WatchThis is no joke. It is now being reported in the mainstream media. Our wonderful government is considering a confiscation of our retirement plans and forcing us to convert to government bond annuities. When governments spend like drunken sailors, you can expect more inventive ways like this to keep the party going.
http://www.fcta.org/fcta-news-feed/obamatoforceirasand401kstobuygovernmentbonds
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Bellingham, WA
LOL. I love how kernels of fact explode like popcorn in the poppers of the right-wing braincases.
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Although ira's/401k's will be a tempting target for greedy or desperate politicians in the future this is a whole lot of nothing. No where in any of the articles does it actually say anything about either forcing or government bonds. At this point they are talking about ways to encourage conversions into annuities. Private funded annuities, not government bonds. Pretty overdramatic post.
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elliemae's website
Ray-ray say:
"This is no joke."
Of course not. It actually happened to a guy I met at the quickie mart. Honest injun.
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I read on the internet that Barack Obama wants to eat my children. We have to stop this mad man before he EATS MY CHILDREN.
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elliemae's website
Barack Obama ate your children? I knew he was evil. Next he'll want to take away our retirement and turn it all into government controlled...
RUN FOR YOUR LIVES!
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He hasn't eaten them YET, but HE WILL. They're going to roast them in a pot with VEGETABLES that were picked from the first lady's COMMIE ORGANIC VEGETABLE GARDEN
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They taste best with fava beans and a nice chianti...
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Govt to take over your IRA & pension???
May 5, 2010 - 8:49am
ARE YOU STARTING TO BELIEVE ME NOW?
By
Neal Boortz
@ May 5, 2010 9:04 AM Permalink
"I've been warning you since the mid-1990s that if the voters of this country were ever stupid enough to put Democrats back in charge in Washington, the Democrats would make a move to seize all or a portion of their pension plans. Judging from some of the emails and Tweets I've been receiving the past few days, people are starting to believe that I just might have something here.
There are a few things driving this move. First we have labor unions. Union pension plans are dangerously underfunded. Union members are nervous, and the Obama folks are listening. One solution unions seem to be pushing is some sort of a government takeover - seizure, if you will - of private 401K retirement plans out there and the redistribution of those funds to shore up union retirement plans. The idea seems to be that the government would "guarantee" some sort of retirement for all, unions and non-union workers alike, with the funds collected from the once-private retirement plans.
A story in this week's edition of Human Events details a request by the Obama Administration to the Departments of Labor and Treasury to provide information regarding the "annuitization" of private 401K plans through something the Obama crowd calls "lifetime income options." Yeah ... lifetime income options paid by and controlled by the government. The Republicans are prepared to fight .. but until next year they don't have the numbers.
The second scenario in which the government could seize our 401K or IRA plans isn't really getting all that much attention ... yet. Maybe I just dreamed it up. Here's the scenario: Obama and the Democrats, with no small amount of help from the Republicans, continue to spend America into bankruptcy. The deficit grows and our national debt grows even more hideously. Finally China, facing some economic problems of its own, decides it owns enough U.S. debt. Treasury tries to auction some more debt instruments, and China shows no interest. Suddenly the Imperial Federal Government is faced with a problem ... who is going to buy U.S. Treasuries? Just how much interest are we going to have to pay? Answer? Why, we'll make our own citizens buy them! The next thing you know the Democrats are rushing to pass legislation mandating that all outstanding funds in 401K and IRA plans be immediately used to purchase a special issue of Treasury Bills! If you want to maintain the tax advantages of these retirement instruments you'll have to invest the money in low-yield Treasuries and hold "your fair share" of American debt. Good bye to making your own investment decisions and good bye to any decent rate of return on your retirement savings.
Well ... at any rate, glad some of you are paying attention now. With this anti-capitalist in office and his dog washers controlling the congress you have to remain vigilant."
http://boortz.com/nealz_nuze/index.html
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RayAmerica says
Make-believe nonsense. Jeez, they guy even admits he just made it up:
Neal Boortz says
For God's sake, use your f_ing brain for once Ray. Don't let these people lead you around by the nose.
