What is going to happen to our 401 (k) accounts and IRA’s after January 1? Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country? Getting an answer will prove to be daunting, especially as media attention seems focused on little but the impending “fiscal cliff.”
Listening to a poignant, impromptu speech given by Linda from St. Lucie County during the Allen West recount makes clear just how hard she worked to raise three daughters on her own. It’s a story that certainly puts a tear in the eye and an ounce of worry into the heart of many listeners. ”I worked hard to save that money. We went without,” she said, getting more emotional with each word. ”Now, what’s going to happen to 401 (k’s)?” she asked.
My daughter is wondering the same thing as she and her husband will have four boys in college next year. And she sacrificed to save for her retirement when she was a bank employee. She had a gun put to her head during two separate robberies!
Linda and my daughter both want to know what the Obama administration intends to do after January 1. Is the national media so distracted by fiscal cliff hype that news concerning the potential federal theft of countless trillions from American citizens will not be forthcoming prior to January 1st?
A source in Montana said the feds are hoping to turn 401 (k) and social security funds into federally administered bonds, thereby dumping even more privately-held dollars into the D.C. money pit. Another source thinks that such a fund may be used to bail out Obama’s union pets, namely the failed pension plans of big labor throughout the United States.
A 2010 letter sent by congressional Republicans to the Secretaries of Labor and the Treasury says: “We write today to express our opposition in the strongest terms to any effort to NATIONALIZE the private 401 (k) system, or any proposal that would dismantle or disfavor the private 401 (k) system in favor of a government-run retirement security regime!”
A 2010 administration report on the Middle Class cites Vice President Joe Biden, who “floated [an] idea called Guaranteed Retirement Accounts’ (GRAs).” Of course, Big Labor is clearly behind these proposed GRAs, which would include a “bailout of critically under-funded, union pension plans through retirement security options.”
Will all of this result in yet another enormous hedge fund and insurance leverage plot guaranteed to make a massive hole in the private worth of American taxpayers? Rest assured, the D.C. ruling class will stop at NOTHING to obtain the financing necessary for the continued purchase of votes and maintenance of power.
At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s. The idea that those who thrive on money and power would permit such an alluring trove to go untapped is laughable.
Photo credit: SS&SS (Creative Commons)
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He is such an evil, selfish man!
Like I have been trying to inform AMERIKA: we are under communist rule! Under communism for the younger, indoctrinated generation, there is no such thing as PRIVATE PROPERTY! It’s time to look in the mirror and see if there is someone looking back! The time for revolution is at hand, hopefully it will be a peaceful one but then again…
Ditto squared!!! 16 years ago at work we used to talk about and compare our 401K plans with each other and talk about investing. I remember one day saying that as soon as the baby boomers get to the age in a mass herd of moving their investments into the safety zone something will happen and they won’t get that money. My co-workers thought I was ridiculous for stating that. At the time I was fully aware of crony gangsterment theft but my buddies were not. Since then we have had the 2000 tech bust, 2008 overall market bust plus real estate. Now BO is going to try and steal what we have left. BO has never been anything more than a useless parasite. He has never ran anything or made change. His hateful wife is even more useless. If you don’t think this can happen then look at all the endless crony theft giving to BO’s failed solar companies. Pelosi’s husband got 3/4′s of a billion dollars from us tax payers for their solar company. That’s 16 million dollars plus per employee. I can’t believe Fox News hasn’t put up where all that money went. No doubt a huge portion went back to BO and the DNC. Our government is hands down corrupt beyond description. This should also tell you how useless the RINO REPUBS are for not exposing it. This country will implode very soon but the parasite scum in DC will be living like the pigs at the trough they are.
Is there nothing we all can do to stop obama? Does he have the power and authority to steal the IRA’s and 401 Ks of the entire nation, and then to use for the corrupt unions. They have been the ones with the money. Just because the unions aren’t doing well now does not make it right to further hurt the working people by stealing their life savings.
“Is there nothing we all can do to stop obama?” You’re asking a question,… here’s your answer!!!
If I had a retirement account,… I would SHOOT the first M.F. who touched MY MONEY!
If you ‘We the People” don’t stand up for what’s yours, you’re going to lose EVERYTHING to a illegal alien muslim, half breed, racist, bigot, lying, foreign national, total P.O.S.
There is some thing we can do about our 401 (k) accounts.
