Now this is a guaranteed rape job.
In a short conversation this noontime that CNBC apparently has omitted from their archives (Why’s that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.
Where would they get this?
From your 401k and IRA accounts!
From Business Week:
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!
Continue reading 401k/IRA Screw Job Coming?
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9 comments:
You will see people cashing in their 401Ks and Iras if this gets out in the MSM. I will be the first , already in a money market with the state of this screwed-up economy.
Why would I wish to save money in a regulated IRA / 401K PRETAX . . . if the tax rate on my income is guaranteed to INCREASE in the future?
This is a trick to save some of your income now without paying income taxes to the government - so they can tax it later at a higher rate.
Think about it.
Plus, if you invest it into the rigged stock market you will stand to lose it because of the manipulation of stock prices which is taking place using the money printed by the Federal Reserve to "bailout" the investment banks. All the money given to the investment banks has been used to re-inflate the stock market.
8:55 am - You don't think that Roth IRAs are going to be exempt from this, do you? Plenty of people don't put money into a traditional IRA, but do put money into a Roth, where you pay taxes now and not later. Best deal in the world with higher tax rates coming -- unless the government steps in to either change the rules or outright steal it.
All of it is a prime example of the game theory, just as the stock market has operated. I like pop-pop's idea of the buried jar in the yard.
doesn't matter what you do! If the government wants something you have, they'll just take it! haven't you people figured that out yet?
your only recourse would be to pay a couple senators or legislators a personal visit and introduce them to some early american justice!
The kind we gave to King George!
10:26 more and more people all the time share your way of thinking.
I will not put up my money to finance the governments spending spree. I will pull it out and put it in a mason jar under my house before I will let the criminals in dc take it. They have already taken away any hope I have for social security. I'll be damned if they will get what little bit I have managed to save on my own (without the "help" of the government).
UNITE!!!! Stop paying taxes and Starve the MONSTER!!!!
over my dead body
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