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This topic is proof positive that this Ray feller is a far right wing shill. A troll in cheap clothing. He's so far right wing that he's sliding off the bird.
Don't feed him, just nod and smile.
And don't forget tonight's meeting, comrades. Bring vodka and don't forget the doilies this time.
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why would they bother, inflation would be so much easier, inflation is natures way of curing unsustainable debts, look to Germany post ww1 to see what happens to countries with untenable debts
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mikey says
It's supposed to be doilies? I brought dollies! I'm embarrassed to say what those drunk assholes did to my Barbies.
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Portland, OR
Soooooo, what would happen to the stock market if this was to happen?!?! Ever think about that, Ray?
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RayAmerica says
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Leigh says
I'm not the one proposing it. The Obama Administration has requested the "Departments of Labor and Treasury" to look into it. Perhaps you should write to the Prez and ask him.
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Yea, its called a GUARANTEED RETIREMENT ACCOUNT. "Guaranteed" hahahaha. Whatever the government says, turn it around 180 degrees and you'll be closer to the truth. Due to extreme government fiscal and monetary mismanagement America is broke. But wait, if they nationalize YOUR retirement account then things will be better for them, but as a result everyone else takes it in the shorts - yet again. Hahahah.
Approximately 22% of Americans trust our government - the rest of us know better, suckers.
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47 male
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There isn't much Ray posts anymore that has a connection to the real world.
Actually it's probably a good thing. The further the lunatic right goes off the reservation, the safer the country becomes as a result.
"The Democrats have moved to the right, and the Republicans have moved to a mental hospital." ~ Bill Maher
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Honest Abe says
Well, like the end of Texas Holdem, 90% of the players are busted out, but the winning 10% now has all of the money.
The extreme wealthy's act of playing poor may or may not work for long. Good luck with that, anyway.
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Honest Abe says
the reason 50% of the population doesn't trust the government is simply the regularity with which it gets taken over by whackadoodles.
I'll leave the reader to fill in which party is which here.
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The government doesn't need the public to convert their holdings to bonds. The Fed prints up more than enough money to buy their paper debt.
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The government won't need the public to convert their holdings to bonds. They will simply force people into the governments Guaranteed Retirement Account. Once there, they will force people to buy bonds because no one else will be stupid enough to do so on their own.
You forget, government isn't about free will or free choice - it's about force. The servant has become the master.
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Zlxr says
I don't have that option now nor did I have that option with my last employer:O(
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Zlxr says
This very thing was done by the desperate government of Argentina. IMO, as the government gets more and more desperate for funds, this type of schemes to find money will escalate. Our national debt has now approached 90% of GDP and it continues to grow with no end in sight.
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I highly doubt that the Irish Republican Army will allow themselves to be placed in government bonds.
Watch out Chicken Little!
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Do you have to smoke crack to interpret these comments this way, or will any ordinary brain damage do?
When you see a headline that says "Obama to take control of oil leak", will that be interpreted as "Barack HUSSEIN (always the emphasis) Obama to take over US oil industry, just like his commie buddy Hugo Chavez!"
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When I originally posted this thread it was met with a lot of scorn. Now we learn that the Federal Government will in fact look at these creative ways to fund the government. Take a look at this. It very well could be a look into the not too distant future when they REALLY run out of options:
http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-to-help-fund-government/2011/05/15/AF2fqK4G_story.html?hpid=z1
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RayAmerica "Gee, I hope the Republicans force the government to shut down"
Republicans force the government to shut down.
RayAmerica "SEE?? SEE?? SEE?? Geitner is investing federal pensions in U.S. Bonds!" (as a last ditch effort to prevent catastrophic default on U.S. debt because the government is shut down)
Life in the nuthouse continues.
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Just like the PROS!