Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs

The money has to come from somewhere.

And someone has to pay for the mess.


Guess who?

And people think Republicans are evil......

What? Socialism at its finest. Let's erect the statues of Obama now.

Seriously, just what will it take before all of you sheeple wake up and take this country back? Oh, I see, you're going to wait with your hand out wondering why you government isn't doing anything for you.

Better start thinking 3rd party from now on. The two-party system needs to be taken down a few notches.

reply to post by Komodo


Then what do you do with those "notes" when you pull them out of your sock ?
Remember the Germans who stashed money papering their walls with the worthless Deutchmarks!!!!! History repeats.....Those who forget.....Keep your powder dry....Etc...... STROKKER

I haven't read anything else, but YES!!! PLEASE YES!!!.

MOST 401k, and IRA's value comes from the current credit crisis. Having the government take over that, and remove the profit from the banking sector, would eliminate a lot of the overhead associated with the people's debt.

This would of happened no matter who got elected. Both of the nominees are shills and have all been paid for. You would see Obama and McCain all at the same parties, the same get togethers, the same fund raisers. Like in the depression of old when a man by the name of FDR confiscated everyones gold, this is how they will collect to pay off the bankers. To quote the Reverend Wright "God bless America or God Damn America." I think the guy was on to something.

What should be VERY APPARENT by now, for all who have an open mind, is that this truly is full-blown government-run socialism. It is National Socialism. Several of us tried to point this out during the campaigns, but were called names, and told that we were being ridiculous. How much more do people need to see and have happen, before they accept that we are QUICKLY becoming a National Socialist (Nationaler sozialismus or NAZI for short) state, much like Germany in the 1930s, right down to the Patriot Act, False Flag Operations, and control of Industry and the Banks. Bush started it, and now Obama will complete the task. Wake up, people, before it is too late.

The only 'Change' I see coming is that instead of actual Money when we retire.. we're going to live off of change.. you know... pennies... nickles .. and dimes...

Oh yea.. and forget the Quarters... govt doesnt think we deserve those....

If you read the article, what you see is that someone named Teresa Ghilarducci, presented an idea to the Committee on Education and Labor.

Full Committee Hearing: "The Impact of the Financial Crisis on Workers' Retirement Security" - Tuesday, October 7, 2008

If you read the transcript you'll realize that, the article originally posted distorts the intent of the hearing which was to look into how the financial crisis was affecting retirement plans and what could be done to protect them. From the opening statement:

With the Republicans’ help and armed with their powerful lobbyists, Wall Street cunningly held off fair regulations by Congress, arguing that Americans would be better off if left to their own devices.

As Congress continues our investigations into this crisis, we cannot allow those responsible to emerge unscathed. The American people are paying the price of this go-go, Wild West approach to governing.

One cost will be the concern that our nation’s workers will not have sufficient savings to ensure a secure retirement after a lifetime of hard work. In the coming months, this committee will examine what measures may be needed to ensure a safe and secure retirement for workers, retirees and their families.

For starters, we know that 401(k) holders lack critical information about how their money is managed and what fees they pay.

I’m here to say right now, those days are over.

We must have more transparency in 401(k) investment practices. The Wall Street veil of secrecy must end.

There were five speakers, each of whom had ideas and opinions on the matters. And, I read Teresa Ghilarducci proposal and I can't see where this 'we're going to take your 401ks' is said. What I see is something about establishing another 'retirement' account, a GRA. (And personally I don't think that's the answer, but.)

Now I'll admit that I haven't spent a lot of time reading the entire transcript, nor have I watched the video, so I could have missed it. But I'm getting the impression that whomever wrote the article the OP posted has sensationalized the facts.

But go ahead, read it for yourself (or watch the webcast), make up your own mind.


edlabor.house.gov...

[edit on 7-11-2008 by Jadette]

reply to post by Jadette


Actually, she DOES say what you claim she doesn't:

I propose that since 401(k) accounts and the like are financial
institutions -- the bank about where 38% of the workforce2 can intend to save for their
retirement -- Congress let workers trade their 401(k) and 401(k) - type plan assets
(perhaps valued at mid-August prices) for a Guaranteed Retirement Account composed
of government bonds (earning a 3% return, adjusted for inflation). When the worker
collects Social Security, the Guaranteed Retirement Account will pay an inflation
adjusted annuity, based on the accumulated funds.

Once you read ALL the details, and I have, you realize that this is nothing more than a way to try to save social security. In fact, the monthly "allotment" that she talks about, would actually REPLACE some of your social security check. In addition, she actually has the gall to ADMIT that this plan of hers will not COST the government ANYTHING. She is correct. It will COST the PARTICIPANTS, namely YOU, because although you might have gotten both social security AND proceeds from your 401K when you retire, now you will only get a pittance from the government in one monthly check. In addition, when you die, any money that had been in your old 401K plan that was contributed by your employer is NOT passed on to your survivors, unlike the current situation with 401Ks. Great Plan, huh? NOT!

reply to post by pyrytyes


what CHANGE? you mean - "Here's your change, go now..."?
because that's the only change we gonna get, and now literally
the only change out of our own 401k plans...

argentine tried it couple of months back...never thought these
idiots will try to do the same here. shameless theives.

