sandhusker

Well-known member
Oldtimer said:
Sandhusker said:
If the government chooses to set up a VOLUNTARY retirement plan for people, I have no problem with that. I do have a huge problem with them MANDATING where my retirement is invested. THAT is a government overstepping their bounds.

I didn't lose a dime in this market melt-down. I got out about a year ago when it hit 14,000 because I couldn't see any reason for it to go higher. I'm waiting to get back in when the technicals suggest a buy. I used to study those charts fairly hard once a week. Now that we're putting a Socialist in the White House, I don't even bother. It's going to be a while. If I had to put my money in a government deal, I would of lost money.

Not everyone with company pensions have that ability...Their stuck with their companies management of the pension plan- and if the company mismanages it or screws up and goes broke- they're out...But not those CEO's- they're guaranteed their salaries and golden parachutes...
Plumb wrong.....I'm glad someone is finally looking at it......

Comically when Bush was running- he promised Tort Reform- and insinuated he would use that to handle fastly raising Health Care Insurance expenses...Then even tho he had a Repub Congress for 6 years- the only Tort Reform he passed was one for the the FATCAT bankers and banks to get their invested money back first in bankruptcy's and leave the little creditors, employees, and everyone else sucking hind teat.... :( :mad:

So you're telling me that this government plan will allow people the ability to transfer their funds from one asset class to another?
 
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