If the feds are going to take our 401 (k) and social security funds and put them into federally administered bonds then we can take our 401 (k) accounts out before that happens. If we do not the Federal Government can do any thing they want to with our 401 (k) accounts. As for as social I do not think there is much we can do .security funds
I wouldn’t bet on it, but I would imagine those funds are already gone, just like the 787 billion that were siphoned out of SS funds, very quietly to fund Obamacare. If he has his way taxes will go up next year and again in ’14, not to pay back that money, but to allow him to spend more.
I understood it was $716 billion taken out of Medicare. Were there furhter funds taken from Social Security?
Yea, take control of the fake tea party. What started out good got infiltrated with RINO’s and they through us off our mission just enough to not be effective. We have about 100% of our information ammo to use against the gangsterment krats so lets use it. Romney was handed scoop each day to use against BO but didn’t touch it. It made me sick to watch.
The unions haven’t been doing “WELL” for a long, long time now, I just find it funny that those who profess to be for “THE LITTLE GUY” i.e. unions, demoncrats, communists, socialists routinely take money from unions ear-marked for retirement funds and spends it on election of demoncrats. If they put that darn money in the pension funds like they’re supposed to maybe they wouldn’t be in such bad shape. As far as Bozo stealing everyone’s 401k and so on he can pretty much do anything he wants, nobody in this Congress has the Ba lls to stop him. Can he do it legally? ABSOLUTELY NOT, will that stop him……..has it ever stopped this communist before???
He is evil, and wondering why no one has took a gun and finish him off, when other president’s life has been cut short and no way as evil as obama. obama is taking all our money to give to muslim brother. He pass laws that land us in jail if we say anything bad about islam and ther prophet.
Why not pass a law like this for all religion? Well, it is because he will make everyone go to muslim belief or may be get killed.
I am so tired of hearing about Blacks beating up on whites, and christains. I am so sick of Blacks and gays having speacial rights and then obama wants to teach our kids about gay people in school and as parents we can not mention anything to them about gays or use a religion as a reason to stop this. He is wiping our freedom away.
THe deemer side of the aisle is nothing more than a leftist theft machine and this Fake in the WH isn not a POTUS but everyone in the congress and the judicial system is dodging the law…our government for all intent is one big crookedass machine….
Do you really think this unqualified, illegal, phony, lying, racist, bigot, half breed, foreign national, Muslim POTUS cares.So far his paln is working.
Google Cloward and piven. Here is a start.
http://www.henrymakow.com/obama-personifies-cloward-pive.html
Bob, this is scary as hell. Why can’t Congress do something about him? Obama will kick them under the bus when he can’t use them anymore. Are they that stupid that they can’t see this?
Since the dems have the majority they think Obama is going to take care of them – but he isn’t. He cares nothing about them either other than how he can use them to get what he wants.
They are all in it together. They all work for the same people. They rob any solvent accounts they find. (Pres, Senate, Congress, Dems, Reps, feds, all of them…in case someone asks who They are.) That’s why no one stops them. They are the law.
I am sure Obama is making promises to them. Something like. Look stick with me and this is what I will do for you blah, blah, blah. AND THEY BELIEVE HIM!!!!! He lies to the Americam people all thetime and they think he is telling them the truth??????. Is BHO somehow someway exposing them to subliminal messages. or mass hypnosis. I can understand why the people who are recieving all the freebies like him, but It absolutely boggles my mind how politcians can believe him. I belive BHO has the money and power backing him so he will remain in office until hi big money string pulling puppet masters are finished with him then he will be eliminated somehow.
I have been saying for years I am sure it is too late to stop the Muslims from taking over the US in time. BHO is helping to speed up the process. BE PREPARED!!!
Unbelievable. ROFLMAO!
IRA”s and 401 Ks are private property–How can they be touched ?
0bama puts out Executive Orders on a daily basis…that will be a way to get control of IRAs including Roth IRAs and 401K accounts. If 0bama has his way, he will try to hatch a plan to tax Roth IRAs, even though the taxes are already paid for.
