401k Confiscation

Frequently Asked Questions

1. QUESTION:
   Do you know that your 401k will be gone if Obama is elected? ?
   Govt confiscation for the common good, comrade. Vote wisely.

   • ANSWER:
     Ahhhhh..the bastids! just read up on it. Forced contribution of 5% salry to govt funds run by the Social Security. Having worked there I can tell you its a waste of tax dollar & 90% of the work is unnecessary.

     Read up:

     http://www.workforce.com/section/00/article/25/83/58.php

2. QUESTION:
   Explain something to me: the bondholders have billion invested in GM – yet they are only going to get 10%?
   “of the company, the union’s VEBA would receive a 50 percent recovery in cash and a 39 percent stake in a new GM for its billion in obligations; while bondholders, who own more than billion in GM bonds and have the same legal rights as the unions, would only receive a mere 10 percent of the restructured company and essentially no cash. ”

   What on earth?

   What’s next confiscation of our 401k’s?

   Are Rev Wright and Father Phlegm’s dreams coming true?

   Source: Wall STreet Journal
   Wow not a single of the usual rah rah rah Obots chimed in – wonder why?

   • ANSWER:
     With that kind of return on investment, don’t look for many to be investing in American companies’ corporate bonds, the same bunch who are supposed to be creating new jobs. Karl Marx would be pleased with how GM is being handled by the Obama economic team.

     “Trotsky also explains that workers’ control of industry is a “school for planned economy”, allowing the workers to gain a scientific understanding of how the economy functions so that mankind can consciously and democratically plan production and the economy as a whole. Through the experience of workers’ control, the working class prepares itself for direct management of nationalized industries.

     Thus, workers’ control of industry is generally not long-lasting, is not stable, and in fact implies dual power in the factory or enterprise, and cannot last indefinitely unless this control is transformed into direct management.

     Here we can see the difference between the revolutionary, transitional demand for workers’ control and management, and the reformist, half-way measure of workers’ participation. ”

3. QUESTION:
   The old people still have money do they need so much?
   BUT, Your IRA’S and 401K’s ARE STILL At RISK Of Government Confiscation!

   The Labor and Treasury department, along with the Obama Administration ARE MOVING FORWARD with The Nationalization-Confiscate IRA’s and 401K’s.

   Why do they Want Your Retirement Accounts?

   The-YOUR equity will be used as collateral; in an attempt to balance the Trillion Dollar U.S. Deficit.

   This will be done in an effort to once again make the United States credit worthy to China and other buyers of our debt.

   The Most Recent meeting held on September 14th and 15th, between the Labor and Treasury Departments outlined the Course of Action.

   The agenda is called “Lifetime Income Options for Retirement Plans”.
   The Federal Government will Control an estimated .613 Trillion Dollars in IRA’s and .350 Trillion Dollars in 401ks.

   Your Equity will be placed in U.S. Treasury Bonds, that will Pay out an estimated 3% annually.

   One major clause is that upon retirement, the value of the Your Retirement Account will be placed into Annuities. Once an individual Dies, the Value of the Account will Automatically become property of the Government. The Program will be Structured much like Social Security Accounts (the biggest Ponzi Scheme ever created).

   The Only way Government would get away with what will be “The Largest Heist Known To Man” is by Allowing or Creating a Major Financial Market Meltdown!

   An aging person who sees his or her Retirement Account Drop 50%-60%in a matter of Days…. Is More willing to take a Conservative Approach… Even if it means “Government-Guaranteed Income”.

   The move toward Nationalization of IRA’s & 401ks will Initially be Offered as an Option. Those who are Unwil

   • ANSWER:
     of course they have money and this is certainly criminal… unacceptable, it is terrible that they worked for this money and somehow did whatever it took legally to retain it… i say let us take it all away … they are old they should just die so the crooked authorities can have it… uncle sam? how about SKUNK- LE SAM pathetic. the gvt needs to do legit things to get the finances in order, robbery is not legal… or at least it use to be

4. QUESTION:
   Think your retirement plan belongs to you? Think again!?
   The Supreme Court made a ruling that the Government is not obligated to give you one dime out of the Social Security Trust Fund, (which does not exist, by the way). They are now formulating legislation whereby they can abscond with your 401k and pension funds and offering you an annuity that will be paid out incrementally in your retirement years (same thing they said about Soc Sec) This really is a way of getting the people to make make up the difference in the unfunded liabilities of Union Pensions which has fallen short of the promises made to its members. They Union management spent all the money in the Union Pension Treasury on political favoritism and perks for themselves and left the members out to dry, now eery one is going to have to pay. This is exactly what caused the chaos in Greece, and will be coming to a local community near you soon. Watch what happens when government and teachers pensions are discovered not to exist except as confiscations and tax liabilities upon the working people.
   Sorry, computer glitch put this in the military section, never gave me alternate section, so I just let it ride. Thank you to all you veterans out there for your service to our country. I would not want to see the vets lose their retirement. I’m a vet myself, just not a pensioned one, did my time and got out. By the way, for all the heat the VA hospital takes from its critics, they took care of my cancer surgery, when no one else would.

   • ANSWER:
     California is a microcosm of what happens a governmental agency controls and then fails to fully fund pensions. It has been reported that CA has unfunded pensions amounting to Billion. That’s why they are going to look to the rest of us to bail them out.

     What possible chance of success would we have if the government took over pension funds?

     In round figures, 0.