We have discussed this threat over the past several years (must read).] The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.
I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.
I’m sure the government is just trying to protect your retirement account from terrorists.
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7 comments:
Argentina seized private pension funds in 2010 and have been used as a slush fund for President Cristina Kirchner ( a female version of Obama) socialist antics ever since. The money you have set aside for your pension WILL be confiscated and redistributed to those who do not or will not work, and to the illegals streaming in across our poorly protected borders. Aint it great???
"I'm from the government and I"m here to 'help' you." They stole the social security funds and Postal Retirement funds, guess what is next....
Obviously they are worried our money will "fall prey" to someone else's ponzi scheme before the gov't gets it into their ponzi scheme.
government cant manage what they have TAKEN now so to manage my money aint happening
"The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts."
I wouldn't worry so much about this but more about the artificially pumped up stock market where the funds are invested. Obama the economic genius that he is-LOL-thought that printing more money (quantative easing) and propping up the market would give investors the appearance that they had money, would spend it thus bolstering the economy. That of course like every other idea this intellectually challenged prez had fell flat on it's face.
The market is going to crash and crash big time, just like what happened when the feds stuck their noses in the housing market. The stock market is only sustainable long term when companies are hiring, making and selling products.
If anyone is relying on any governement pension (state/local) they better take heed and start insisting by electing responsible officials that's all that matters now is the economy.
Last year Joe Biden suggested taking peoples 401Ks and trading them in for treasury bonds.
Seeing how many of you dum dums were still heavily invested in stocks in your late 50's and lost your nest egg during this recession, you might want to take them up on their offer.
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