He will not TRY to tax tax Roth IRAs, he WILL tax them. Wait until after the Electoral College elects him. He will then fast track and honor his promise of fundamentally changing America. He will then be our supreme ruler and dictator. Google Cloward and Piven
Bob, There are still a few days left before the Electoral collage meets, if enough states refuse to send there delegates to the convention(?) they will fail to reach a quorum, and the task of selecting the President would fall on Congress. With John Boehner in charge this could backfire, but Congress could feasibly still put Romney (or a draftee ) in the presidency, we would still have Biden as vice pres. but I think we could live with that…….. Boehner would probably be too scared to do the right thing (you know, scared of riots etc. or threats against his life etc.) thus handing it over to ob anyway……. Bottom line is WRITE a letter to your Governor and urge him/her to keep your delegates at home …….. I did.
I understand what you are saying, but we have to realize all the crimes BHO has already gotten away with, the treasonists acts he has committed. The executive orders he has written. I whole heartedly believe the Govenor’s will be told what is best for them and the Electoral Collge will elect him. It will make no difference how many people write to their heads of state. We the people and heads of state no longer have a say. I still write to my haeds of state hoping there is a record of the people who voice their objections. Bho is our supreme ruler (not leader) and dictator. Don’t believe me? Ask him!
Here’s more details on the Electoral College:
The vote is not completed without the electoral college vote, Obama can be stopped there:
http://www.wnd.com/2012/11/how-obama-can-be-stopped-in-electoral-college/
Don’t know about Roth being taxed already but my IRA is not taxed until I draw it out, which by law, I now have to draw out what the gov. tells me to every year, and pay taxes on it.
Everyone needs to get their money out of their IRA’s and 401K’s as soon as they can.
We currently live under a dictatorship – there is no private property anymore. John Boehner essentially removed what little conservative representation we had regarding the budget. The liberal progressives in the democratic party and the republican establishment RINO’s are all on the same page. There is no opposition to Obama. “Private Property” will become a thing of the past very soon.
So true! Iagree.
I agree with you Old Rocker. Most of the people who voted for him didn’t own anything but have been government leeches for so long that they don’t care as long as it doesn’t stop their checks.
Blame the right peo[-le and quit blamikng Aboehner for everything. What do you expect him to do against obama and the dems who ARE IN CHARGE. What about that don’t you understand?
You are joking, right? He can and will take whatever he wants – the useful idiots just made him King. A noose with traitor written on it would dethrone him. Sadly, the saying “All it takes for evil to triumph is for good men to do nothing” has never been truer. It’s time to break out the pitch forks and torches and march to the castle folks!
Rick, you are right. We need to make the Tea Party into an unstoppable force and march on Washington.
i hasd already suggested that the tea Party and the rest hook up and march on Washignton. that is what is going to have to be done. remember, all; those in Washington work for us – not the other way around. they are subject to be fired just like any one who does not do their job properly, or to suit the bosses – US.
jmac…do you seriously think that anything you own is above this government seizing it? This administration has no morals. They are above NOTHING! They will do to the 401K’s what they have done to Social Security…take your money and spend it. We ALL need to keep on top of this and pound on our representatives in DC until we are assured this WILL NOT happen.
In the same way, or for the same reason, that FDR confiscated gold in ’33. Just more bailout…a federal money grab by master thieves. “…Will the retirement accounts for which many Americans have sacrificed so much to accumulate be rolled over into federally issued and guaranteed bonds in order to prop up notoriously under-funded, union pension funds across the country?…” LOL I wouldn’t trust ANYTHING this administration dishes out! If they can’t balance their own budget, who’s to say their “checks” won’t bounce and be totally worthless like they are, themselves?
Obama already signed an executive order to take any or all of your property that he wants. That includes, gold, money, food, water, whatever. While America sleeps….he keeps writing Executive Orders, each one worse than the previous.
Anyone interested in joining a group that is organizing for rally’s and protests against the regime and the gutting of our constitution and freedoms please feel free to take a look at what we are about at the link below. We are a peaceful group that is fighting for change.(the right kind) To bring back the constitution and have the posers thrown out of office! Come take a look at http://www.facebook.com/groups/466048973441740/. The bigger we get, the more impact we can make.
wozzysway– I’m not on FB. Is there a website for this group?
I hope he does, and I hope some of the morons that voted for him remember what a mistake they made.
Amen Solidspine Let the show begin.
If Obama can’t pull this off, watch Hillary do it in 2016. Any man who fails to pick up his gun and fight this money grab (theft) doesn’t deserve to be called a man. The government will own his stones. Thank God I pulled my money out of this racket years ago.
