If they bite on this .. 2008 melt down will look tame to the 401k Casualties

[Duncan]

Report: Americans retirement funds risk being seized - by Terrence Aym - Helium

New School for Social Research wants the federal government to grab all 401-k's, IRAs and company pension plans—in the name of "economic justice."

YouTube - AC/DC - If You Want Blood (You've Got It)

It's criminal
There ought to be a law
Criminal
There ought to be a whole lot more
You get nothin' for nothin'
Tell me, who can you trust
We got whatcha want
And you got the lust

If you want blood you've got it
If you want blood you've got it
Blood on the streets
Blood on the rocks
Blood in the gutter
Every last drop
You want blood
You've got it
Yes ya have ​

.....

 

[ATOMonkey]

That is terrifying...

 

[mjelder]

This is just absolutely ridiculous. The country would be devestating and putting hundreds of thousands into poverty or forcing them to work until death

 

[ATOMonkey]

This is just absolutely ridiculous. The country would be devestating and putting hundreds of thousands into poverty or forcing them to work until death

Welcome to the brave new world comrade.

 

[jedi]

The Guaranteed Retirement Accounts (GRAs) have been talked about from time to time now. Under 1 option it was presented as a RESET. You give up your 401K for the GRA and the gov would also forgive all your debit (credit cards, mortage, etc...) in exchange. It's all talk and has been for a while now. There is no draft legislations that I know of.

 

[EvilElmo]

It's all talk and has been for a while now. There is no draft legislations that I know of.

Let's hope you're correct, and that it stays that way.

 

[mrjarrell]

A move to do that would be literal suicide and a tipping point that no-one wants. Only someone with a death wish would even sign onto something like it.

 

[jedi]

Let's hope you're correct, and that it stays that way.

A move to do that would be literal suicide and a tipping point that no-one wants. Only someone with a death wish would even sign onto something like it.

Hum.. literal suicide (ie. political suicide) I don't think so. It's political suicide right now to mess with SSA but sooner or later (sooner now) it (SSA fix) needs to be done. Increasing the retirement age will help bu only for the "long term" (those in their 30s/40s now) but the baby boomers are going to strain and probably break SSA so before long either an
a) across the cut reduction in SSA benefits occurs or
b) GRAs or
c) Privitization
e) the system is shut down completely (ie. no more SS benefits)

All of those are political suicide but some luck set of congress people are going to have to pull the trigger on it. Unless off course we get hit with an astroid, N. Korea nukes us first or the US becomes like the wiemer republic via it's dollar.

The article that I read a few years back where the idea of you trade in your debit & 401 for the GRA 80% of those polled said they would do that.

 

[machete]

A move to do that would be literal suicide and a tipping point that no-one wants. Only someone with a death wish would even sign onto something like it.

weve had lots of tipping points that have come and gone...we always just accept the new way of doing things...

that federal reserve dollar was the biggest scam in history,,,but people today support the federal reserve like its patriotic to do so...

the poor people wont care,,,and the rich people dont have the numbers guns or guts to fight about it...

they need to do something soon because that social security house of cards is going to collapse...with a new plan,,,they get to tell everyone somethings new and different and better so people wont think the last thing went broke...and this new thing is just the broke old thing...

when you get down to it,,,the real money controls both parties,,,and if it gets told to them that the thing is going to fall apart without action,,,both parties will tell us its the right thing to do...

once you get a fiat currency,,,you have to accept getting rid of your principals if you want to keep that kind of currency going...telling one lie often requires telling a whole lot more lies to keep the first lie going...

 

[machete]

The article that I read a few years back where the idea of you trade in your debit & 401 for the GRA 80% of those polled said they would do that.

people would jump at this...big

if the gov guaranteed you a house and food,,,and maybe some cable tv,,,so you knew you actually had a retirement plan,,,far more than most people would go for it

 

[jedi]

people would jump at this...big

if the gov guaranteed you a house and food,,,and maybe some cable tv,,,so you knew you actually had a retirement plan,,,far more than most people would go for it

Agree with you now even more. Back when I read the article the housing crisis was just starting and the economy was "a little better" than now. bet if you poll people know a much higher rate would jump at this since they have added mroe to their CC debt with no jobs and have depleted their savings anyways.

 

[Jack Ryan]

Report: Americans retirement funds risk being seized - by Terrence Aym - Helium

New School for Social Research wants the federal government to grab all 401-k's, IRAs and company pension plans—in the name of "economic justice."

If a guy had "a list" that might be the kind of thing that would get him started working on it.

 

[ocsdor]

Report: Americans retirement funds risk being seized - by Terrence Aym - Helium

New School for Social Research wants the federal government to grab all 401-k's, IRAs and company pension plans—in the name of "economic justice."

This is old news for those of you who listen to Alex Jones, George Carlin, and others.

YouTube - George Carlin -"Who Really Controls America"

 

[John Galt]

"The problem with Socialism is that eventually you run out of other peoples money." - Margaret Thatcher

The end of the Great Keynesian Experiment is upon us, and I hope it comes sooner rather than later, that way our children will have a chance at what they deserve. The longer we wait, the worse and more painful it is going to be. God, guns, gold and silver, gardens and the proper mindset are great things to invest in right now, as the next 10 tears are going to be a wild ride. Pray for peace but prepare accordingly!

 

[Leadeye]

I think you will see something like this in a less radical form. IRAs, where a lot of this money is found are a legal creation of the federal government. All they have to do is change the law and give people the choice of swapping thier IRA for the GRA or being faced with the tax penalty. Government gets hard currencey and you get a promise.
I think this is just one of the changes coming soon as not only SSA but PBG (pension benefit guarentee) is going to require a lot of cash.

 

[Duncan]

A move to do that would be literal suicide and a tipping point that no-one wants. Only someone with a death wish would even sign onto something like it.

Political yes ..under todays conditions ..
But if you're in the government and you have run out of money ... let me go another way .

You think you are in a Kobayashi Maru you have to take drastic steps and this is a way to float the government spending / solvency of the government for a time or MAYBE , MAYBE give you the chance to save the government or the country ... you're a politician . Things are bad and if you do nothing chaos will come .. what do you have to do .
Or .. or your a National Socialist your party is in power and you just believe this is the thing that needs to be done ... right or wrong ... Like Obama Care . You just do it because you want to .
This could happen .. right now no ... If the times get bad enough .. OH YEAH !!
Look at this .. if they will start wars that kill your own country men for profit .. what's a little theft ?

Thanks
Duncan

 

[Duncan]

This is old news for those of use who listen to Alex Jones, George Carlin, and others.

YouTube - George Carlin -"Who Really Controls America"

True but a lot of people don't get a chance to hear all the available sources .

Thnsk
Duncan

 

[Johnny C]

I have worked the last 20 years to stay out of debt and put as much cash in my retirement as I could afford. I have built my house with my own hands, paycheck to paycheck withoout taking out any loans just to not have a mortgage. Scrimped when I had too, to make a nest egg for later in life...

Now they want to make me trade my savings that cause me much blood and sweat for my non-existant debt? Nice!

I am obviously one of the few in this boat though, so I will get tromped into the mud. I suppose I will get branded as one of those "evil no debt folks"

Johnny C

 

[machete]

I have worked the last 20 years to stay out of debt and put as much cash in my retirement as I could afford.

they print more cash whenever they want to...set back something they cant print more of...

 

[ATOMonkey]

Something similar has been done before and not in the too distant past.

Emergency Banking Act of 1933, Gold Reserve Act, Reconstruction Finance Corporation, Silver Purchase Act, etc...

All to the detriment of those that had any kind of savings, even in precious metals.