Does this have to do with Obama's promise to bailout the auto industry for another 75 billion dollars on top of the already given 25 billion? It is a promise to insure the retirement and pension benefits from what I understood on the news.

Also when is spell check going to acknowledge the name Obama?

reply to post by antar


I don't think it has much to do with Obama's planned bailout of the auto industry.

It smells like more of an effort to delay the eventual doom of Social Security.

If the government can replace 401k's and IRA's into a new Social Security type scheme, Social Security liability will be delayed for probably 10 years or so.

By the way, which congressperson invited this professor to this hearing anyways?

If they do, they will find that there is not much there.
They may be better off confiscating congressmen’s freezers

Originally posted by nyk537
Where are the usual liberal suspects here to defend this?

Isn't this the type of thing they all claimed would not happen?

I'm not sure quite what your getting at...

Its not like things were any better under Bush... a Republican...

When will everyone realize that the Republicans and Democrats have become puppets in the scheme of things...

Perhaps not all of them, but the ones with any chance of winning any election and controlling some aspect of power.

Once again another thread where the posters choose to IGNORE the facts. Let the fear and hatred flow out of you, you will be a better person for it.

reply to post by Tynee


Great point Tynee.

How is this any different from the bailout?

Let's face two facts: A) There is a problem, and B) It needs to get fixed

A "solution scenario" conversation in Congress is documented by "The Carolina Journal", of all credible sources, now becomes the latest rallying cry for victimized republicans.

You know what I find the most amusing?

Throughout the Presidential campaigns, there was only one side that resorted to slinging mud. One side was on the constant attack, and one side was above the pettiness that a race of this magnitude could bring on.

And guess what? One side won (go figure?). And one side...well, whatever. That's why I respect Obama the most, because he never stooped to that level.

Now that the race is over, it is no surprise to me that the mud-slinging continues in epic proportions. I used to come to this website for info on various "alternative" topics, but now, I can always garauntee that when I arrive the board will be flooded with with right-wing fear and aggression.

Do me the honor before you flame me....just count.

Count how many threads are on this site damning President Elect Obama and "his Democrats" before he has even spent one solitary day in office?

The numbers are staggering.

The response will remain the same: "What if? What if Obama had lost? The Democrats would be screaming FOUL! FOUL! Vote-rigging etc...

But you know what? One thing this race has proven is that when a man can raise his head high, and be strong and confident in the face of adversity, people (and I mean lots of effing people people!) will respect you.

Despite the pleas of SkepticOverlord, "The Moronic Masses" continue to wallow in the cesspool in which they feel so very much at home.

Pitiful. Now please do everyone else a favor and go cash out all of your 401k's, and your IRA's, and then please, please go take down all the signs that you have littered the country with....or is pollution just too liberal an issue for coservatives?









[edit on 11/8/2008 by Kaiser Sohse]

[edit on 11/8/2008 by Kaiser Sohse]

Today, we in "the land of the free" are taxed at about 50 percent when you add federal, state, and local taxes. Businesses pay taxes, then pass the cost on to us. Americans don't owns land, they rent it from the government, and pay taxes on it. We pay taxes for cars, we pay gasoline tax, tolls, dog licenses etc... onto infinity.

The head of an American family does 20 years labor just to pay taxes. They made us pay into SS, then stole that, too. Now they want to take people's retirement and 401k. Seems logical.

So my question is, why are people mad about this, and not mad about being forced (with a gun to their heads) to spend half their lives laboring to pay the government? Are you saying it is worth being a slave for 20 years as long as you are taken care of in old age?

Maybe our forefathers had the wrong idea. Because from where I stand, taxation with representation ain't so hot either.

Originally posted by bdswetty
reply to post by pyrytyes

 

You can't fix a problem using the same methods that created it. Why is the American majority so thick headed? All it takes is a few moments worth of thinking...

very good point my friend. But there's the genius in it you see, it's not hard at all to figure out.. but what can you do? what can you REALLY do? absolutely nothing.. and its widely known and excepted.. I mean how many people are talking doom and gloom? you certainly dont hear much on a positive outcome but this is all perception. that fact alone doesnt seem like stupidity to me.. that seems like calculated control.

The dems and republicans are tools that are used by big money and an anti American state department that was beyond control of the parties as early as 1935.
This is a magicians show. Think WMDs were whitewash for an agenda? Obama is going to make wmds look like a card trick.
We're about to hand our entire livelihoods over to the government and the tv numbed idiots will cheer when it happens.