you'd have to be paranoid to think the government would dip its hands into your 401(k)
secondrepublic
Posts: 2,619 ✭✭✭
paranoid... or maybe just living in Ireland. Link
I know, I know.... it could never happen here. Nothing to see here folks, just move along.
I know, I know.... it could never happen here. Nothing to see here folks, just move along.
"Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
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Washington wants to do it
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
To think that it can't just because we are the U.S. is naive, and even a little bit arrogant.
jmho, that's all.
Reed wants a millionaires tax.
Boehner correctly said...it wouldn't make a dent.
It's tax and spend. Tax and spend and buying votes along the way. Pushing problems down the road.
Not a pretty ending.
<< <i> Look at all the other crap that has been allowed, i.e., voted into as Law that most thought would never come to be. >>
Look at all the other crap that has been allowed that WAS NOT voted into law. Now I'm gonna have to put up with text messages from Washington while Homeland Security has my shorts around my ankles at the airport.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Like the way JPM is allowed to pay the CME to raise margin requirements 4x in a week?
<< <i>Argentina did it
Washington wants to do it >>
I remember something like this when the current president took office.
Successful Trades: Swampboy,
This was a story that was circulated several years ago. It was a myth then. Is a myth today?
Linky..............
If the little people get bent over, spindled and shredded, then that is
just too bad.
Camelot
No phone, no tv, no net, no bills, come n get me.
The only way I've ever been able to upgrade my income level is by "working", which is something foreign to most politicians. I'd love to see Obama, Reid, Biden, or Pelosi put in 12 hours in a metalworking shop or a textile mill or a meatpacking plant - except that there aren't any openings in the ones we have left.
I knew it would happen.
<< <i>Creeping socialism and "redistribution" of wealth. It's odd how they can use the word "redistribution" instead of theft, and get away with it. >>
Orwell dubbed it Newspeak.
Terms like 'policeman of the world', Constitutional 'checks and balances', 'rule of law', 'all people are created equal', etc. Heck I often why they call the theatrical performers on the television 'personalities' when the vast majority haven't got one.
"Redistribution" is when I take your stuff for someone who needs it more than you.
And I REALLY need your flat screen TV...
Direct confiscation is unlikely.
Forced conversion is VERY likely.
The "Monetary Stabilization and Asset Protection Act" will allow the failed
govt to "condemn" your private asset account and "compensate" you by
replacing your good paper with JUNK T-Bills/Bonds.
This serves two purposes:
1. The govt can keep the counterfeit kite up in the air a bit longer.
2. Ownership/control of private companies - represented by the securities
in your retirement account - will be transfered to the failed govt.
The timeline is unknowable, but it will come as a "no-notice-shock."
You know, the one signed by the guy who DIDN'T catch bin Laden.
<< <i>If this sort of concept is news to you guys, maybe you should sneak a peek at the Patriot Act sometime.
You know, the one signed by the guy who DIDN'T catch bin Laden. >>
Good one! We certainly have given up a lot in the last few years, but I think that the confiscation on a huge scale of private resources would be met with massive resistance by the populace.. I just don't see it happening. Means testing so that the value of your holdings will be deducted from SS? Yes, after all, why should you be rewarded for living within your means and saving for the future? Unless of course you are filthy rich, then you can expect a pass.
As I now take money from my IRA to live on, I wish that I had taken more of it and put it into "things" that I can sell without Uncle Sugar taking a large slice of it.
Hum, I wonder if everyone in DC will fall under this, including the pension congress gets? I am sure it will be like Obama’s medical plan - it's for the ordinary people, not us special people (with special needs)!
<< <i>
As I now take money from my IRA to live on, I wish that I had taken more of it and put it into "things" that I can sell without Uncle Sugar taking a large slice of it. >>
Great point- get it off the grid! I'm in!
<< <i>
<< <i>If this sort of concept is news to you guys, maybe you should sneak a peek at the Patriot Act sometime.
You know, the one signed by the guy who DIDN'T catch bin Laden. >>
Good one! We certainly have given up a lot in the last few years, but I think that the confiscation on a huge scale of private resources would be met with massive resistance by the populace... >>
Pfft! Dream on........Sorry, but the overwhelming majority will just roll over and comply like they've been conditioned to do so. Look at your 'security' lines at airports........................sheep to the slaughter.