Buy rope.
Or, invest in Brass and Lead!
More details on the Obama regime’s plan to raid our private pensions and retirement accounts here:
http://fellowshipofminds.wordpress.com/2012/11/27/u-s-federal-state-governments-are-moving-to-eliminate-private-pensions-and-retirement-plans/
liquidate them and buy a hard asset…….you will recoup your tax lose.
The idea to nationalize retirement funds started several years ago and Obama’s administration posted a call for papers on the gov website that asked for feedback from financial concerns and got feedback agreeing with the idea.
US Government is out of control and democracy is only an illusion.
“Rest assured, the D.C. ruling class …” But, see here’s my thing. We The People ARE the ruling class if we just grow a pair!
How in the world did we let some snot noses take over and impose their will on us??? Sure, we voted them in based on how sweet the kool-aid tasted. Then as per usual, they get in there and do whatever the hell they want, forcing their beliefs on the masses. And we just come to sites like this to complain instead of exerting OUR will on THEM!
Look at what they’re doing in Egypt with the wannabe dictator monster, Morsi, that BO helped to create. The Egyptian people are not going for that bullhocky and they are resoundingly voicing their hot displeasure. What do we Americans do? Sit on our hands with a toe up our nose and complain.
We need to be organizing and marching, banging pots together as they did in Iceland to rid themselves of a corrupt government. Whatever we need to do to stop the nonsensical madness of the usurpation of our freedoms by snot nosed despots. Good grief, people! There are more of us than there are of them. Are we going to just sit and be bullied by a run away government? Or are we going collectively put our foot down and put a stop to it?
Read the United States Constitution and KNOW YOUR RIGHTS!
Why can’t this idiot stay out of our private lives! I was born in America not some socialist country where they can do whatever they want. Obama needs to go!!!! He want to nationalize everything! This is not what our Constitution says. It shoul be small government, states running their own affairs and only go to the federal government if they have to but they way he is running things, we have to go to the federal gov. because he want to be dictator! Do we really want the government handling our 401K? They can’t handle their own money, how are they going to handle ours! Oh, I forgot, once he gets his hands on our money, it will probably no longer be ours, he’ll take control of our money and maybe dole a little at a time to us. This POS really wants to be dictator!
Impeach, deport, des#@#%
So we’re going to get some kind of phony “bonds” or something when they take our 401ks….who would want a bond issued on the U.S.???? They’re broke and so far in debt, we’ll never see them out in our lifetime!!! A worthless piece of paper, I think!!!
It probably wouldn’t be worth the paper it is printed on. He wants your money so he can spend it and so he can own us. He will confiscaet Medicare and Social Security money also. As far as he is concerned that is his to use.. He has already removed $716 billion from Medicare. He wants to spend us into oblivion.
Obama’s a thief, Obama’s a liar, Obama’s a killer. What do we expect from a criminal to the highest extent?
I would like to know what gave the damned idiots that voted for this low life sum bag, the idea that the Democraps (Communist Pigs) were for the working class. These low lifes in Congress, the Senate, the federal judicial branch and the Executive branch (The so-called President, Vice President, and the puke Czars are only out for the people that they can control, ie. the bums, on welfare, food stamps, free housing,etc.
I can just pray that someone, that has more military experience than I, prepares Civil War II and goes after each and everyone of these TRAITORS!!
Put the Constitutional Sheriffs to work. I understand they have a lot of power in this country. Let Joe Arpiaio lead them.
Thanks Frank Well said I enjoyed reading It made me smile.
Need an answer to this? Ask a all so smart union teacher, seems they have all the answers.
No new taxes and stop the spending. Check your history, everytime the DEM raise thye taxes to pay off the debt, they don’t, they just make more programs to help tyhe poor so they will vote DEM.
I have never thought of it as pure coincidence that the “housing bubble” wiped out, or severely damaged, the only two assets in which an average person could accumulate wealth, his home and his retirement accounts, IRA’s, 401k’s etc.
Now, the ever increasing cheapening of the dollar is working to devalue even further retirements savings and savings in general.
This is the “icing on the cake,” the Federal Government turning all retirement accounts into another Social Security, filling them with worthless IOU’s.
Here’s betting our elected representatives, from both sides of the aisle, go along with this evil plan, while they gain yet another phoney asset to offset the deficit on paper.