ACTION! "Should We Nationalize 401ks?"

[angelatc]

http://www.youtube.com/watch?v=SttAFKLwGeI&feature=dir

This Congresswoman wants our opinion on that.

She a Republican. Good god.

[tmosley]

Yes, please, Mr. Gubmint, please take all of my money! Make me feel safe and possibly cold and starving too.

[acptulsa]

Sure. I kept my 401k safe by switching to bonds/cash funds, and now that I have a chance to get some bargains and have found a way to improve my prospects for retirement by all means take it, give it to people who are wealthier than me, and give me half of their losses. Just don't be surprised if I've taken my hit and sold the $#!+ before you get your grubby paws on it!

Woman's a RINO dog.

[PatriotG]

No friggin way they are nationalizing my cash. As worthless as it may become.

Mentioned in a previous thread.


http://www.ronpaulforums.com/showthread.php?p=1995971#post1995971



This frightens me it really does.

[LibertyEagle]

Another one has a video up asking, "How can we eliminate wasteful spending?". I want to tell her to resign.

[LibertyEagle]

No friggin way they are nationalizing my cash. As worthless as it may become.

Mentioned in a previous thread.


http://www.ronpaulforums.com/showthread.php?p=1995971#post1995971



This frightens me it really does.

Indeed, or it will go the same way as the money they stole from us for Social Security. They'll put it in the General Fund and spend it. :mad:

[armstrong]

does not matter....really--------baby boomer's--(allot of good people as well) ready to retire and have lost 50% or more in IRA &4o1ks will not be doing as much travel --tourism in some states is big...oh it might take 10 years to recover---not .....the answer is wages vs. cost of liveing...........so mortgage with home owners insurance and property tax's = 30% of your wages -----federal and state taxes =25%--------medical ins premium , auto ins premium, and for me business ins for a one man business =20%+,,,,,,now what you have left for food,electric,garbage,med/dental bills/gas/water/save/vacation/retirement is 25% now this is without kids,or any other bills other than medical / dental/vision that ins. does not pay.... so yea go ahead and nationalize everything,,no jobs and no jobs that balance with the cost of living...yea if education was affordable many would be better off..but seems that is not the case...you will pay taxes you will pay insurance and you will pay high mortgage pymts or high rent.....here is your 25% sorry that I ranted...

[armstrong]

oh I dont support nationalization,,,,,just at this point does it really matter..the system cannot be fixed.......that is my opinion,,,,,,mortgages and dividends and healthcare has been mortgaged ------- interest to pay the interest on the interest on over valued cost...so does it really matter?

[xd9fan]

If that EVER happened......I hope the revolution is bloody and quick.

[angelatc]

Another one has a video up asking, "How can we eliminate wasteful spending?". I want to tell her to resign.

That level of ignorance is simply astounding.

[PatriotG]

If that EVER happened......I hope the revolution is bloody and quick.

Im With You 100%!

[Zippyjuan]

Republican fearmongering. One professor at a congressional hearing last year mentioned the possible idea of nationalizing 401ks. The Congress members at the hearing rejected the suggestion right away but the Republicans still like to drop the hint that the Democrats may want to do it. She is trying to fan the flames with a bogus issue.

http://www.ricedelman.com/cs/education/article?articleId=852&titleParam=Relax.%20The%20Government%20is%20Not%20 Going%20to%20Seize%20Your%20401(k)

The political rumor mill has been working overtime lately, grinding out one of the most preposterous and unfounded rumors I've heard in a longtime. The scary tittle-tattle: The U.S. government is going to kill 401(k) plans and seize the funds.

To ease your fears, let me simply say this is completely untrue. The government is not confiscating 401(k) funds and has never even considered doing so. The rumor is entirely untrue. But where did this myth come from? And why are members of the mainstream media covering it?

It all began with two hearings conducted last month in Congress. The House Committee on Education and Labor, chaired by Rep. George Miller (D-Calif.), examined how the current financial crisis is impacting pension funds and 401(k) plans. Over two days, 13 people testified. One of them was Teresa Ghilarducci, an economics professor at The New School for Social Research.

In her testimony on October 7, Ghilarducci discussed a paper she'd written in November 2007, and stated that Congress should consider her idea to "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." To pay for this new program, she suggested scaling back the tax breaks provided to workers who contribute to 401(k) plans. Dr. Ghilarducci did not suggest that her new program become mandatory, nor has Congress expressed an interest in implementing her ideas. Her notion was merely a suggestion -- one of many shared during the hearings.

One week later, industry newspaper InvestmentNews published an article headlined, "House Democrats Contemplate Abolishing 401(k) Tax Breaks." The story referenced Ghilarducci's proposal and quoted her as saying that members of Congress were interested in her plan.

Perhaps the story would have died there if not for an unrelated story that occurred a week after that. On October 22, the government of Argentina, facing a severe financial crisis of its own, nationalized the country's $30 billion private pension system, taking the money to help repay some of the government's debts.

And that's when it started. Someone somehow morphed these two separate stories into one -- and soon, rumors spread. A House hearing on 401(k) plan + Ghilarducci's proposal to end tax breaks + Argentina's action = the U.S. government is seizing the money in your 401(k) plan.

[acptulsa]

I don't think it imminent (or my own account would now be closed), but I do not put it past this administration.

P.S. I would expect it when, one, stocks are up and, two, when demand for our debt instruments is down.

[PatriotG]

I am well beyond ruling out anything, no matter how ludicrous, as possible.

I believe this would never fly......but in the back of my mind i keep hearing a little voice saying "why, does it seem so impossible?" 3 years ago I would have thought spending 700 billion of taxpayer money, to bail out Wall street would be impossibiltly, that it too would not fly!

But here we are.

Never Say Never.

[angelatc]

Republican fearmongering. One professor at a congressional hearing last year mentioned the possible idea of nationalizing 401ks. The Congress members at the hearing rejected the suggestion right away but the Republicans still like to drop the hint that the Democrats may want to do it. She is trying to fan the flames with a bogus issue.

http://www.ricedelman.com/cs/education/article?articleId=852&titleParam=Relax.%20The%20Government%20is%20Not%20 Going%20to%20Seize%20Your%20401(k)

I seem to recall that she was brought in specifically to address the committee about the topic.

I am indeed frightened of what they're doing.

[gaazn]

If it is discovered that some 401k companies or employers have mishandled 401k funds, some of you might wish for nationalization.

[pinkmandy]

I am well beyond ruling out anything, no matter how ludicrous, as possible.

I believe this would never fly......but in the back of my mind i keep hearing a little voice saying "why, does it seem so impossible?" 3 years ago I would have thought spending 700 billion of taxpayer money, to bail out Wall street would be impossibiltly, that it too would not fly!

But here we are.

Never Say Never.

+ one 800 billion dollar stimulus, 500 billion to 'loan' to the FDIC and TARP 2