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Box of 20
<< <i>
<< <i>
<< <i>If this sort of concept is news to you guys, maybe you should sneak a peek at the Patriot Act sometime.
You know, the one signed by the guy who DIDN'T catch bin Laden. >>
Good one! We certainly have given up a lot in the last few years, but I think that the confiscation on a huge scale of private resources would be met with massive resistance by the populace... >>
Pfft! Dream on........Sorry, but the overwhelming majority will just roll over and comply like they've been conditioned to do so. Look at your 'security' lines at airports........................sheep to the slaughter. >>
I think you're dreaming, the government is going to seize the money in my IRA? it's just not going to happen.
Your chief financial officer and tax enforcement official is a tax cheat. And you think the government is somehow above pilfering your IRA? Just wondering, here.
I knew it would happen.
game, be a better citizen, and perform a patriotic service for your nation. And in return the govt will guarantee you that your 401K won't crash like it did during the stock market
washout of 2008. Your TBonds will always be there, safe and secure. Now go to sleep my little children and dream happy thoughts knowing that your retirement is in good hands. Don't pay any attention to the man behind the curtain.
roadrunner
<< <i>Pfft! Dream on........Sorry, but the overwhelming majority will just roll over and comply like they've been conditioned to do so. Look at your 'security' lines at airports........................sheep to the slaughter. >>
<< <i>I think you're dreaming, the government is going to seize the money in my IRA? it's just not going to happen. >>
You don't have the money in your IRA. The people that do will do as they are told by the government regardless of what you tell them. It's not yours until it is in your hands.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Pfft! Dream on........Sorry, but the overwhelming majority will just roll over and comply like they've been conditioned to do so. Look at your 'security' lines at airports........................sheep to the slaughter. >>
<< <i>I think you're dreaming, the government is going to seize the money in my IRA? it's just not going to happen. >>
You don't have the money in your IRA. The people that do will do as they are told by the government regardless of what you tell them. It's not yours until it is in your hands. >>
Ding ding ding, we have a winner! 100% correct
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<< <i>where's all that social security money piling up at? >>
In what are called U.S.A.-IOU's. Do you need a roll or two? They fit your standard TP holder.
<< <i>where's all that social security money piling up at? >>
Please, one problem at a time.
I can't keep up.
Actually, that's not correct. In general, a corporate bankrupcty will have no impact on your 401k funds, as they are segregated funds.
If your 401k has an option to invest in your company's stock , and your company goes under, that is a different situation.
<< <i>"Same with your 401K. It is just a liability on your company's balance sheet. They go bankrupt and you get to stand in line with the rest of the creditors hoping to get a piece of pie that is left. Generally, it is just crumbs"
Actually, that's not correct. In general, a corporate bankrupcty will have no impact on your 401k funds, as they are segregated funds.
If your 401k has an option to invest in your company's stock , and your company goes under, that is a different situation. >>
Correct. Only the non vested portion of your companies matching contribution would you lose out on. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>
<< <i>Pfft! Dream on........Sorry, but the overwhelming majority will just roll over and comply like they've been conditioned to do so. Look at your 'security' lines at airports........................sheep to the slaughter. >>
<< <i>I think you're dreaming, the government is going to seize the money in my IRA? it's just not going to happen. >>
You don't have the money in your IRA. The people that do will do as they are told by the government regardless of what you tell them. It's not yours until it is in your hands. >>
So who owns this check I get every month from Fidelity???
<< <i>I really can't equate people being checked at airport security to the massive confiscation of private holdings. >>
How did Janice put it Yellowkid?
" Freedoms, just another word for nothing left to loose,
Nothing, I mean nothing honey if it ain't free,no no"
Every bit they take the less free we are! If you read it the "patriot act" put us under martial law in many ways
It is a slippery slope and a stretch. I admit.
*'checking' at the airport now includes irradition of cancer survivors and pat downs of preteens.
*Soc. Sec. now includes 'means testing' for those people who 'don't need' the full check.
