Obama Admin Looks to Nationalize your 401K & Control Americans’ $19.4 Trillion In Retirement Accounts

Sucks for those who thought they'd retire someday.

Can we stop this and start over?

Obama: 'No doubt' we need more taxes

US President Obama on Sunday insisted that the nation needs additional tax revenue, some of which the government could acquire by closing or reducing loopholes and deductions.

“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” the president said in an interview aired on CBS.

“And we can do it in a gradual way so that it doesn’t have a huge impact.”

Obama suggested raising revenue through an overhaul of the tax code, which would include closing or tightening unspecified “loopholes” and deductions.

“If you combine those things together, then we can not only reduce our deficit but we can continue to invest in things like education and research and development that are going to help us grow – without raising rates again,” Obama said.

[link to rt.com]

Related letter on Jim Sinclair's site:


Remember Obamacare? Yes, the legislative bomb that was ‘sold’ as NOT being a tax, yet upheld by the Supreme Court because it WAS a tax? The one we were assured would NOT have ‘death panels’ but now apparently WILL?

Well, for more Government hilarity, look next to the last unspent pool of cash left. America’s ‘retirement’ funds. They want to ‘help’ manage retirement accounts. This is very akin to Retirement Fund Death Panels, involving the mandatory transfer of good-cash assets into government bonds [read: government debt, ie. government promises to pay you back someday....hahhahahahahaha].

Yes, these same idiots who just made the recent Super Bowl the ‘greenest ever’ [read: darkest] after spending $417 million tax-dollars post-Katrina, who couldn’t make a ‘go’ of running a brothel and selling booze in Nevada, can’t secure the borders, won’t stop pork-spending (or borrowing to fund their complete waste of money), and are only willing to raise taxes now want to ‘help’ us? I guess they do not think the average American is (a) as smart as the Government is, and (b) is not smart enough to manage their own assets without Big Mother’s guidance.

You cannot make this stuff up!

The most fiscally irresponsible and bankrupt people on the planet unable to live within their means (government) wants to ‘help’ the fiscally responsible and solvent people who lived within their means and actually ‘saved’ by ‘helping’ them [read: stealing from them]?

But government had better hurry along and ‘help themselves’ to OPM (other people’s money), since at the rate the Fed is debasing the Dollar it will soon be worthless along with anyone who has saved in Dollars for retirement. And those ‘bonds?’… they are essentially worthless right now, before retirees are forced at gunpoint to hold them.

Here are some words to remember:

"Trust me, I’m from the Government."
"I’m from the Government, and I’m here to help."

CIGA Richard S.

[link to www.jsmineset.com]

5 ***** and PIN

Obama and the democrats want to force all 401K and retirement plans into T bills.. at 1% interest So They can spend it..Watch

[link to twitter.com]

The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans.

The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau -- established by the 2010 Dodd-Frank Act -- sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.

[link to www.bloomberg.com]

An Investment Company Institute study published in Nov. found that U.S. retirement assets totaled $18.5 trillion at the end of the second quarter 2012, of which 3.5 trillion was in IRAs and $5.1 trillion was in 401(k) plans.

[link to www.ici.org]

Since 2010, the U.S. Treasury Department and the Department of Labor have been holding combined hearings on various plans designed to introduce government-mandated retirement plans and investment options, including government annuities invested primarily in U.S. Treasury debt, into the private retirement savings market.

“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explained National Seniors Council National Director Robert Crone, describing a recent Treasury-Labor hearing held in the Labor Department’s main auditorium.

[link to nationalseniorscouncil.org]

“However it is clear that his is just the first step toward a government takeover. It feels like the beginning of the debate over health care and we all know how that ended up.”

[link to www.wnd.com]

This is prefect for them because they can spend the money and put the 401k plan in debt.

It's a win win.

He'll do it..

They'll 'manage' it the same way they 'managed' social security.

Bastards.

GOD FORBID GE PAY ANY TAXES!!!

This could be the last straw. Taking our retirement would get enough people up in arms to start the next revolution.We still need a charismatic leader. So far there has not been a really popular conservative leader. Our leader will most likely not be a republican, since they have sold us out at every opportunity. That means he will come from obscurity, and that adds some difficulty to the idea.

Much thanks for another pin!

Here's the headline:

Old Angry Gun Waiving Lunatics Threaten to Overthrow Government!

That my friend would be the last straw for a lot of people…you touch my 401k FUCK YOU!

Good post OP 5 stars

Happened in Argentina. You know the Dear Leader can't miss a good opportunity to plunder some treasure to finance his creepy communist adventure.

Thought taking guns was bad? This is why they want the guns. Because they(government) have blown all of OUR money, and still want more. They want our guns so that we can't do anything about it. Jokes on them.

This will not stand, no man or woman alive will put up with this, this is stealing what those have worked hard their entire lives to accumulate, and will not let some parasites come in and take what is not theirs.

Not surprising at all, most government servants believe that all wealth comes about due to government benevolence. Without them nobody would have any wealth, nothing would get done, we would all be living in mud huts, hand to mouth.

One of the greatest cons ever thanks in large part to state based education which exist primarily to destroy critical thinking skills and to promote a worshipful attitude towards the state.

NOTHING could be further from the truth - EVERYTHING the government does for one group means they have to steal from another - government is a parasitical organization and the only rational response to a parasite is extermination not worship.

God bless america.
hope obama will be overthrown before he totally destroys america and that you will elect a proper leader after him.

After this you will be forced to convert to Islam.
0bama wants your soul too..

Last Edited by ceawaves on 02/05/2013 09:17 AM

Oh my god. Your money will be gone in the blink of an eye....

It may be time to take the tax hit and withdraw funds from private retirement accounts before they are forced into long term T-bonds.

The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).

Thread: Obama Begins Push to Confiscate IRA’s & 401k’s

Either way you will be taxed!

A while back dork was talking about a national retirement fund. I suspect the plan is to give everyone a retirement check. Heck, maybe they'll give me part of your money. I think the entire country will explode at that point.

Oh yes. There is absolutely no one behind Obama (CFR cough cough). If Obama is gone nothing will stand between America and true freedom (NWO cough cough). It is all Obama's fault no exceptions (ZIONISTS COUGH COUGH).

That would be a 30% tax hit…owwww

Maybe this does need to happen…maybe this is the spark that will wake people up

TRUST ME!

Time to cash out an go to the house!

People who actually believe they are getting their 401k etc. deserves to have them taken