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Old 11-16-2012, 01:11 PM   #41
RJ-92
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Originally Posted by roundlight lover View Post
That is the stupidist thing I've ever listened to....
apparently you don't listen to yourself much then.
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Old 11-16-2012, 01:13 PM   #42
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Where are all the freaks coming from lately? They're just making our points for us.
It's interesting how easy it is to bring them out of the woodwork
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Old 11-16-2012, 03:28 PM   #43
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Originally Posted by Walt White Coupe View Post
Bullsh*t Mountain is alive and well.
Yup, and a percentage of Ours will be used to Fund Theirs.


Wait for it (we are the new evil for having enough money to have responsibly saved some)
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Old 11-16-2012, 04:35 PM   #44
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Yes by all means, continue to penalize the responsible, hard working and non-dependent resistance to the Socialist plan. Can't have full blow Socialism when there are still those who resist. Those who are setting themselves up to be the rulers don't need the agitation those non-dependents can cause with all their talk about that old Constitution and Bill of Rights. They are convinced they are much smarter than the principles written in that dusty old document that has stood for well over 200 years........
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Old 11-16-2012, 04:44 PM   #45
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J. Mark Iwry has been working to expand 401ks since before 2010.

http://online.wsj.com/article/SB1000...332176998.html
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Old 11-16-2012, 05:15 PM   #46
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and full control over the internet

and full governmnet control over the electronic trading on wall street

and health care

and the auto industry

and banking

what have you done?


Skyfall
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Old 11-16-2012, 05:32 PM   #47
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I don't thing this would ever fly - at least not as long as we control at least one house in Congress. And the argument that 401s favor only the rich is hogwash. It favors people who SAVE instead of spending every dime they get. I have 29 years worth of savings in mine adding up to 7 figures worth of money and isn't because I"m rich - far from it. It is because unlike the "yes we can" generation I have socked away at LEAST 10% of every paycheck for the last 29 years.
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Old 11-16-2012, 05:38 PM   #48
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While the thought of this is a scary one, I don't see it happening.
never get through the house and doubtful it would get through the senate. too many democrats are up for reelection and that would kill them.

nad isn't social security the national retirement plan?
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Old 11-16-2012, 05:41 PM   #49
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Good, I'm glad to see this, think the repubs should let it happen. I love seeing everybody getting screwed equally. Let the people who support this socialist govt get a belly full of it.
they will the dennys thing is just the beginning.
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Old 11-16-2012, 05:44 PM   #50
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I'm only 32 with a family and I have had ZERO faith in the future of paper 401k's so I've been taking my post-taxed dollars and instead buying physical silver and a little gold although silver is the main. I don't even bother with a precious metals IRA to keep the pre-tax benifit because I never trusted it would be whole in the future.

I've always doubted a paper retirement hence my desire for metal. My thought was I can always cash it in for whatever paper is current at the time 35+ years from now.

I'm sure that plan will be crap as well because it will be illegal for me to own metal at some point or will be penalized when I go to cash in even though I bought it with my post-tax income.

I'm at a loss at how foolish the American public has become to allow this.

Thats my plan too. Silver, Silver, Silver. I don't trust paper, you've Government and Wall St. between you and your wealth, what could go wrong?
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Old 11-16-2012, 05:52 PM   #51
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GMAMFB...how about you go find a company that offers a 401k? I loathe they "I don't have" nonsense. You can find one if the will is there.

What sickens me is where I work they offer 401k to the hourly folks and hardly ANY of them take advantage of it (according to my HR buddy). These are going to be the same folks that supports Obama's nationalization of retirement accounts because they're too irresponsible to save for themselves.

It all boils down to the Liberal masses that want all their pleasures now, don't want to save nor sacrifice for tomorrow, and then want to be taken care of because of their selfishness.
WTF are you so wound up about? Jump to conclusions much?

I contributed the max to a 401K for many years, and am now comfortably retired, but that didn't make it fair. I had a huge advantage preparing for retirement that Joe Blow, with no access to a 401K, didn't have.
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Old 11-16-2012, 06:20 PM   #52
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You idiots voted for him, knowing what he was. NOW, he'll OWN YOU! Easy enought to LIMIT you from what you can withdraw from a GOVERNMENT account!

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system."

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue.

"This whole issue is moving forward very quickly," warns Crone. "Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts."

NSC has taken the lead in warning the nation about this new government onslaught and is plotting ways to stop it.

