Conquer Club

From the Boortz:

ARE YOU STARTING TO BELIEVE ME NOW?
By Neal Boortz @ May 5, 2010 9:04 AM Permalink | Comments (47) | TrackBacks (0)

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.

Related Link: http://www.humanevents.com/article.php?id=36823
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... Considering that the SEIU president is the man most seen at the White House, its most frequent visitor... this should cause concern for anybody who is hoping to save for retirement.

...

OH HO HO HO! Cool, indeed, bro! BRB...

From Boortz:

Oh, there are all sorts of excuses the Democrats can use. They can say it just isn't fair that all of this money is sitting out there in private hands that has never been taxed. They will say that people who have been "fortunate" enough to establish these accounts have a responsibility to the "less fortunate." One way or another, the Democrats will come after your retirement money. Some examples? Well, here are three:

1. Levy a one-time tax (The Clintonistas were thinking in terms of 15%) on the outstanding balance of all of these plans.

2. Require the owners of these plans to use all or a portion of the money to buy U.S. Treasury Bonds, thus demanding that these Americans buy American debt instead of investing the money the way they see fit.

3. Simply seize the outstanding balance in all of these plans (a 100% tax) and roll it into Social Security. Then promise the people that they will get much of it back when they retire. This is the Argentine method pursued by Obama's hero Christina Kirchner.

... All three are repulsive.

...

What, some people didn't lose their 401ks in the crashes? We'll just have to sieze it I guess. Can't have regular people retiring in dignity, that was why we broke the unions to begin with.

We'll pretend to throw it into the union pensions to make sure people think it's the unions fault to ensure those don't make a comeback. Remember when those things were around and you could have one person per family make enough money to keep a household running? *shuder*

I believe Jefferson said we have the right to alter or abolish our government.

.. I'm thinking, the minute this starts to take shape, cash in my 401K and my IRA and invest in Chinese real estate. It's booming now.

...

Nobunaga wrote:.. I'm thinking, the minute this starts to take shape, cash in my 401K and my IRA and invest in Chinese real estate. It's booming now.

...

If this gets proposed I am cashing in and investing in guns, bullets, and food with a very long shelf life.

rockfist wrote:

Nobunaga wrote:.. I'm thinking, the minute this starts to take shape, cash in my 401K and my IRA and invest in Chinese real estate. It's booming now.

...

If this gets proposed I am cashing in and investing in guns, bullets, and food with a very long shelf life.

Wow
What a truly original thought , never heard that one before , obviously you have the conviction to follow through with such a stunningly well thought out plan.

I'm sorry all, but if you still have your money in a 401k, you need to find out a way out. Some of you may or may not know but I was a financial advisor for a short period, but I really didn't learn anything from the sector and most likely taught the sector a few things. Needless to say, a bet I made at the time that google would hit $1,000 before gold (I bet on gold) has been regressed from that individuals mind to the point of flat out denial that he ever thought that in the first place...

You can buy a lot of stuff on ebay.

Nobunaga wrote:.. I'm thinking, the minute this starts to take shape, cash in my 401K and my IRA and invest in Chinese real estate. It's booming now.

...

why dont you do what the Chinese and Russians and Indians are doing? (It ain't RE)

... They get closer to grabbing them.

http://moneyland.time.com/2012/03/21/wh ... topstories

Near the bottom on this one:
http://www.nytimes.com/2012/03/16/opini ... ef=opinion

, introduced legislation that would allow private-sector workers in California to enroll in a modest, state-operated retirement program financed by the workers and their employers — at virtually no cost to taxpayers.

(from 2nd link)

Oh, wow! It's managed by volunteers! [/sarcasm]

Ah the IRA, as the saying in the UK used to go before the IRA was listed as a terrorist group, "If the US wants to stop terrorism, they should stop paying for it".

This message paid for by the campaign to de-elect Peter King, Republican extremist supporter of the IRA, and current chairman of the House Homeland Security Committee. I'm glad someone has finally brought attention to the fact that one of the dudes in charge of Homeland Security actively campaigned for terrorist organisations.

King stopped supporting the IRA after being offended by Irish public opposition to the 2003 U.S. invasion of Iraq, but in 2008, King spoke in favor of bail for a fugitive IRA member, Pól Brennan, who had escaped from prison in the UK 15 years earlier during the Maze Prison escape, and who had been apprehended in Texas.

At a September 2011 hearing in England concerning terrorism, King said that the IRA used British torture as a recruiting tool, but that it has no parallels with American treatment of suspects after 9/11.

Labour MP David Winnick commented to King that "there’s been some surprise in the United States but also in Britain that you have a job looking into and investigating into terrorism" and added that King "seems to be an apologist for terrorism."

I think you're right to be scared.







Oh wait, you're worried about Obama. Sorry.

Oh I know, Sym. If what you say is true, then it's just additional evidence about the inconsistent foreign policy of the US, which is mainly why I'm concerned about US intervention in general.

(good derailer though)

BigBallinStalin wrote:Oh I know, Sym. If what you say is true, then it's just additional evidence about the inconsistent foreign policy of the US, which is mainly why I'm concerned about US intervention in general.

(good derailer though)

I liked it. We best buds again?

BigBallinStalin wrote:

, introduced legislation that would allow private-sector workers in California to enroll in a modest, state-operated retirement program financed by the workers and their employers — at virtually no cost to taxpayers.

(from 2nd link)

Oh, wow! It's managed by volunteers! [/sarcasm]

Define "virtually no cost."

IRA may have done bad things, but they were fighting for freedom.

maxfaraday wrote:IRA may have done bad things, but they were fighting for freedom.

Sadly the majority of people they were attempting to "free" felt differently. But I've derailed this dead topic enough. Start a new thread on Peter King and the IRA if you want.

Symmetry wrote:

maxfaraday wrote:IRA may have done bad things, but they were fighting for freedom.

Sadly the majority of people they were attempting to "free" felt differently. But I've derailed this dead topic enough. Start a new thread on Peter King and the IRA if you want.

Peter King is a so-so football analyst. I prefer others.

I derailed the derail!

thegreekdog wrote:

Symmetry wrote:

maxfaraday wrote:IRA may have done bad things, but they were fighting for freedom.

Sadly the majority of people they were attempting to "free" felt differently. But I've derailed this dead topic enough. Start a new thread on Peter King and the IRA if you want.

Peter King is a so-so football analyst. I prefer others.

I derailed the derail!

You talking about John King?

Rather than curtailing public and private pensions, New York and other states could save millions of workers from impending poverty by creating public pensions for everyone.

Uhh....isn't that Social Security? And hasn't it been a pretty big failure? I mean the system is broke....

maxfaraday wrote:

thegreekdog wrote:

Symmetry wrote:

maxfaraday wrote:IRA may have done bad things, but they were fighting for freedom.

Sadly the majority of people they were attempting to "free" felt differently. But I've derailed this dead topic enough. Start a new thread on Peter King and the IRA if you want.

Peter King is a so-so football analyst. I prefer others.

I derailed the derail!

You talking about John King?

No Peter King. The dude from Sports Illustrated.

Was he the one wearing the white bikini with pink stripes... year 2008, I believe?