*Cameras on the corners to mail you a $466 ticket if you don't come to a full two second stop. And no way to petition the court...because you are GUILTY. And they finally admitted in SoCal that they shortened the yellow lights to increase the amount of tickets
*A newspaper article in SoCal in January has a front page article of the city council ordering the Fire Dept and the police Dept to develop programs to enhance their revenues. Oh Shock...Are the Fire Dept and Police Dept supposed to generate revenue? Looks that way around here.
THE POINT is that the GOVERNMENT has the power to tax and the powers of arrest and they CAN and WIll take your check from Fidelity when they deem it necessary.
Have you ever heard of Federal, State, County or City Governments giving up income and power authority once they(it) gets it? I am hard pressed to think of when it happened. Look at the Governments whining during this recession. They just don't like the idea of downsizing.
Power corrupts and absolute power corrupts absolutely.
<< <i>The fact is, you really don't have the money. Be it an company 401K like Enron where employees thought their money was safe or a third party trust, you still run the risk it not being their when you want it or that the Feds grab it. >>
Misleading, non factual and plenty of conjucture to make your statement sound like fact. Lot's of newsletters and talk shows use this very technique on both sides of the aisle with great success.The latin phase I believe is "ad captandum vulgus"..........But, you are certainly entitled to your opinion and I'll respect it. I'm just not buying it.
One also runs the risk of getting hit by a bus everytime they cross the street.
I don't trust governments either so I don't put all my eggs in one basket and don't count on anybody but myself. I not much on the anarchy angle though truth be told.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i> You don't have the money in your IRA. The people that do will do as they are told by the government regardless of what you tell them. It's not yours until it is in your hands. >>
So who owns this check I get every month from Fidelity???
Who's hands are it in?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Does anyone around here disagree that they are devaluing the dollar and hence 'taking' your savings by about 10% this year?
The Government is NOT promoting a stable currency and if you are not 'making' at least 10% on your savings...you are losing money.
Reminds me of the joke about the visitor to the farm when he asked the farmer about a three legged pig......the farmer remarked that it was hard to eat a friend all at once.
The Government can't afford to eat your savings all at once...you'd get discouraged and might revolt.
<< <i>They can't get away with taking your savings all at once.
Does anyone around here disagree that they are devaluing the dollar and hence 'taking' your savings by about 10% this year?
The Government is NOT promoting a stable currency and if you are not 'making' at least 10% on your savings...you are losing money.
Reminds me of the joke about the visitor to the farm when he asked the farmer about a three legged pig......the farmer remarked that it was hard to eat a friend all at once.
The Government can't afford to eat your savings all at once...you'd get discouraged and might revolt. >>
That. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>If the Debt Machine takes my 401k, I'm opting out, and moving to a mountain top.
No phone, no tv, no net, no bills, come n get me.
I hear there is a really nice house in Abbatobad Pakistan that is available. Near the capital and surrounded by many military folks.
I'd worry more about what the greedy states are trying to do than what Washington is doing. Washington can't seem to get anything done, which may be a good thing to some people.
<< <i>Confiscation is very unlikely. There's not a politician in DC with the rocks to sponsor a bill that would pi$$ off that much of the electorate. >>
Once over 50% of voters are living off of the government (and those that pay for government), politicians could care less what the minority taxpayers think. This is the basis of the socialist agenda. When the takers outnumber the givers, the takers will get more when they scream "give us more." The socialists' downfall will be when there are no more givers, only takers.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Confiscation is very unlikely. There's not a politician in DC with the rocks to sponsor a bill that would pi$$ off that much of the electorate. I could see them "tweaking" the rules though, like accelerating tax payments on traditional IRA's, or even eliminating the tax-free treatment of the Roth IRA. That's why I've always been suspicious of the Roth even though financial planners say it's a must. Too easy to change the rules. >>
Here I agree, changing the items that they use to measure inflation is a great example. hey, they tell me how much water I can have in my toilet, and what kind of gas can I am allowed. There is no doubt that the governments intrusion into your everyday life is increasing, I just don't think it will extend to confiscating private funds on a mass basis.
MJ hit the nail on the head, diversify as much as posssible, PM's, stocks, bonds REIT's, property, antiques and collectibles, and save your receipts. I have antique receipts going back 30 years, if the IRS was ever to ask me about something I had sold, I could come up with a receipt in short order. Now if it is for the same piece or not, sometimes I get confused.