"This effort ultimately is designed to grab the retirement nest eggs of America’s senior citizens. This new government annuity scheme, even if it is at first optional, will turn into a giant effort to redistribute the wealth of America’s older citizens," explains Crone. "This scheme mirrors what I expect the President will try to do with Social Security. He wants to turn that program into a welfare program, too."

NSC will likely unveil a new grassroots campaign effort later this year or early in January to coincide with the seating of the new Congress.

http://www.nationalseniorscouncil.or...rity&Itemid=62

One of the best reaasons to buy gold and silver, who cares the price, as long as you can sell it for cash and the money ends up being yours, and not 40% Obama's!
First of all, do some research on you posting before making BS claims.

this hearing was held on September 14, 15 2010. Not yesterday or last week, or even last year.

It was not about a government pension takeover but a hearing to come up with ways for people to better manage their pension savings.

Here is the agenda and the minutes.
http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html

Here is the link to the statement of Rebecca Davis, cited in the OP.
http://www.dol.gov/ebsa/pdf/PRC091510.pdf

Time to lock this thread since this one is a FAIL!
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Old 11-16-2012, 08:16 PM   #53
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Bullsh*t Mountain is alive and well.
Are you mentally challenged? Did you miss the passage of PPACA? NOTHING is beyond these tyrants.

We're all government property now. Why would this surprise you?
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Old 11-16-2012, 09:26 PM   #54
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Liberals want to control your life and take your freedoms. WAKE UP.
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Old 11-16-2012, 09:38 PM   #55
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They've been looking for a way to bail out the union and state worker pension plans for years. Move all the money to the government plan in the name of "fairness" and use it to pay off your constituents. That is really what this is all about.
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Old 11-16-2012, 10:26 PM   #56
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They've been looking for a way to bail out the union and state worker pension plans for years. Move all the money to the government plan in the name of "fairness" and use it to pay off your constituents. That is really what this is all about.
There is no doubt that is what it is about, but wether they can find a majority in the House, and 60 votes in the Senate willing to give up their political careers is highly unlikely.
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Old 11-16-2012, 11:11 PM   #57
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Actually, I think at this point in time it just might work. The dems/libs could frame it just like the healthcare argument.

Trot out a bunch of starving retirees and how unfair it is. "They worked ALL their life and now we abandon them....." que sad music. At this point dems will point out how "Social Security was NEVER meant to be a 'livable' retirement income" cue rich fatcats in florida living off their fatcat 401ks and pensions. (note do NOT show public employees...)

The RICH get a nice retirement not the middle class. Therefore we are implementing a tax on the rich fatcat pensions and 401ks of 10% of the balance per year......................

Combine the entitlement mentality and the bleedinghearts and you have nationalization of retirement programs.

Don't forget all the local, city, county and state pension plans that are going BK. when the public unions find out the sucked their taxbase dry and are broke, where do you thing they will turn to?
Greece.
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Old 11-16-2012, 11:17 PM   #58
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There is no doubt that is what it is about, but wether they can find a majority in the House, and 60 votes in the Senate willing to give up their political careers is highly unlikely.
How about one of BHO's EOs?

Pen stroke......Law-
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Old 11-17-2012, 08:59 AM   #59
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Are you mentally challenged? Did you miss the passage of PPACA? NOTHING is beyond these tyrants.
How about the PPA (pension protection act)? That was rammed through Congress by the democrats, despite Bush's protestations. Basically, this legislation allowed a company that had a "lump sum payout" option in its retirement plan, to reduce (significantly) the already earned payout to the retiree, in order to "prop up" pension plans that were underfunded. By doing that, the idea was to coerce the employee to opt for a traditional, monthy check, instead of the lump sum, therefore the plan wouldn't be drained as quickly, and give the company time to get its funding back in order.

This is one of the reasons I retired as early, and as abruptly, as I did. This legislation took effect in June of 2008, but wasn't really well known, and for obvious reasons, barely publicized. Had I not retired when I did (April 1, 2008), I would have taken a loss of $7000 right off the top....
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Old 11-17-2012, 09:05 AM   #60
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Depending on how it is packaged this may have a shot at flying with the Republican house. Looks like a form of privatizing social security, a way for the younger workers to save and have that money INVESTED and grow and not just be spent same day as it is now.

Problem will be government rule to redistribute the money from makers to takers.
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Old 11-17-2012, 09:05 AM
 
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